PPI claim

teacherspet2012

Ocean Finance awarded me the £840.00 PPI that they miss sold me plus monthly cost of ppi plus redemption cost bringing it to a total of £1,157.22 they then deducted £725.87 cost of equivalent monthly paid policy, interest of £57.66 and tax deduction of £11.53 The remaining redress due is now £477.48.
Can they deduct this cost of equivalent policy as I thought the policy was mis sold on the basis that I did not want any policy not just theirs

pepper1986

Hi there

I,m awaiting an offer from ocean.

Can i ask how much your PPI cover was on your loan?

magpiecottage

FSA Rule DISP App3.7.7 says: "Where the only breach or failing was within DISP App 3.6.2 E (9) and/or DISP App 3.6.2 E (12), and in the absence of evidence to the contrary, the firm may presume that instead of buying the single premium payment protection contract he bought, the complainant would have bought a regular premium payment protection contract."

You can take the matter to the Financial Ombudsman Service if you wish. This MAY result in a higher redress figure but their are two risks:

Ocean Finance has probably made the offer without admission of liability and my withdraw it at FOS, meaning you get nothing.

Ocean Finance may go bust before you get a resolution. If that happens, you would get nothing at all if the policy was taken out before 14 January 2005. If taken out on or after that date the Financial Services Compensation Scheme would, under current limits, pay 90% of what it considered you would have received if you had been able to pursue Ocean Finance.

pepper1986

Magpie,

Can i just ask

How can you not admit liabilty but still make an offer of compensation?

Does sound like therules on this are there to confuse us non finanical folk.