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The Dangers of Payday Loan Adverts

As Christmas approaches we are all likely to feel financial pressures in preparation for this special time of the year, usually in the form of buying gifts and accessories for families. The anticipated build-up towards this festive season can place an unnecessary burden on people struggling to pay their bills. It doesn’t help when payday lenders regularly pop up on television adverts when children are watching. Thankfully, vulnerable targets are set to be protected following discussions in the House of Lords.
Payday loan companies could have their TV and radio advertising banned before the 9pm watershed, driven by a Church of England bishop. Proposed changes to the Consumer Rights Bill include advertising restrictions on payday companies which relate to tobacco, alcohol and gambling industries. The Children’s Society are concerned with young people pressurising parents to take out high interest loans after watching adverts with misleading messages about borrowing.
Currently, a plethora of adverts targeting people with money issues is raising the profile of multiple payday lenders among children. Their awareness could cause damaging financial implications in future if tougher curbs are not introduced. In UK Parliament’s second chamber the Bishop of Truro, Rt Rev Timothy Thornton, Lord Alton and Lord Mitchell tabled the proposed amendments. They hope this bill will come into effect before the General Election in May.
This is more evidence of a clampdown on the industry after the Financial Conduct Authority (FCA) capped the rates that payday lenders can charge from January. Wonga recently stopped showing its adverts with animated figures after they were condemned for interesting children. A study in 2013 found out a third of parents with children under 10 years old heard their kids repeating slogans of payday loan adverts.
With an abundance of payday adverts on our television screens of these companies’ messages can become engrained in our minds. Their presence is extremely dangerous with debts spiralling out of control. Fortunately, there is a much more reliable option. Unlike payday lenders our team at Trust Deed Scotland value the well-being of our clients. There is a much safer alternative.
If you have fallen into financial difficulty, here at Trust Deed Scotland we offer affordable monthly repayments which prevent creditors from adding more interest and charges. They also are unable to take legal action against you once your Trust Deed is protected. We help those burdened by financial problems get their lives back on track by using government legislation to manage debts within a realistic timeframe.
The three Lords pushing the removal of payday television and radio advertising before 9pm said: “While many parents are struggling to pay the bills, payday loan adverts are making borrowing money seem easy and fun to their children.
“This is creating ‘pester’ pressure on parents to take out high-interest loans.”
Take control of your financial situation by contacting our dedicated team by phone or emailing us at enquiries@trustdeedscotland.net. Changing government bills can be a strenuous and long-winded process, but our employees at Trust Deed Scotland ensure you get a swift quote which will ease the stress imposed by payday lenders. If their adverts remain on TV and radio before the watershed don’t fret because you are guaranteed an excellent service by our team due to a 96 per cent TrustPilot rating.

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