MSE News: Payday loan ads should be banned from kids' TV, MoneySavingExpert.com says

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"One in three parents say their children have repeated payday loan ads' slogans, says MoneySavingExpert.com..."
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Payday loan ads should be banned from kids' TV, MoneySavingExpert.com says

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  • fermi
    fermi Posts: 40,546 Forumite
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    Noticed Martin brought this up in parliament select committee today, after someone tweeted this morning:
    @MartinSLewis my son (5) suggested a Wonga loan to buy more apps on the iPad. Ads had got into his head it was free money! I was shocked.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
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    I do actually agree with this.
  • Sedge123
    Sedge123 Posts: 597 Forumite
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    I agree too, well done for tackling this - its ad like these which our children will remember for all the wrong reasons.
    Determined to save and not squander!
    On a mission to save money whilst renovating our new forever home
  • UKParliament
    UKParliament Posts: 749 Organisation Representative
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    For those who might want to watch the evidence session, it is available on Parliament TV (Silverlight or Windows Media Player are required to stream Parliament TV):
    http://www.parliamentlive.tv/Main/Player.aspx?meetingId=14115


    The Business, Innovation and Skills Committee held a one-off evidence session on Tuesday 5 November on the regulation of pay-day loan companies, following up on some of the issues raised in the Committee’s 2012 Report on Debt Management.

    The Committee questioned representatives of payday loan companies, the regulatory and consumer advice bodies - including Martin Lewis from MoneySaving Expert, as well as the Financial Conduct Authority who take over as the new regulator for consumer credit, in April 2014.

    We hope this link is useful for those who are interested in watching the session.

    Thanks
    DOT
    Official Organisation Representative
    I’m the official organisation rep for the House of Commons. I do not work for or represent the government. I am politically impartial and cannot comment on government policy. Find out more in DOT's Mission Statement.

    MSE has given permission for me to post letting you know about relevant and useful info. You can see my name on the organisations with permission to post list. If you believe I've broken the Forum Rules please report it to forumteam@moneysavingexpert.com. This does NOT imply any form of approval of my organisation by MSE
  • clareybear
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    fermi wrote: »
    Noticed Martin brought this up in parliament select committee today, after someone tweeted this morning:

    I was also surprised to see Wonga advertising on the free version of the Wreck it Ralph game on the iPad.
  • ratious
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    I complained to the ASA several years back because of the frequency of "consolidating loans" adverts on childrens TV channels, stating that this sends the wrong message to children. I was told that they could only deal with specific adverts not the culture of how companies were using the wrong outlet for their product. Best of luck Martin with this campaign
  • Clive_Woody
    Clive_Woody Posts: 5,856 Forumite
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    Could not agree more, I have heard my children singing the jingles from these ads. Very unimpressed.

    Personally I would like them (Pay day loans) to be given the same restrictions as cigarette advertising.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • supergran40
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    I'm shocked, I thought there were strict rules on what ads can be shown during children's programmes. These ads are totally inappropriate.
  • momist
    momist Posts: 89 Forumite
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    Personally I would like them (Pay day loans) to be given the same restrictions as cigarette advertising.

    For this to happen, I think there would need to be legislation. Should this become the subject of one of those e-petitions to the government?
  • Is there yet an on-line petition to the Government that we can sign regarding this?
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