Ocean Finance & Richard Newey

MrsJ1983

I called Ocean Finance in January to be told I had a £20k loan in May 2004 which had PPI on it.
They gave me an address for Mr Newey and was advised to claim it back through him. I sent a recorded letter to him the same day which has just been returned to my address this morning with a Royal mail stamp on it to say it was never collected.
Am I best sending it again but not recorded ?
Has anyone actually claimed back from Mr Newey ?

deecam11

I too have a loan with Ocean Finance. I filled out the claim form from this site and sent it to them a year ago. I got a letter explaining that the company had changed hands several times and mentioned Mr Newey. I couldn't be bothered untangling the whole mess so sent my claim to the Insurance Ombudsman to sort out. They phoned me a couple of weeks ago to get additional information and as far as I know they have it in their system now and are working on it. I don't hold out much hope though. I too would be interested in hearing from anyone who has received any PPI claim from this company or person.

It leaves a bitter taste in my mouth as I have successfully claimed from the Bank of Scotland and Black Horse Finance and received around £22,000 in PPI reclaim with no problems whatsoever.

AndyLGR

I have a claim near enough ready to go to Ocean.

Having read these 2 posts here I don't understand how these claims can be passed off to this Richard Newey. After all Ocean is a company that are still trading at the same place I believe as when I took out my loan, back in 2004. Ocean were the brokers listed on all the paperwork.

AndyLGR

So I've had the same reply regarding mr newey from ocean. Is the only thing left to do to send the claim to the ombudsman?

deecam11

Shocked to see my last post in this thread was way back in March. Still waiting to hear from Ombudsman about any progress in my claim. Will wait until the anniversary of my sending claim to Ombudsman in January and write to them to get progress report, unless I've heard from them in the meantime.

-taff

If it was sold prior to Janaury 2005 your complaint is likely to fail. They weren't regulated then and I'm surprised the FOS would lead you to believe they were if it was sold prior to that]

[Deleted User]

-taff wrote: »

If it was sold prior to Janaury 2005 your complaint is likely to fail.

May 2004 is well before January the following year. It sounds like the FOS referral has entered a queue to be dealt with and is sitting somewhere waiting for an adjudicator to realise that FOS cannot deal with this.
Instead of waiting until next January (why?) the OP might be better advised to contact FOS and ask for an update.
It doesn't look very promising, however.

-taff

Moneyineptitude wrote: »

May 2004 is well before January the following year.

deecam11 doesn't say when it was sold......

[Deleted User]

-taff wrote: »

deecam11 doesn't say when it was sold......

Ah, I didn't notice the thread had been hi-jacked and assumed you were replying to the OP.:)

magpiecottage

Paul Anthony Newey (not Richard Newey) was a former director of Ocean Finances and Mortgages Limited, Ocean Money Limited and Ocean Money (II) Limited . However, it is the "regulated entity", not Newey personally.

Therefore,if it is one of those companies you are complaining to they must answer the complaint.

For post 14 January 2005 advice, FOS will have jurisdiction. For advice before that date, you MAY be able to argue that the sale of a single premium PPI policy breached the mortgage code IF the sale was to cover a mortgage AND the full potential cost of over the entire proposed mortgage term (including interest) was not made clear to you.

Porge2000

We re-mortgaged in July 2003, with Ocean Finance. The staff at the time were very pushy and aggressive. They insisted that we could not have the mortgage until we had taken out the protection insurance. There was no explanation of a cooling off period and we did not realise we had any alternative. It was a stressful time, as our son had recently been diagnosed with a serious neurological condition and we needed to fund some equipment and private tests for him, which we could not get the funding for elsewhere. We paid off the mortgage in 2006. When I discovered that we may be entitled to a rebate via the PPI, I contacted First Plus initially, as Ocean Finance had been sold to them. They passed me back onto to Ocean Finance, who passed me to Mr Newey, who had gone bankrupt and had no liability. I then discovered the name of the insurance company, Jubilee Insurance, who gave me the same response as everyone else. I lodged a complaint with the Financial Ombudsman in January 2013, who have just written to me with their final decision, that they are unable to help us, as their scheme was not in operation at the time of us taking out the policy and that Ocean Finance were acting as an independent intermediary, on behalf of customers and not as an agent for Firstplus. We can't be the only ones in this situation. Has anyone been able to get any further with a PPI claim that they originally signed up for before 2005? By the way, comfortingly, My Newey is now No.28 on the UK RichList