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Ocean Finance & Mortgage PPI

Since 2006 there has been 1.5 million complaints regarding the sale of payment protection insurance or PPI. PPI is sold with loans, credits cards and mortgages and is designed to cover repayments if a policyholder cannot work due to sickness, accident or unemployment. The cover has received a lot of negative press attention; however, as a consequence of the 2006 Financial Services Authority investigation of the mi-sale of the cover.

Ocean Finance & Mortgage PPI cover is similar to many other PPI policies sold with loans. The main criticism of this type of cover is that it can be quite expensive and does not always represent good value for money.

The cost of loan payment protection insurance like Ocean Finance & Mortgage PPI is usually applied as a lump sum at the start of the loan. The cover can cost anywhere from 13-56% of the base loan value. This means on a £25,000 loan you may pay anywhere between £3,250-£14,000 for the cover. The insurance also incurs interest at the same rate as the loan meaning it can significantly reduce monthly payments or the customer’s repayment terms. With Ocean Finance & Mortgage PPI this can be a particularly issue as many of their loans are considered high risk and have a high APR.

In addition to the high cost of the cover the payout rate can be quite low meaning it doesn’t always represent good value for money. In addition this type of cover has been frequently mis-sold. This means that many customers have bought the insurance who did not want it, did not need it, have limited use for the cover or are ineligible to use it.

The good news is that following investigations by the Financial Services Authority and The Office of Fair Trading it is now much easier for customers to make claims for mis-selling. If you believe you were mis-sold cover call our claims team today on 0207 471 2000. We have already helped more than 60,000 people and you could claim your PPI refund in just eight weeks.

Still unsure whether your policy was mis-sold? Take a look at our check list below. If you answer ‘yes’ to any of these statements you could be entitled to make a claim.

  • Were you sold a policy without the terms and conditions being fully explained?
  • Were you told you had to have the cover?
  • Were you retired, unemployed or in full time education?
  • Did you have payment protection cover in place elsewhere?
  • Was the cover added to your loan without your knowledge?
  • Were you lead to believe taking out the cover would improve your chances of being given the loan?
  • Were you sold the cover without the full costs being explained?
  • Were you entitled to full sick pay from your employer?
  • Were you over the age of sixty-fine?
  • Did you have a pre-existing medical condition?
  • Did they salesperson pressure you into taking out the cover?

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Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk number 18273

Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233, whose head office and registered office is at Suite 2, Unit 25, The Coda Centre, Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.

Belmont Thornton Ltd is registered with the Information Commissioners Office to ensure compliance with the Data Protection Act 1998 registration number Z1728023 and holds a Credit Consumer License issued by the Office of Fair Trading license number 634655.

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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.