Ocean Finance and Mortgage PPI Claim
Secured loans, provided by companies such as Ocean Finance, have often been regarded as controversial as they use a customer’s home as collateral. Securing a loan in this way means the borrower risks losing their home if they are unable to meet repayments. It is for this reason that payment protection insurance, or PPI, has been sold so widely to customers with this type of loan.
PPI is meant to cover the borrower if they are involuntarily unable to work for a short period of time and, therefore, make loan repayments. This insurance is obviously particularly attractive to a borrower who risks losing their home in such circumstances. The cover is controversial, though, and not suitable for all customers. A Financial Services Authority investigation revealed serious failings with regard to the sale of the insurance and this has led to a significant upsurge in the number of Ocean Finance & Mortgages PPI Claims.
In order to make a claim and receive a PPI refund a customer must show their payment protection policy was mis-sold. In order for a policy to be considered mis-sold it must be shown there was a significant failure during the sales process. This could mean that the customer was not given all the necessary information or that something about their circumstances meant they should not have been offered the cover. Some specific examples are listed below. If you feel one of these examples applied to the sale of your PPI policy you could be entitled to make an Ocean Finance & Mortgages PPI claim.
- Were you sold the policy without being made fully aware of the terms and conditions?
- Were you sold the policy without the full costs being explained?
- Were you told you had to have the cover or that it would improve the chances of your loan being approved?
- Were you retired, in full time education or unemployed?
- Did you have a pre-existing medical condition?
- Were you aged sixty-five or over?
- Did you have cover in place elsewhere?
- Were you entitled to sick pay from your employer?
- Were you a serving member of the armed forces or a civil servant?
- Were you sold a single-premium policy on a loan over five years in length and not warned the insurance may not cover the whole repayment period?
- Did you feel under pressure to take out the policy?
- Did your lender fail to provide you with policy documentation?
- Was the Payment protection cover added to your loan without your knowledge?
If you answered ‘yes’ to any of these questions it is likely your policy may have been mis-sold and you may be entitled to make a Ocean Mortgage & Finance PPI claim. To start your claim call 0207 471 2000.
Remember, you could also have been mis-sold payment protection cover on a credit card, store card or hire purchase agreement. There is no limit to the amount of claims you can make and you can even make a claim if you loan, mortgage or credit card has already been paid off.
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