Ocean Finance
Posted on November 7, 2008
I had a rather derogatory comment on my previous Blog from a chap called “Jonesy” calling me a dickhead regarding my attitude to Ocean Finance. Please see below typical APR rates for Ocean and their immediate competition. This information comes from www.myloanquote.co.uk
Picture Loan 7.9%
Loans.co.uk 7.9%
First Plus 8.4%
Freedom Finance 10.9%
UK Finance Matters 11.9%
(Billy) Ocean Finance 12.7%
Reggie Butcher Financial Services 110% or kneecaps smashed
I rest my case, and no I am not in The Times Top 100 companies. Loan companies (not just Ocean Finance) exploit people who are vulnerable and naive. The greed of comission based banks and loan companies is what this has bought the country to it’s knees. Fact.
Jonesey
November 7, 2008 (4:31 pm)
All your facts are wrong!
Picture Loans – Dead, no longer lending
Loans.co.uk – Typical APR 19.9%
First Plus – Dead, no longer lending
Freedom Finance – Typical APR 12.0%
UK Finance Matters – Never heard of them so no ideas!
Ocean Finance – Typical APR 15.9%
I am not championing Ocean Finance above anyone else, I was just making the point that companies such as Ocean Finance, Loans.co.uk, Freedom Finance, Norton Finance, Greenhill Finance et al have a position to fill.
No they are not preying on the vulnerable, the industry is regulated by the FSA. Look at the fine that FSA recently dished out on Alliance & Leicester £7 million. This was for ripping customers off.
What makes you think any of the above are any worse?
Of the other companies above, the only two repremanded by the FSA are Loans.co.uk and Greenhill Finance, both for mis-selling insurance.
60% of the UK population has some kind of adverse credit. 60% of the UK population will therefore not get a loan from their local bank at the present time because of this. What are they supposed to do?
I apologise for calling you a 'dickhead', it was unnecessary. I just don't think you have fully grasped the situation out there!
Bob Lethaby's Blog
November 8, 2008 (1:07 pm)
Fair comment I have checked your facts out and they appear to be correct, that webpage I google searched is obviously dated, but 15% on loans is unmanageable, a short term fix for credit problems. On the adverts it never says lessen your monthly payment double your loan term does it. Its just that in my opinion Ocen TV is crass to say the least. PS apology accepted, I can’t argue any more as my body is riddled with flu!