"Free debt advice" - as seen on the back of a toilet door

[Charlotte]

And it really, really annoyed me.

Do you think it contravenes any ASA guidelines?  It certainly takes advantage of stupid people.

[ed_o_brain]

But it's no different to a lot of TV advertising?
The latest advertising campaign that gets me is the one for 'TaxDebt'.

And is it not ignorant (ill-informed/ill-educated) people they are targetting? Not 'stupid' people?

[iakobski]

So, Mr & Mrs Ward are paying £796 interest on their £38,000 of debt. That sounds reasonable so far: a mixture of credit cards, store cards and a few grand from a doorstep shark would average out at about 25% pa. And it's true to say they would be better off if they could get a proper loan and pay all those off.

The next bit is simply a blatant lie: how could they possibly be "debt free after 60 months"? £307 X 60 = £18,420 without any interest at all.

[border-rider]

The next bit is simply a blatant lie: how could they possibly be "debt free after 60 months"? £307 X 60 = £18,420 without any interest at all.

Maybe they called them in 1972

[Charlotte]

The next bit is simply a blatant lie: how could they possibly be "debt free after 60 months"? £307 X 60 = £18,420 without any interest at all.

Exactly.

Ed, maybe stupid is a bit harsh, but if you're not clued in enough to have a stab at the arithmetic above before swallowing that ad, you're not exactly the sharpest tool in the shed are you?

[ed_o_brain]

The next bit is simply a blatant lie: how could they possibly be "debt free after 60 months"? £307 X 60 = £18,420 without any interest at all.

Exactly.

Ed, maybe stupid is a bit harsh, but if you're not clued in enough to have a stab at the arithmetic above before swallowing that ad, you're not exactly the sharpest tool in the shed are you?

Maybe not, but some people just don't think properly about money. Especially people with money problems.

[Pancho]

So, Mr & Mrs Ward are paying £796 interest on their £38,000 of debt. That sounds reasonable so far: a mixture of credit cards, store cards and a few grand from a doorstep shark would average out at about 25% pa. And it's true to say they would be better off if they could get a proper loan and pay all those off.

The next bit is simply a blatant lie: how could they possibly be "debt free after 60 months"? £307 X 60 = £18,420 without any interest at all.

Isn't that what an IVA type thing achieves? A bit like mini-bankruptcy?

Not that I know anything at all about these sort of things.

[Zoidburg]

So, Mr & Mrs Ward are paying £796 interest on their £38,000 of debt. That sounds reasonable so far: a mixture of credit cards, store cards and a few grand from a doorstep shark would average out at about 25% pa. And it's true to say they would be better off if they could get a proper loan and pay all those off.

The next bit is simply a blatant lie: how could they possibly be "debt free after 60 months"? £307 X 60 = £18,420 without any interest at all.

Isn't that what an IVA type thing achieves? A bit like mini-bankruptcy?

Not that I know anything at all about these sort of things.

It's a proper loan all right.

With in most cases the persons home being the security.

They default on the loan and the company gets their house.

Worth the risk of loosing say...a £175000 3 bed semi in a nice suburb?

[Regulator]

So, Mr & Mrs Ward are paying £796 interest on their £38,000 of debt. That sounds reasonable so far: a mixture of credit cards, store cards and a few grand from a doorstep shark would average out at about 25% pa. And it's true to say they would be better off if they could get a proper loan and pay all those off.

The next bit is simply a blatant lie: how could they possibly be "debt free after 60 months"? £307 X 60 = £18,420 without any interest at all.

Isn't that what an IVA type thing achieves? A bit like mini-bankruptcy?

Not that I know anything at all about these sort of things.

You have it in one Pancho.

They're advertising an IVA.  Companies like that push IVAs as a way out of debt - the 'debt advice' they offer is ...


...'go for an IVA'.

[Charlotte]

So is this ad a scam?

[rae]

Worth the risk of loosing say...a £175000 3 bed semi in a nice suburb? 

Um, if you have a non-secured loan that is significicant (i.e. more than about £20K), then it can be pretty easily be secured against your home by a court order.    So you're liable to lose the £175K semi anyway. 

Yes, I'd guess it is an IVA.   They'll charge handsomely for the advice...

And is it not ignorant (ill-informed/ill-educated) people they are targetting? Not 'stupid' people? 

The stupid bit is getting into that much debt in the first place...

[ludwig]

No no no you all have it wrong. Mr and Mrs Ward look such lovely happy, tanned people. This business is just helping us all to be just like them. I love em. I'm not even in debt but I'm going to call them right now and thank them for being so kind to the lovely Ward family

[Jaded]

Mr and Mrs Ward are toast then?

[Moloko]

Up to your eyeballs in debt, and now you can't even shit in peace!

[Moloko]

Calls are answered 24/7

Crafty sods have omitted the "Bawahahaha!" Off the end.

[rae]

Mr and Mrs Ward are toast then?  

Mr & Mrs Ward have no assets at all, and the creditors have come to an arrangement via an IVA.  Better than getting nothing from the creditors perspective.  

[Cudzoziemiec]

All I see is a blank rectangle. I can't even get in contact with these lovel debt-relieving people!

What is an IVA? As this was seen on a toilet door, could it be Immediate Void of Anus? 

[rafletcher]

So is this ad a scam?

Nope, it's a perfectly legal advertisement - same as the ones I've seen on TV.  Trouble is it targets both vulnerable and gullible people, just like the rash of "your credit card debt may not be legally enforceable" ones.