Newbie in need of desperate help - PPI reclaim

linzi15

Hi,

I recently recieved a final response from Ocean Finance regarding a claim, stating that they wouldn`t up-hold my compaint. I was given 5 reasons. Briefly, these are :-

1. it was explained to the other account holder that this policy was a single policy that would be added to the loan.

2. No records were found that we were told either verbally or in writing that the insurance was compulsory. The application was made online & we did not select the "opt out" box. In addition, apparently I was told that the insurance could be removed & I was provided with a quote without the insuracnce.

3. Ocean Finance do not provide advice in relation to insruance products & the sale was made on a non advised basis.

4. They can find no evidence to say that we were pressured into the sale of PPI & due to "selecting" we were interested in the PPI we were then provided with quotes based on that information.

5. We were provided with a Summery of policy & wording which detailed the restrictions. we have signed these & confirmed the premium.


Reading all this, I am of the opinon that I have no case & that I have agreed to the PPI whilst being fully informed of my options. This loan was taken in November 2006 & the PPI is over £5000.

Is there anything that I can do? Is it worth going to the FOS with all this against me?

Any help or advice would be greatly appreciated.

Thank you in advance

dilus

linzi15 wrote: »

Hi,

I recently recieved a final response from Ocean Finance regarding a claim, stating that they wouldn`t up-hold my compaint. I was given 5 reasons. Briefly, these are :-

1. it was explained to the other account holder that this policy was a single policy that would be added to the loan.

2. No records were found that we were told either verbally or in writing that the insurance was compulsory. The application was made online & we did not select the "opt out" box. In addition, apparently I was told that the insurance could be removed & I was provided with a quote without the insuracnce.

3. Ocean Finance do not provide advice in relation to insruance products & the sale was made on a non advised basis.

4. They can find no evidence to say that we were pressured into the sale of PPI & due to "selecting" we were interested in the PPI we were then provided with quotes based on that information.

5. We were provided with a Summery of policy & wording which detailed the restrictions. we have signed these & confirmed the premium.


Reading all this, I am of the opinon that I have no case & that I have agreed to the PPI whilst being fully informed of my options. This loan was taken in November 2006 & the PPI is over £5000.

Is there anything that I can do? Is it worth going to the FOS with all this against me?

Any help or advice would be greatly appreciated.

Thank you in advance

Hi linzi15,
Upfront single premium PPI is frowned upon by the FOS, so much so that no one has been allowed to sell it since, I think April 2011, that's how bad it was. I would write back to them saying you do not agree with their decision due to the upfront nature of the PPI and if they do not reverse their decision you will pass it on to the FOS

linzi15

Hi dilus,

Thank you so much for replying - I didnt realise that the policy had a name!

I will definatley write back to them with your suggestions. Do you happen to know of any other similar cases that have been successful?

magpiecottage

For a single premium PPI claim to be rejected by FOS they would need to show not only that you were aware the premium was added to the loan but shown the total cost of cover over the entire loan term, including interest AND the maximum claim amount.

That makes it a tall order to defend it because in most cases the cost works out as more than the maximum claim - although it is at least theoretically possible.

linzi15

As our complaints is regarding a Single Premium Upfront Policy, which is deemed to be fraudulent and is hugely frowned upon by the FOS, we would like you to re-asses our complaint and the reasons behind it or we will have to contact The Financial Ombudsman Services for a satisfactory resolution.
Above is a draft of what I propse to write to the company regarding our claim - do you think this is satisfactory or do I need more?
Really struggling to word it correctly - any help would be appreciated

amersall

All you need to put is,you have just become aware that this ppi was in effect a loan on a loan and it attracted interest over the term of the loan,you were not aware of this as the application was done online,had you known the true cost of this,you would not have taken it out.
This is front loaded ppi and if they do not look at your claim again and reconsider,you will be taking this to FOS.