Ban High Interest Loan Advertising

[MrSmith]

Not all ads work in the way these do.

 

These ads are targeted at a vulnerable audience who are generally in no fit state to undertake such a high risk agreement.

 

But if these people didn’t have access to credit wouldn’t they just use loan sharks.

[spooky3]

Then they shouldn't be undertaking the agreements.

 

True, but they are being offered them.

 

 

I get offers of credit cards, loans, etc through the post every week. People go on about recession and there being no credit, I still get as many offers now as I did when we were in boom, the only difference being is that everyone blames the banks for lending then. But hey if you think this is better, whose to argue?

[spooky3]

But if these people didn’t have access to credit wouldn’t they just use loan sharks.

 

Sadly true, but there are new measures to crack down on loan sharks.

 

There is even a recent advertising campaign to grass them up... (as they say, it's the easiest way to get out of paying!)

 

 

http://www.oft.gov.uk/OFTwork/consumer-protection/campaign11-12/loan-sharks/#named8

 

http://www.adviceguide.org.uk/index/your_money/money_management_index_ew/borrowing_money_index_ews/types_of_borrowing_index/loans_index_page/loan_sharks.htm

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArrears/DG_10035958

[Tony Erikson]

True, but they are being offered them.

 

 

I get offers of credit cards, loans, etc through the post every week. People go on about recession and there being no credit, I still get as many offers now as I did when we were in boom, the only difference being is that everyone blames the banks for lending then. But hey if you think this is better, whose to argue?

 

I get them too. I bin them. The recent credit crunch was caused because people were prepared to borrow more than they could afford. The banks have a part to play but so does the consumer.

 

Just because something is offered doesn't mean you should take it.

[Tony]

There are alot of loan companies offering short term loans with staggering rates of interest. These types of businesses should be banned from advertising but they appear on National TV, radio and some peoples signatures.

 

I am sure this has been debated by the advertising companies but was the decision at all seen to be ethical or purely financial?

 

Just what would that be protecting them from?

• Having the gas cut off?
  
• Loan sharks?
  
• No food to eat?
  
• Repossessing the van so they can't work?
  

 

Responsible lending is one thing but the principle of borrowing a hundred quid on Monday and paying back a hundred and five quid on Friday payday isn't taking advantage of people.

 

The loan companies aren't a problem.

[andyofborg]

Sadly true, but there are new measures to crack down on loan sharks.

 

There is even a recent advertising campaign to grass them up... (as they say, it's the easiest way to get out of paying!)

 

there will be people who need credit who are too bad a risk for the high street lenders to do business with.

 

undoutably the "pay day loan" lenders need better regulation but they do fulfill a need and without them then there will only be loan sharks. part of the high interest rate is a reflection of the risk involved in lending to people and to some extent the customers are paying for those who don't repay their loans in full.

 

no amount of crack downs will make loan sharks go away, especially if you regulate the legitamate lenders away.

[spooky3]

I get them too. I bin them. The recent credit crunch was caused because people were prepared to borrow more than they could afford. The banks have a part to play but so does the consumer.

 

Just because something is offered doesn't mean you should take it.

 

 

 

That's like telling a dog to stop eating... it'll eat and eat until it pops, it knows no better!

 

 

 

I don't take out loans... I know those who'll pop round to their neighbours everyday to borrow whatever they can, because that's the way they are.

 

I was told of these great new DRO's within weeks of them coming out. Told of how great they are and that you can run up debts and write them off for free. People recommend them as a sort of scam for free cash.

 

 

So, following your line of reasoning, should we make guns legal in this country, offer them on credit even? After all as you say, people don't have to do it... do they!

[Tony Erikson]

That's like telling a dog to stop eating... it'll eat and eat until it pops, it knows no better!

 

We're not dogs.

 

I don't take out loans... I know those who'll pop round to their neighbours everyday to borrow whatever they can, because that's the way they are.

 

Then they need to learn to be responsible for themselves. I know people like this too. I wouldn't loan them anything, they're not good with money.

 

I was told of these great new DRO's within weeks of them coming out. Told of how great they are and that you can run up debts and write them off for free. People recommend them as a sort of scam for free cash.

 

Then they are irresponsible and anyone believing them is a tool. Still doesn't seem to be a good rerason for banning the advertising of the product.

 

 

So, following your line of reasoning, should we make guns legal in this country, offer them on credit even? After all as you say, people don't have to do it... do they!

 

No as a gun is a lethal weapon and if people are this crap with money then I would hate for them to have a gun. As for the advertising of guns (This thread is about advertising), we allow that in many films, tv programs and musical genres.

[spooky3]

We're not dogs.

 

And I live in the real world!

[Tony Erikson]

And I live in the real world!

 

Then accept that real people have to accept responsibility for their real actions in the real world.