Ocean finance claim

lilminx74

Hi all,

I received a questionaire from ocean almost 4 weeks ago asking me to fill it in as I may have been mis sold ppi. I filled it in and received a reply saying they are looking into it.

I took out a secured loan over 25 years for 25k and paid a single payment added to the load of 15k!!! which I didn't realise only covered me for 5 years and cost 5k and the other 10k was interest added on!!:eek:

Does anyone think I'm in with a good chance of receiving a refund? Any advice would be much appreciated, especially if you have been through something similar.

Thanks lilminx

Confused44

We are in same boat. Got a letter upholding our claim 3 weeks ago but still waiting on cheque to arrive. Good luck.

lilminx74

Sent you a PM Confused44. Let me know how it's going for you so far? hope you've had your cheque by now

Lilminx74

src007

lilminx74 wrote: »

I took out a secured loan over 25 years for 25k and paid a single payment added to the load of 15k!!! which I didn't realise only covered me for 5 years and cost 5k and the other 10k was interest added on!!:eek:

They were taking you for a ride to rip-off ville! If the policy was sold after Jan 2005 you will have a very good chance of success (as you will be able to use the Financial Ombudsman Service if they reject the complaint).

If you work out how many months you can use the insurance, I doubt you'd even be able to recoup the cost of the cover, even if you were to suffer a string of misfortunes and had to use the PPI for every available month during the first 5 years.

Watch out because they sometimes make low offers.

lilminx74

src007 wrote: »

They were taking you for a ride to rip-off ville! If the policy was sold after Jan 2005 you will have a very good chance of success (as you will be able to use the Financial Ombudsman Service if they reject the complaint).

If you work out how many months you can use the insurance, I doubt you'd even be able to recoup the cost of the cover, even if you were to suffer a string of misfortunes and had to use the PPI for every available month during the first 5 years.

Watch out because they sometimes make low offers.

It was taken out in march 2005. Do you think I should write and tell them i want all or at least most of it back?

Thanks Lilminx74

kerryallc71

we have a secured loan through ocean finance - blackhorse loan , we took it out in April 2004 , we were sold single cover and we were only told we could have single cover and that it was to be the main wage earner which is my husband , I was not allowed to have the PPI cover , ours was only to last 5 years ( PPI cover that is ) , but we are still the ppi cover paying every month , ours was a front loaded PPI of £3000,00 added straight to the loan of £20'000.00 , we have put in a claim for miss selling of PPI direct to blackhorse and we have not heard a thing from ocean who originally sold us the blackhorse loan .

jay-1

lilminx74 wrote: »

It was taken out in march 2005. Do you think I should write and tell them i want all or at least most of it back?

Thanks Lilminx74

This is very confusing as you have two threads open with the same complaint - check out what src007 posted on your redress offer thread.