Ocean Finance & Richard Newey

Brokerwise

Porge2000 wrote: »

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

I think you mean you took out a secured loan with First Plus as they were not a company you could re mortgage with. The sale would have been non advised as an advised sale did not exist at the time and to my knowledge Ocean were never members of GISC or any other body. Looking into this is appears that this Newey's wealth is from what a large American firm paid him to buy his stake in Ocean Finance

Porge2000

Dear Brokerwise,


Thanks for taking the time to clarify all of that.

MrsJ1983

Yep we got a reply back not so long ago too, basically saying there is nothing that can be done !!!

redrum56

should be brought to task like all the banks have been