Following the BoE’s 100 bp rate cut yesterday all eyes have been on the banks to see if they’ll be passing those rates on. But if you thought the banks were mercenary… you ain’t seen nothing yet.
Remember those really annoying TV ads encouraging you to consolidate your debt.? You know, the ones starting “do you feel like you’re sinking under a mountain of debt?” The ones by Ocean Finance and the like.
Well, while they may no longer be appearing as frequently regular television – perhaps because we’re living in a post credit-binge realisation wake-up call Britain – they haven’t disappeared altogether. Ocean Finance has in fact done one better. In September the group launched a dedicated television channel named “Ocean TV” on channel 888 on Sky.
FT Alphaville spent some time watching said channel last night, and was errr a little shocked.
The programming is stacked with “Changing Rooms” style programming talking up equity release, personal loan programmes to encourage home improvements, new cars etc — as if Changing Rooms and Property Ladder themselves didn’t contribute enough to the respective UK property bubble. There’s more though, products range from re-mortgaging loans, debt consolidation loans, home owner loans, etc.
They also say they offer “no obligation advice” over a freephone number.
All fair enough… but hang on a minute – Ocean Finance is offering typical APR rates of 15.9 per cent. And targeting borrowers rejected by traditional lenders. It’s all the more shocking considering Ocean Finance, as of 2006, is owned by beleaguered insurance giant AIG. Has subprime not taught anyone anything?
Some highlights from Thursday night’s programming:
Lots of commercials (unsurprisingly) – “Whether it’s consolidating your debt, buying a car – talk to us free – make the most of life with Ocean.”
‘Tricks of the Trade’ – a sub-standard DIY show fronted by men in ‘Ocean Finance’ overhauls.
Plus:
Money Bus: Ocean takes to the road as we tour UK. cities in the Ocean Money Bus and talk to people about their finances, giving out free information and helping them with their financial questions.Ocean Effect: Julie Peasgood meets existing Ocean Finance customers and finds out what exactly they used their any purpose loan or remortgage for.Smart guide: The essential guide to completing all of your loans and mortgage documentation from Ocean Finance, helping to guide you through the refinancing process.
The full Thursday schedule below for your interest:
Oh and there’s some helpful tips on how to fill out Ocean Finance paperwork, including: “Practice your signature if you’re not used to signing documents, don’t forget to sign the paperwork (you’d be surprised how many people forget!), don’t forget to check your passport is still valid.”
So if you need financial help you know who can you turn to, in just one stroke. Not the highstreet banks anyway.
Related link:
Ocean Finance – Ocean Finance TV
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