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Ocean Finance and Mortgages PPI Claims

Why You Can Make A PPI Claim Against Ocean Finance and Mortgages

  • Did Ocean Finance and Mortgages explain the full cost of the PPI when you took out the loan?
  • Did you specifically ask Ocean Finance and Mortgages for PPI?
  • Did Ocean Finance and Mortgages make clear that PPI was optional?
  • Did Ocean Finance and Mortgages ask you about your medical history?
  • Did Ocean Finance and Mortgages ask you about any existing payment cover?
  • Did you know that Ocean Finance and Mortgages added a PPI policy to your loan?
  • Do you think Ocean Finance and Mortgages treated you fairly?
  • Did Ocean Finance and Mortgages ask if you have any existing medical conditions?
  • Did Ocean Finance and Mortgages ask if you were entitled to sick pay from your employer?

Ocean Finance & Mortgages

Ocean Finance & Mortgages is one of the UK’s leading suppliers of secured loans. A secured loan is a loan that is secured against the value of the borrower’s home. By securing a loan in this way the borrower can normally obtain a significant amount of credit relatively easily. The issue with this type of borrowing; however, is the provider of the loan can force the borrower to sell their home if they fail to keep up their loan repayments. For this reason this type of borrowing, whether provided by Ocean Finance & Mortgages, or another provider has become controversial.

The other issue with this type of cover is some lenders charge a high right of interest on borrowing, sometimes as much as 29% APR. Many critics of the cover, therefore, claim it prays on those in financially difficulty and encourages people to take on board additional borrowing they may not, realistically, be able to afford.

In 2006 debt charities began a campaign to prevent companies such as Ocean Finance & Mortgages from advertising their services on children’s television channels. The campaign alleged that the loans gave children the false notion that falling into significant debt was normal and acceptable.

Providers of secured loans have also faced criticism as a result of the Payment Protection Insurance scandal. Because of the nature of secured loans, and the risk of the borrower losing their home if they fall behind with payments, many borrowers were keen to protect themselves against the threat of unemployment by purchasing PPI. As a result loan protection insurance became a significant source of additional revenue for companies such as Ocean Finance & Mortgages.

The issue was that the cover wasn’t always suitable for all the customers to whom it was sold. Instances of Mis sold PPI has been found throughout the lending world and the method of mis-selling can vary quite significantly.

  • The customer was told the wrong thing:
    In some cases, either as a result of human error or to help boost sales, customers were told the wrong information. Examples include: customers being told they had to have the cover or that it would boost their chances of being approved for the loan. If being given the wrong information persuaded you to purchase a payment protection policy you could make a claim.
  • The customer was put under undue pressure to take out the cover:
    Investigations by The Financial Services Authority and The Citizens Advice Bureau revealed that some salespeople had used high pressure sales techniques or unfair practices to boost sales. Examples of this may include a salesperson continuing to try and persuade you to take out Payment Protection after you started you didn’t want or need the cover.
  • The customer was sold a single-premium policy and not told it wouldn’t cover the whole life of their loan:
    Single-premium PPI policies have recently been banned. The cover is controversial because it can be particularly expensive and only usually last for a set period of time, usually around five years. Unfortunately, the cover was widely sold to customers with loans longer than five years and many were not told the payment protection cover would not last for the life of their loan.
  • The customer’s circumstances made them ineligible for the cover:
    PPI policies are not suitable for everyone and some people’s circumstances make them ineligible to be covered by a policy. Common examples include people over the age of 65 or under the age of 18. Despite being ineligible to use the cover some customers in these age categories were sold payment protection insurance.
  • The customer was sold a policy that could be of little or no use to them:
    In many cases sale staff failed to adequately assess the needs of the customer resulting in them being sold a policy that was of limited use. An example here is customers who were unemployed or in full time education, but were still sold the cover. The primary use of Payment Protection Insurance is to cover a borrower if they cannot work, temporarily due to accident, sickness or involuntary unemployment. If the customer was not in employment when they were sold the cover it clearly could only be of limited use to them.

If you were mis-sold a Payment Protection Insurance policy by Oceans Finance & Mortgages or another lender you can start making your claim today by calling 0207 471 2000.

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Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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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.

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