Ocean Finance PPI

janjef

Hi, anyone tried to claim PPI form Ocean Finance only to receive letter stating they are now not liable due to name chnage to Ocean Finance & Mortgage Co Ltd. I would be interested to see what anyone is doing or has done next following receipt of similar letter. Reluctant to go to Ombudsman just yet if other avenues are avaiable. thansk JJ

amersall

Others on the forum have received letters from 0cean about making a claim, is it possible you were sold this through a broker? if you did, you need to find out who they are and make the claim to them.

Give Ocean a call and ask why other claims can be dealt with but not yours, it could be due to the year your loan was taken out and nothing to do with the name change.

janjef

Endeavour finance say that Ocean sold me the policy but Ocean refuse to admit they are responsible due to issue above. Anyone else had any success with Ocean?

amersall

What year did you take this loan out?, give FOS a call and ask what you should do.

janjef

ok thanks. I have avoided them as they have such a backlog. I thibk it was 2003 when I settled it.(I am not near my paperwork to check at the moment). It was only a few months I had the loan, £60k and lost over £14k in PPI payments on early settlement. I did not need this but was told i had to take out ppi to get the loan.

amersall

As this was paid off in 03, FOS cannot help you anyway, people have had success with the insurer, this is not guaranteed but worth a try as you have nothing to lose.

See if you can find out who the insurer/underwriter was and make the claim to them.

This was Single Premium PPI at it's worst, as you know the majority of the PPI was repaid back to them by you at settlement after the rebate.
This PPI was in fact a loan on the loan to term end with interest, in some cases the PPI only covered you for a few years but the whole PPI would still have been on the loan to term end with interest and you would have had no cover, try the insurer and if they say no then you can send it to FOS.