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                                                                    EXHIBIT 15.1

                      [DELOITTE & TOUCHE LLP LETTERHEAD]


August 8, 1997

United Companies Financial Corporation 
4041 Essen Lane
Baton Rouge, LA  70809

We have made a review, in accordance with standards established by the American
Institute of Certified Public Accountants, of the unaudited interim financial
information of United Companies Financial Corporation and subsidiaries for the
periods ended March 31, 1997 and 1996, as indicated in our report dated May 9,
1997; because we did not perform an audit, we expressed no opinion on that
information.

We are aware that our report referred to above, which was included in your
Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 is being
used in this Registration Statement.

We also are aware that the aforementioned report, pursuant to Rule 436(c) under
the Securities Act of 1933, is not considered a part of the Registration
Statement prepared or certified by an accountant or a report prepared or
certified by an accountant within the meaning of Sections 7 and 11 of the Act. 


/s/ DELOITTE & TOUCHE LLP