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Ocean Finance help needed

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  • Ocean Finance help needed

    Hi all

    We got a huge loan out with ocean finance about 6 years ago, was going to be for about 25 years against the house, but we paid it off with in a couple of years. Anyways we got a letter a few months ago saying that we might be entitled to claim PPI against them, they sent us the forms and we filled them in.

    Few weeks later we got a letter from them saying that they have upheld our complaint and they were waiting on information from the lender/insurer to enable them to calculate our redress.

    Today we go the redress calculation and we have been awarded nearly £4,000...however what confuses me is on the redress calculation sheet it says:

    LOAN STATUS : LIVE
    PPI STATUS : EXPIRED.

    But the loan has been paid off so does this mean its a mistake??

    Thanks for any help

    Chris
    Tags: None

  • #2
    Re: Ocean Finance help needed

    Just a thought, but if it was mis-sold as part of the loan, maybe the loan cannot be closed until the ppi is refunded. I'm probably way off mark!

    Comment


    • #3
      Re: Ocean Finance help needed

      maybe ! im just worried its a mistake and i wont get anything now

      Comment


      • #4
        Re: Ocean Finance help needed

        That is quite possible Labman.

        However, I would contact the business Chris and ask them what they're supposed to mean as the loan is paid off and was a few years ago.

        Good luck.

        Comment


        • #5
          Re: Ocean Finance help needed

          i have signed the form and sent it back..backed out of phoning them, if it is a mistake im hoping the dont realise !!!

          Comment


          • #6
            Re: Ocean Finance help needed

            i think all it means is that the account itself is live as it will need to be in order for them to correct the PPI issue. You will probably find that if your concerns were correct that they would have been chasing you for any outstanding payments and probably subtracted it from the total refund value of the PPI.

            So you will find once the PPI issue is settled that the account will be closed again.

            I would check your credit file to see if there is any outstanding issued on your credit file regarding this loan. if not then your fears are likely unfounded, though i understand perfectly well as to why your worried about it.
            Please note that this advice is given informally, without liability and without prejudice. Always seek the advice of an insured qualified professional. All my legal and nonlegal knowledge comes from either here (LB),my own personal research and experience and/or as the result of necessity as an Employer and Businessman.

            By using my advice in any form, you agreed to waive all rights to hold myself or any persons representing myself of any liability.

            If you PM me, make sure to include a link to your thread as I don't give out advice in private. All PMs that are sent in missuse (including but not limited to phishing, spam) of the PM application and/or PMs that are threatening or abusive will be reported to the Site Team and if necessary to the police and/or relevant Authority.

            I AM SO GOING TO GET BANNED BY CEL FOR POSTING terrible humour POSTS.

            The Governess; 6th March 2012 GRRRRRR

            Comment


            • #7
              Re: Ocean Finance help needed

              Thanks for your reply...none of it makes sense when i read it, the only part that was correct was the loan amount 29,500. It was over 25 years but they say it was over 60 months....they reckon we have paid 65??? payments, when we settled it within 18 months.....

              Its just all complicated really !

              i find it hard to believe they could have got it all wrong??

              Chris

              Comment


              • #8
                Re: Ocean Finance help needed

                trust us, creditors and dca's always get it wrong - The question is do they do it intentially to prejudice the debtor? Most people would say yes they do lol
                Please note that this advice is given informally, without liability and without prejudice. Always seek the advice of an insured qualified professional. All my legal and nonlegal knowledge comes from either here (LB),my own personal research and experience and/or as the result of necessity as an Employer and Businessman.

                By using my advice in any form, you agreed to waive all rights to hold myself or any persons representing myself of any liability.

                If you PM me, make sure to include a link to your thread as I don't give out advice in private. All PMs that are sent in missuse (including but not limited to phishing, spam) of the PM application and/or PMs that are threatening or abusive will be reported to the Site Team and if necessary to the police and/or relevant Authority.

                I AM SO GOING TO GET BANNED BY CEL FOR POSTING terrible humour POSTS.

                The Governess; 6th March 2012 GRRRRRR

                Comment


                • #9
                  Re: Ocean Finance help needed

                  So when they receive the signed settlment sheet from us, will it go through more checks? or is there a chance they will just send the cheque?

                  Comment


                  • #10
                    Re: Ocean Finance help needed

                    they will likely just send the cheque and close down the account then.
                    Please note that this advice is given informally, without liability and without prejudice. Always seek the advice of an insured qualified professional. All my legal and nonlegal knowledge comes from either here (LB),my own personal research and experience and/or as the result of necessity as an Employer and Businessman.

                    By using my advice in any form, you agreed to waive all rights to hold myself or any persons representing myself of any liability.

                    If you PM me, make sure to include a link to your thread as I don't give out advice in private. All PMs that are sent in missuse (including but not limited to phishing, spam) of the PM application and/or PMs that are threatening or abusive will be reported to the Site Team and if necessary to the police and/or relevant Authority.

                    I AM SO GOING TO GET BANNED BY CEL FOR POSTING terrible humour POSTS.

                    The Governess; 6th March 2012 GRRRRRR

                    Comment


                    • #11
                      Re: Ocean Finance help needed

                      i hope so !!!

                      fingers are well and truly crossed

                      Comment

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