Any positive Ocean Finance experiences?

ThatKindZebra · 2024-09-06T09:00:54+00:00

… or will they screw me over? we’re 20k in debt across cards and not eligible for a debt consolidation loan even though we can more than afford the low repayments, due to bad past credit. Our only option is somewhere like Ocean Finance? We’re both in secure jobs with pay rises expected in the next year, childcare costs have just halved, and more than enough spare income to afford the repayments. just want to stop being bitten in the bum by astronomical card repayments. Does this sound like an okay option? No lectures on the debt please, it’s been a rough few years.

Mrsttcno1 · 06/09/2024 10:16

Have you already tried Stepchange etc?

Do you have a mortgage or do you rent?

I’d really advise against a debt consolidation loan especially with someone like Ocean Finance if it is at all avoidable. In a lot of ways it’s out of the frying pan and into the fire. They do specialise in those with bad credit but that means the interest rate you’re going to be paying on that is equally high, and spread over a longer term may make your monthly payments cheaper BUT it means you usually pay more in the long run. If you’re not a home owner than the max you can borrow is 15k via personal loan, if you are a home owner you can borrow the full 20k but it would be as a secured debt against your home, so if you default then not only have you missed a payment but your home is then at risk.

I appreciate you’re saying you can comfortably afford the payments etc, but you never know what the future holds. I’m sure a few years ago you would never have saw this being your position, there’s no guarantee more hard times aren’t to come except next time your home could be at risk as well.

I’d really really advise against it, as strongly as I can. There are other techniques for getting debt down which I’d try rather than this.

Original poster

ThatKindZebra · 06/09/2024 10:18

Mrsttcno1 · 06/09/2024 10:16

Have you already tried Stepchange etc?

Do you have a mortgage or do you rent?

I’d really advise against a debt consolidation loan especially with someone like Ocean Finance if it is at all avoidable. In a lot of ways it’s out of the frying pan and into the fire. They do specialise in those with bad credit but that means the interest rate you’re going to be paying on that is equally high, and spread over a longer term may make your monthly payments cheaper BUT it means you usually pay more in the long run. If you’re not a home owner than the max you can borrow is 15k via personal loan, if you are a home owner you can borrow the full 20k but it would be as a secured debt against your home, so if you default then not only have you missed a payment but your home is then at risk.

I appreciate you’re saying you can comfortably afford the payments etc, but you never know what the future holds. I’m sure a few years ago you would never have saw this being your position, there’s no guarantee more hard times aren’t to come except next time your home could be at risk as well.

I’d really really advise against it, as strongly as I can. There are other techniques for getting debt down which I’d try rather than this.

Haven’t tried step change, what would they do?

We have a mortgage x

OP posts:

Mrsttcno1 · 06/09/2024 10:22

Stepchange can discuss your issues with you and help you come up with a plan to tackle the debt.

With a mortgage you could borrow the full 20k but secured against your home, meaning if another few hard years arrive your home is at risk. Plus don’t forget Ocean Finance charge an arrangement fee.

I really wouldn’t get a loan via them, speak to Stepchange, you may well have other options to explore