Ocean Finance PPI Offer with a twist!

[papadak]

Hello,

 

Last week I received an "offer of re-dress" from Ocean Finance in relation to the sale of ppi. The offer comes with a twist of which I am not at all happy. So I have posted it here for some help and guidance.

 

My loan was over 72 months, ppi was front-ended and each monthly ppi premuim was offered to be refunded. However their letter of offer had the following paragraph:

 

" Where a deduction has been made for the cost of an equivalent monthly paid policy this has been calculated using the FSA's suggested rate of £9 per £100 of benefit payable. We will have only made this deduction where our investigation into the sale of the policy produced evidence which confirms there was an initial interest in arranging cover and where agreement to its inclusion was then confirmed either verbally or in writing or both. "

 

It's like offering another ppi policy? Has anyone else had this included in their offer. It basically reduces what I should receive by around 50%

 

Your help & advice please ...

[ims21]

Hi

 

What were the reasons you gave for the mis-sale of their policy

 

What evidence do they have that you would have bought a PPI policy elsewhere

 

I think they are talking nonsense myself.

 

ims

[papadak]

Hi

 

What were the reasons you gave for the mis-sale of their policy

 

What evidence do they have that you would have bought a PPI policy elsewhere

 

I think they are talking nonsense myself.

 

ims

Hello thanks for your reply. They have no evidence that I would have bought a policy elsewhere. The reasons I gave were pointing out how companies like Ocean Finance mis sold ppi and also the recent court case. I found it incredible that they have tried this tactic but then again why should I be surprised.

 

I also wondered if anyone else has had this wording in their letter?

[ims21]

Hi

 

Well its the first time I've seen this one tried on I have to say.

 

I'd be back on to them telling them that they cannot assume such rubbish and to produce the evidence they are talking about.

 

The fact that they have made an offer means that they are on the run so keep the pressure on to get all of your money back.

 

ims

[papadak]

Hi

 

Well its the first time I've seen this one tried on I have to say.

 

I'd be back on to them telling them that they cannot assume such rubbish and to produce the evidence they are talking about.

 

The fact that they have made an offer means that they are on the run so keep the pressure on to get all of your money back.

 

ims

Hello,

 

Thank you for taking the time to reply. I've just come off the phone to the FSA and they have had 2 other enquiries of the same nature. They confirm they never make such statements and only regulate.

[ims21]

Yes....its an Ocean fob off in an attempt to mitigate their payout.

 

ims

[papadak]

Yes....its an Ocean fob off in an attempt to mitigate their payout.

 

ims

Yes it def appears like this. Would there be a particular approach when writing back to them that you would suggest?

[ims21]

Hi

 

I'd write back and say that you are most pleased that they have agreed that you were mis-sold. Tell them that any attempt to adjust the full and correct amount of redress would be of interest to, fos, the FSA, OFT and Trading Standards and that, following their admission of mis-selling you require the full amount of redress without any spurious deductions.

 

or something along those lines

 

ims

[papadak]

Hi

 

I'd write back and say that you are most pleased that they have agreed that you were mis-sold. Tell them that any attempt to adjust the full and correct amount of redress would be of interest to, fos, the FSA, OFT and Trading Standards and that, following their admission of mis-selling you require the full amount of redress without any spurious deductions.

 

or something along those lines

 

ims

 

Thank you very much for your help & guidance.

[ims21]

[papadak]

I have been made an offer by OF (Ocean Finance) of ppi. However they have offered a refund less about 55% for what they call "an equivalent monthly paid policy" ... from what I read basically selling me another policy. They also state that any redress calculation provided "follows the FSA's guidance" ... further they state a deduction from the the offer has been made for the cost of an equivalent monthly paid policy only where their investigation into the sale of the policy produced evidence which confirms there was an initial interest in arranging cover and where agreement to its inclusion was then confirmed either verbally or in writing, or both! ... then they say they have received a number of adjudications from the FOS where similar evidence has been presented by them & that the FOS has "agreed with their view".

 

I'm interested in your thoughts and whether anybody else has had the same dribble?

 

Thanks!

[ims21]

Hi

 

Yes it is nonsense but I wonder where they have go this nit about you expressing an interest in the first place comes from.

 

Can I just ask...what reasons did you give them for the mis-sale?

 

ims

[papadak]

Sure this pretty much what I stated in my letter:

It has recently come to my attention that the loan account had payment protection premiums (PPP) and payment protection insurance interest applied to it. I am now fully aware of the outcome of the investigations conducted by the Office of Fair Trading and the Financial Services Authority into the vast mis-selling of payment protection insurances, by financial companies such as yourselves. I consider that these insurances were mis-sold to me by your company with no regard to fairness to their customers, in your companies strive for unjust enrichment. I am frankly shocked, to now find, that you have operated my account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.

[papadak]

Hi

 

Yes it is nonsense but I wonder where they have go this nit about you expressing an interest in the first place comes from.

 

Can I just ask...what reasons did you give them for the mis-sale?

 

ims

 

& further I did not express any interest at all. More like I was pressure sold the ppi otherwise the loan would not happen - from my recollection

[ims21]

Ok good...there is no inference that you would have purchased an alternative at a cheaper rate.

 

I would also reckon that there are two or three mis-selling criteria which apply and so everything should come back to you plus interest without deduction.

 

Did you write back to them as I suggested in post #8?

 

ims

[papadak]

Ok good...there is no inference that you would have purchased an alternative at a cheaper rate.

 

I would also reckon that there are two or three mis-selling criteria which apply and so everything should come back to you plus interest without deduction.

 

Did you write back to them as I suggested in post #8?

 

ims

 

Thank you ... yes I did write back them and the quotes I made #11 pretty much contained the bulk of their reply. They added this in their reply: "In the circumstances we are unable to consider amending the offer already made. If you are not prepared to accept our offer then its your right to refer to the FOS for adjudication and that remains open to you"

[papadak]

If I complain about OF to the FOS does the offer from them then become null & void? ... I am prepared to see it through with the FOS

[ims21]

Just tell fos you want them to look into the validity of the offer but are concerned that OF have arbitrarily determined that you would have bought PPI elsewhere when that is not the case because....

 

and then list your reasons.

 

Tell them that having received the admission of mis-selling which is implied by making an offer in the first place, you want the proper and full amount of redress.

 

You are and will still be able to sue if you wish.

 

ims

[papadak]

re #18 ... ims21 .......... thank you so much. That's really helpful. There's a decent chunk of money & further redress to go after here. Why or why do these companies contintue to fanny around and delay matters further. Your help is really appreciated. Buy you lunch one day.