Help - Ocean Finance PPI

alsmals

I'm looking for some help / advise on wrongly sold PPI with Ocean Finance, as it was known, prior to being re-branded as Ocean Finance Mortgages Ltd!

I took out a load with Ocean Finance in Feb 2004 and i've put in a claim for PPI as I was missold the insurance based on the fact I had a pre-existing medical condition, and also the term of the loan was for 15years but the cover was only for 5 years, so even if I hadn't had a medical condition, I still wouldn't have been covered for the life of the policy.

I've contacted Ocean's finance and they are telling me they can't help as they were reformed as Ocean's Finance Mortgages Ltd in 2005. I have spoken to the Financial Ombudsman and they have advised I need to find out who the Insurance Underwriters were for the loan as they are unable to contact OFML as there is no claim with that company, but once again, i've hit a brick wall.

I paid almost £6000 up front for the PPI which is just so wrong and I feel a real injustice as it appears i'm going to be unable to get any of the money back.

Can anyone help me or advise?

Thanks

di3004

Hi

The FOS normally suggest this avenue as another way of trying to get your money back to you.
And check the liabilities of the underwriter/insurer to the broker/lender etc in regards of when the policy was sold to you.

If Ocean cannot provide you with the details, you can ask for the policy details from the lender, ask them to provide you with a copy of the insurance policy details and the Undewriter/insurer details are enclosed on them.

Good luck.;)

alsmals

Thanks v much for responding.

So to clarify, I should contact OF and ask them who the Insurance Underwriters were in 2004, and if they are unhelpful or not willing to let me know, then I should be able to get that same detail from First Plus (who I took the loan out with)?

Thanks

di3004

alsmals wrote: »

Thanks v much for responding.

So to clarify, I should contact OF and ask them who the Insurance Underwriters were in 2004, and if they are unhelpful or not willing to let me know, then I should be able to get that same detail from First Plus (who I took the loan out with)?

Thanks

Hi

Your welcome

All I did when this happened with one of mine when the broker dissolved was write to the lender, and ask them to provide me with a copy of the Insurance Policy details by post, and they sent them within a week or 2, the details of the underwriter are enclosed.

This document is requested for separately, and not sent to you the same time as the documents/paperwork you received when you taken the account out.
So basically if you were to make a claim for unemployment/sickness etc, this is the details of the policy, where the details of the underwriter/insurer are included on the policy.;)
Maybe in your case FP.

alsmals

I have managed to find out that the Insurance Underwriters are Cassidy Davis!!! I guess now I need to contact the ombudsman and get them to write on my behalf??

Anyone got any information or Experience on Cassidy Davis?

Thanks

amersall

Hi there, you need to put your complaint into Cassidy Davis,this is what you put.

We/I believe we were mis sold the ppi on the above account number.
1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan.


When you get your reply from them,if it is a no,then you put all the paperwork into FOS,so keep copies of your questionnaire.

Sorry to butt in Di xx.

alsmals

Thanks v. much. Thats really helpful. I'm on it. Letter going into the post today and fingers are crossed. I think I have a very strong case as I had a pre-existing medical condition so it wouldnt have paid out at all and I also had sickness / accident benefit covered through my employer at the time. I also terminated the contract early and paid back amounts owing in full, but didn't receive any refund for the remaining 2.5yrs of the policy as per the policy booklet!! The whole thing was just wrong from the off.
Thanks again.

magpiecottage

In theory you should be entitled to a partial refund on the "unused" period of cover.

However, the insurer is NOT liable for the advice of an independent intermediary.

It is, theoretically, possible to make a complaint that the insurer should not have accepted the business in the first place if it subscribed to the GISC code but the intermediary did not. This would be on the basis that as a GISC code subscriber it should not have accepted the business from the intermediary at all and, had it not done so, you would never have taken the policy out.

alsmals

Thanks for the response. I'll update when I hear back from Cassidy or Lloyds of London (who actually appear to own it).

alsmals

Hi, received a letter today from Jubilee Service Solutions telling me that as the underwriters of the insurance, they were not party to the sales process and are therefore unable to assist with the assessment of this miss-sale complaint. They are suggesting I contact FirstPLus, which i've already done and they were the ones who sent me to Ocean Finance, as per above.
This is their final response in the matter.
I am now going to go back to the FOS as I don't actually know where to go from here as no one is willing to take responsibility for selling the PPI in the first instance.
Can anyone offer any more help?
Thanks

magpiecottage

The response you have received is correct. Unless the insurer subscribed to the GISC code and the intermediary did not (FOS should be able to tell you) then you have no course of redress, I'm afraid.