Want to claim back your PPI costs from Ocean Finance?

Ocean Finance was setup with an investment of just £2,500 in 1991, and was eventually sold to American Insurance Group (AIG) for a reported £200 million in 2006. It’s now an incredibly well known organisation.

The unquestionably remarkable growth of the company was fuelled by its mortgages, secured loans and refinancing loans, but it turns out that, like many mortgage and loan providers, Ocean Finance were also profiting from payment protection insurance policies that were mis-sold to borrowers.

But since the PPI scandal came to light, the impact on the company has been obvious. As a result of PPI compensation payouts, the Ocean Finance reported a pre-tax loss of £800,000 in 2010.

In some cases, Ocean Finance acted as a broker, which means they may not be responsible for mis-selling of PPI. In such instances, your first task is to find out who actually sold the policy as it’s most likely this will be the company you must pursue to reclaim your PPI.

Other companies, such as Jersey-based Alabaster Ltd, previously used the Ocean Finance name in their advertising, which only adds to the confusion.

How to Make a PPI Claim from Ocean Finance

You can either claim directly or appoint a PPI claims management company to deal with Ocean Finance on your behalf. Both have their benefits and disadvantages.

1. Make a PPI Claim Directly from Ocean Finance

This is a straightforward process and by doing it yourself, you can be sure you will keep 100% of any payout you are awarded as the result of a successful claim. However, it will rely on you organising your own paperwork and dealing directly with Ocean Finance with regard to the matter.

You simply need to write to Ocean Finance with as much information about your policy, the circumstances surrounding its sale and the fact you wish to reclaim your PPI.

Ocean Finance are obliged to deal with claims quickly. If Ocean Finance’s response to your claim is not as positive as you would like, you still have options such as informing them of your intention to contact the Ombudsman and, without an additional positive response, going ahead and doing so.

2. Claims Management Companies

Your second option is to use the services of a Ministry of Justice licensed PPI claims management company. But do be aware that this is likely to incur a notable fee on any successful payout. This is a fee you essentially pay for the convenience of somebody else handling the paperwork. But do your homework on any companies first and make sure you know exactly what you’ll be paying out. Some Claims Management Companies don’t include VAT on the amount they charge so take this into account as well.