Tony Erikson Posted January 2, 2012 Share Posted January 2, 2012 Saying that people should be responsible doesnt mean that every one can be. Personally I now refuse to listen or watch any station that broadcasts such adverts. And there's the rub. It's called choice. If you don't watch the channel playing the ad you have done your bit. Link to comment Share on other sites More sharing options...
Lab-rat Posted January 2, 2012 Share Posted January 2, 2012 This is taking the mickey.......but it's not far off the truth!!! http://homepage.ntlworld.com/sasquartch/kneecapfinance.htm Link to comment Share on other sites More sharing options...
*_ash_* Posted January 2, 2012 Share Posted January 2, 2012 Not sure I quite understand what you're asking... If you ban high interest loan advertising, then there has to be a limit on what is advertised. e.g. loans of more than 1000%APR not allowed, anything less is ok to advertise. But... To qualify for one of these loans you should be in provable employment for at least a certain duration. ... which is a different topic to the OP which was about advertising. One thing at a time. People on benefits can't afford loans like these! You don't know this. Link to comment Share on other sites More sharing options...
spooky3 Posted January 2, 2012 Share Posted January 2, 2012 If you ban high interest loan advertising, then there has to be a limit on what is advertised. e.g. loans of more than 1000%APR not allowed, anything less is ok to advertise. I see... dunno, not my call! ... which is a different topic to the OP which was about advertising. One thing at a time. No, it's just a stipulation to making it work. You don't know this. In general they can't. They are on means tested benefits. Link to comment Share on other sites More sharing options...
Rupert_Baehr Posted January 2, 2012 Share Posted January 2, 2012 I just think they should be banned full stop! The amounts of interest charged are immoral & you'd have to be a simpleton to even go near them! So why not make the people who take out loans from loan sharks wear a badge which says 'I'm a simpleton'? As Tony has said earlier we need more education on money matters for citizens in this country......preferably at schooling age......or even older if they keep needing to resort to these sorts of immoral loans! Sounds like a job for the parents. You don't need a degree in economics to teach children that "If you can't afford something, don't buy it" and "First set aside the money you need to live. Divide the remainder into two parts. Save one part and then spend the other on luxuries." Link to comment Share on other sites More sharing options...
Stranza Posted January 2, 2012 Share Posted January 2, 2012 In my view the part about these high interest/ payday loans that does the most damage is the 'normalising' of them. Now it seems like every other ad break/station has a version of these wonga type people peddling their Financial Product (that has to be covered by the FSA, a whole department of the FSA in fact!) like it was a choice of cola. You may decide to try out a particular toothpaste from a 60 second ad but we shouldn't be choosing financial products based on "Get an instant approval and cash in your account in 10 minutes no credit check" the worst that can happen if you buy the wrong toothpaste is you get the nasty clove flavour stuff and you waste a pound. Get the wrong finacial product and the implications can be huge. They shouldn't be allowed to imply that it's normal to decide on a potentially life changing decision while you wait for Corrie to come back on. Link to comment Share on other sites More sharing options...
SportsTrophy Posted January 3, 2012 Author Share Posted January 3, 2012 As with any company taking on a contract or debt "Due diligence" must be seen to be carried out. I can't see how that process can be done properly in such a short space of time. A quick credit status check is not enough and although this would be convenient for alot of people there is a risk of putting others in financial danger. It is too convenient and like alcohol and drugs it needs to be better managed. Link to comment Share on other sites More sharing options...
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