Case Studies

Mr & Mrs F each took out a 5 year loan for £25,000.00 in 2002. The cost of PPI on each loan was £4820.43. One of the couple had tried to claim under the policy, but their claim was rejected due to a pre-existing condition they were not advised of at the time of sale. Both clients said they had felt pressured into buying the PPI as they believed it was compulsory and would increase their chances of getting the loan. Having already used Oasis to win them compensation on their endowment, the couple appointed us in January to help them with their PPI. The bank offered to refund the full PPI premium for both policies, and also refund the interest that was charged on this amount, as it was a single premium policy. The couple received £9640.86 + Interest. As a result they were able to pay off their loan around 8 months early.

TOTAL AWARDED £9640.86 + Interest

Mr H took out a loan in June 2005 for £13500.00 The total cost of the front loaded (i.e the total PPI policy costs were added to the total loan cost) PPI was an additional £3.214.80. Mr H has never tried to claim on his policy, but when Oasis advised him that he may have been mis-sold his PPI he decided to make a claim. Mr H stated on our questionnaire that he was actually told that if he did not take PPI he would be refused the loan as he didn't have the assets to repay it if he became unemployed. He was also not told that he could shop around and buy PPI elsewhere. The Bank upheld our complaint with the investigator, stating that the operator who sold the loan 'acted in an unprofessional manner'. Mr H was awarded a refund of £1018.02 and had the remaining loan repayments reduced by £53.58 per month.

TOTAL AWARDED £1018.02 - Overall Saving £3214.80

Mr P took out PPI on a loan in August 2004. When he tried to make a claim in January 2005, he was declined on the basis that he had a pre-existing condition. Mr P feels that when he took the loan he was put under pressure to take the PPI. He also feels that the terms and conditions, as well as the exclusions, were not explained to him, thus he was totally surprised when his claim was rejected.Mr P was so disappointed he paid off his loan early and received a rebate for his unused premium. Still not happy with the way he had been treated, Mr P appointed Oasis to fight his mis-selling complaint and was subsequently awarded an additional £1711.30 as a refund of the rest of the PPI premium.

TOTAL AWARDED £1711.30

Mrs S had PPI on her credit card which was sold to her over the telephone. Despite the application form showing she was un-employed, she was still advised on and subsequently sold the PPI. Following their investigation, the card provider upheld the complaint stating 'it was clear you were not eligible to take up CCRC and the policy sale was therefore not appropriate' (CCRC - Credit Card Repayment Cover) The client had cancelled the PPI in October, but following Oasis taking on the case in December, she was awarded a full refund of premiums paid totalling £1234.34.

TOTAL AWARED £1234.34