Published on May 27th, 2015 | by FinanceLoophole0
Can’t Pay Ocean Credit Card
So you can’t pay your Ocean credit card – you’re not alone.
Ocean credit cards – also known as Ocean Finance – are targeted primarily at those who have previously had some bad or poor credit history and are looking to rebuild their bad credit rating. So it’s no great surprise that we have helped quite a few people who have these cards and have subsequently fallen into arrears when trying to pay back money they owe on their credit card to Ocean Finance. Paying back the debt on this card can be hard – primarily because of the high interest rate of 34.9% APR.
People find it difficult to pay off their Ocean credit card for all sorts of reasons. Top among these reasons are:-
- reduced income but the same expenses
- divorce/separation expenses
- lack of money management/budgeting skills
- unexpected large bills eg. car repair
- no savings to fall back on
- fraudulent activity by someone else using your card
More About Ocean Credit Cards
The Ocean credit card has the following main features:-
- Credit limit up to £1,500
- One interest rate for all transaction
- Charges for cash withdrawals (minimum £3 or 3% of withdrawn amount)
- 34.9% APR Representative (variable) – this is a high APR so borrowing with this card is expensive compared to most other cards.
- Transaction email alerts
The Ocean credit card could help you rebuild and improve your existing credit rating as long as you make all of your repayments and stay in your credit limit. However Not doing so may harm your credit rating.
Who Are Ocean Finance?
Ocean and Ocean Finance are trading names of Intelligent Lending Limited. They are a credit broker for the Ocean Card but it is Capital One who is the lender. Capital One pay Ocean Finance for their services to exclusively supply the Ocean credit card.
Ocean Credit Card Contact details
0800 916 9186 – free call from landline – often charged from mobiles
0330 440 7118 – often “free” as part of your free mobile phone bundle calls (charged as if you were calling an 01 or 02 landline)
Opening times: Mon – Thurs: 9:00am to 8:00pm; Fri: 9:00am to 5:00pm
Registered in England and Wales, (Company number 04413348)
Ocean Finance is an appointment representative of Think Insure Limited, who are authorised by the FCA in respect of consumer-credit related activities: registration number 310071 and are also appointment reps of Think Loans and Mortgages Limited, FCA registration number 310069.
Struggling To Make Payments On Your Ocean Credit Card
If you are struggling with your monthly bills and watching the interest mount up on your Ocean credit card, you’re probably asking, “How do I get out of credit card debt?” If you are having problems with your Ocean credit card we can help you – just fill in this form with your details and we will get back to you.
The first thing to do is contact Ocean Finance to discuss your problem as soon as you realise you have payment difficulties. Do not let the debt build up and just hope it goes away – it will not! If you contact them early Ocean might agree to let you pay a reduced amount for a while. Also make sure you ask for any interest on the amount you owe to be frozen so that the debt does not increase. Note that it is not normally sensible to increase your credit limit if you are having repayment problems, as this is likely to just get you into even more debt.
Top 5 things to do when you cannot pay your Ocean credit card bill:
1) Don’t increase your debt
2) Record your spending and create a budget plan
3) Try to determine the amount of debt, what date your repayments are due
4) Think about increasing your income by perhaps doing some additional paid work to support your debt repayments
5) Don’t lose hope of paying off your debt
If you would like some help to plan out your debt repayment strategy it may be useful for you to speak to debtPlus who will do all the leg work and deal directly with Ocean Finance for you. This will help you to avoid the inevitable stress that credit card debt can involve you in.
Ocean Credit Card Complaints Procedure
Ocean credit card say that If you are unhappy with the service they provide they would welcome your feedback and the opportunity to put things right for you. They say that it is important to them that complaints are resolved quickly and to the complete satisfaction of our customers. So if they don’t fulfil their promise let them know about it.
In the first place they say you need to speak to your account Adviser or Processor. Make sure you have the details below to hand to make it easier and to save you wasting your time on the call.
- your full name and address and a daytime contact telephone number;
- full details of your complaint;
- your account details and any policy numbers as relevant;
- details of what you would like us to do to put things right; and
- photocopies of any relevant paperwork.
They will try and resolve your issues straight away but it could take up to 8 weeks! If they take longer than this they should put it down in writing and send it to you so you will know when your complaint will be resolved.
After contacting Ocean Finance to give them a chance to put things right, and you are still not satisfied with the way that have dealt with your problem then you should go to the Financial Ombudsman Service.
Top Tips To Avoid Ocean Credit Card Debt
- Pay off as much as you can afford on your credit card each month because the more you owe, the more interest you will be paying for. However that’s not always possible if you are struggling financially.
- Don’t fall into the trap of thinking you are managing your credit card debt by paying the minimum amount every month. If you do this, only a very small amount will be taken off the card balance each month after your debt interest has been added. This means it will take even longer to repay the full amount.
- Missing payments will lead to charges, this will be added to your debt.
- If you are experiencing repayment problems, make sure you stop using your card and preferably destroy it to remove any temptation to use it. Also it is a good idea to contact your card provider and let them know about your situation. When you speak to them don’t agree to any repayment plan that you cannot realistically afford.
If you have any questions about your Ocean Credit card debt feel free to fill in the form on the right hand side of this page and we will get back to you as soon as possible.