Ocean Finance

Just70

Hi, can anyone please help me. I had a loan with Ocean Finance in 2000, and I know I paid PPI as I have proof, but my problem is who is liable, as when I originally tried to claim from them, they said because they have been taken over , they were not responsible, which made me angry :mad: as I feel that I am entitled to a refund. Any help guys would be appreciated as I do not know where to go next.

Nasqueron

You need to complain to whoever took them over if that company has liability for their old loans. Question would be whether they were a regulated firm in 2000 or not

No-one is entitled to a refund however, you need to explain why you feel it was miss-sold

-taff

Ocean Finance weren't regulated in 2000. Your complaint is over.

garrysmith

Hello Just70

I took out a loan with Ocean Finance in 2002, desperate measures at the time - for £70,000. Something I wouldn't have done if I thought I wouldn't lose my home! This is basically what happened...

One of their Orange Team members back in 2002, when I originally took out a loan for £70,000 told me that the monthly loan payments would be ‘more’ if I ‘didn’t’ take out the insurance - something I’m assuming was a deviant sales technique by Ocean Finance.

Ocean Finance acted as my broker and chose Swift Advances to front the money. When I spoke to them regarding a settlement figure, they told me that OF borrowed the money from them on my behalf to pay for the first 3 years of insurance for the loan - a total of £9,800 - this worked out at £272.22 per month for only the insurance! I was in a desperate place back then and feel that OF company took advantage of my situation (and probably many others).

This monthly premium seemed extortionate - was this legal? I expected to pay an insurance company a monthly premium for insurance, not a money lender whom they ‘borrowed’ the money from. At the time I was quoted the insurance I questioned the premium and how expensive it was - as mentioned, the OF employee told me the loan repayments would be more expensive without the insurance because that was the ‘offer’ from the lender. Since speaking to Swift Advances I realise they had nothing to do with the insurance and it is something you set up.

I have tried approaching them on my own, through one of those PPI companies and the Ombudsman but to no avail. The man in charge and I think still is in charge is Gareth Jeffery Shilton.

If you did get any further I would love to know how you did it. I want my money back but I would also like to put a large dent in the OF reputation.

Best GS

[Deleted User]

I don't imagine there is any space left in their reputation for further dents.

However, it's pre regulation, so your complaint won't be considered.

Don't engage any more claims companies and they are liable to start sending you invoices for wasting their time as you have already complained.

[Deleted User]

garrysmith wrote: »

I have tried approaching them on my own, through one of those PPI companies and the Ombudsman but to no avail. The man in charge and I think still is in charge is

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You've already exhausted the complaint process, I'm afraid and I'm certain the reasons for this will have been explained by the company, the Claims Firm and the Ombudsman.

Why are you naming the CEO of the company?
Mention of "legality" leads me to deduce that you may be considering legal action. This is not recommended and could prove very expensive for you.

Just70 last logged into this site in August, after starting a duplicate thread to this one in July, so I think it's safe to say he is no further advanced with his complaint than he was in May
https://forums.moneysavingexpert.com/discussion/comment/74578030#Comment_74578030

Time to put this behind you.