Ocean Money PPI 2008

Ham74

Hi guys, newbie to the form!!

I took out a secured loan with this lot back in 2008 and paid it off last year.

I'm looking to claim back PPI as it seems I had an element of sickness cover with my employer, the policy was for five years (loan was for 25) and the premium was loaded upfront (news to me).

Anyone had any success with them? It's my first foray into this stuff and wouldn't mind some advice.

Many Thanks!!

amersall

Send this to them.


We/I would like proof to the contrary of my/our reasons for mis sell of the above PPI .


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 trem with interest

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would receive the cashback of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years or that the PPI would still be on the loan to term end with interest.

In line with the FOS recommendations it is requested that the overall situation be restored if the original loan had been sold without the PPI policy.
This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been had the PPI not been added.

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 Ocean 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.

If you did not have a " cash back or bonus " with this loan then take that part out of the letter.