Ocean Finance question PPI

minisoph

Hi,


My husband and I had a £25k loan with Ocean Finance back in 2002, it was over 10 years but we paid it off early.


We don't have the original paperwork to see if we are due a refund on any PPI we may of had, so I rung them regarding this & they had all of the details on computer, I was asked to write a letter to the old boss Paul Newey explaining my situation & asking for PPI refund.


I must admit, I find this strange as surely it's Ocean Finance I have the query with not the old boss?


Can anyone help with this matter please?


Kind regards,


Sophie x

[Deleted User]

Ocean Finance is no longer trading and was not regulated in 2002. I doubt you'll have much joy writing to Paul Newey and you'll have no access to FSCS.

minisoph

Hi,


What is FSCS please?


Ocean Finance do seem to exist still, and I spoke to them on the phone, they had all my details to. Now I'm confused lol

dunstonh

What is FSCS please?

it is a protection scheme that came in at the start of 2005. It only covers sales made after the date.

Ocean Finance do seem to exist still, and I spoke to them on the phone, they had all my details to.

Did they sell you the PPI or a broker?

[Deleted User]

minisoph wrote: »

What is FSCS please?

Financial Services Compensation Scheme (covers financial institutions no longer trading).
http://www.fscs.org.uk/what-we-cover/about-us/

minisoph wrote: »

Ocean Finance do seem to exist still, and I spoke to them on the phone, they had all my details to.

So why did "they" tell you to write to Paul Newey?
I think the "Ocean Finance" who sold you PPI is not the same "Ocean Finance and Mortgages" that currently exists.
Did Ocean actually sell you the insurance?

Regardless, Ocean were not regulated in 2002 and so won't have to consider your complaint.

minisoph

They said it was first national bank that lent us the money. Sorry if I'm being thick, I really don't know what I'm doing!

[Deleted User]

minisoph wrote: »

They said it was first national bank that lent us the money.

Whoever it was who SOLD you the insurance is who you have to send the mis-selling complaint to.

minisoph

I'm not sure if I had ppi so I'm trying to find out. All I know is it was ocean finance that got us loan through first national bank. I don't know who I should be directing my letter to so I can see original agreement

-taff

It's bascially a non-starter for a complaint.

They weren't regulated then, and they no longer trade now. Because they weren't regulated you can't use the FOS. Because they don't trade now and it was sold prior to January 2005, you can't use the FSCS.

No one who frequents or posts about this company has had any success with Mr Newey.

Basically, you've run out of people to complain to so your complaint is over before it's begun.

It doesn't matter who you had the finance with, it's the company that sold it that is liable.

[Deleted User]

-taff wrote: »

Because they weren't regulated you can use the FOS.

This sentence is completely in error. FOS cannot be used for pre-regulation cases.

minisoph wrote: »

I'm not sure if I had ppi s

That just puts yet another nail in the coffin of your "complaint". How can you complain if you may not even have bought the insurance?

Why didn't you ask Ocean when they brought up your details whether there was PPI on the loan?

minisoph wrote: »

I don't know who I should be directing my letter to so I can see original agreement

The agreement will not be available for a closed account.

Brokerwise

It is basically the same company but has changed ownership a few times over the years.

As stated it is a pre regulation deal and they do not even know if they had PPI - game over