Loan consolidation is it ethical on this site,providing links from profiles.

kenshaz

I have noted that some posters have links in their profiles to loan consolidation web-sites,I would request some feed-back on this practice.
I realise that it is permitted ,but is it ethical ,because this site does have a stance on this matter,and Martin has run a feature involving a well known celebrity who promotes consolidation linked to a mortgage?

JoeK_3

yes

What should we do? Ban them?

I thought that this was a democracy?

JoeK

kenshaz

no

JoeK wrote: »

What should we do? Ban them?

I thought that this was a democracy?

JoeK

I am asking a question.
The question is about moral ethics,with the potential for some of the most vulnerable in society losing their homes.There are other options available without going down the road of consolidation and this site promotes those.

I believe that the implementation of legislation in respect to advertising ,a total ban would not serve any purpose .It is obviously a very lucrative business ,judging by the increase in TV advertising.
Those who post on this site ,do so for leisure,therefore why is it necessary for them to promote such business?

kenshaz

no

Al_Mac wrote: »

MSE is not a democracy, what MSE Martin says goes.

And who looks at profiles

There must be a reason for posters putting web-links into profiles.
It seems illogical that we condemn the celebrities who advertise these products and yet allow them to remain on links from profiles.

toonfish

I think it's fine. Obviously mortgage brokers should not have links because they are offering advice and making a living out of it.

Loan consolidation companies exist solely for the benefit of the customer and are non fprofit making!

JoeK_3

yes

toonfish wrote: »

I think it's fine. Obviously mortgage brokers should not have links because they are offering advice and making a living out of it.

Loan consolidation companies exist solely for the benefit of the customer and are non fprofit making!

Could you explain the meaning of that?

JoeK

kenshaz

no

toonfish wrote: »

I think it's fine. Obviously mortgage brokers should not have links because they are offering advice and making a living out of it.

Loan consolidation companies exist solely for the benefit of the customer and are non profit making!

So the companies that advertise on TV are charities,is that the interpretation of your statement ,strange how they charge sub prime lender interest rates.;)
The links in profiles on this site are direct to profit making companies.
Prime lenders and brokers who use their services ,no problem ,sub-prime lenders with links via posters sites,please come to your own conclusion.

AndrewSmith

Hello Kenshaz, nice to see you back. Like me you have far to busy a life to spend all your time on here.

It is a very valid and interesting point you raise Ken, one worthy of such debate I think.

There are many issues within what may seem a simple point so, if I may, I would like to open out what I see as pertinent contributions:

1) There are many reasons why people would look to take secured loan finance. This could be that their main lender will not lend enough based on income or loan to value, or they have suffered credit problems since securing their main mortgage thus are unable to go back to them should they need to raise extra money.

2) There may be a case for a secured loan if, for example, the client is tied into a very expensive debt such as credit cards, or unsecured loans with high interest rates. If there is a genuine benefit to the borrower then it may be the right thing to do,as long as all the pitfalls and ramifications are explained fully.

This is where I think the biggest issue with such things comes. People are targetted, almost preyed apon, for such loans. As Ken so rightly says a certain supposed mathamatician celebrity advertises what must be some of the most uncompetetive packages around. Is this ethically right? Well that is a debate that I am not prepared to get into publically. Does it blatantly try to convince the unsuspecting public that they can trust the loan company? I guess so. This issue of ethics and morality isn't really with the loan company though. It is more to do with the motive of the celebrity who is representing the company. The loan company after all are a commercial business and have cleverly employed a trusted celebrity to peddle their wares. Nothing wrong with their motive. I do, however, think that high profile celebrities should at least have a basic understanding of the product they are representing for huge sums of money. It is the ethics and morality of the celebrities that I question.

So to this site. This site is all about moneysaving. There are instances where a secured loan, even at non-standard rates, could be a lifesaver for someone in serious trouble.

It is all down to individual interpretation. What seems wrong to one may not to another. I do not have an issue with weblinks in profiles. I indeed have one myself purely because the site provides the facility to do so. I obtain very very few enquiries for my professional services as a result and, to be honest, rarely have the time to reply to them anyhow. That is evidenced by the amount of time I do not spend on the site.

To be honest I think that the people likely to visit this site would ask sufficient questions of the forums prior to committing to any contractual loan agreement, thus are unlikely to go straight in for a high interest loan.

If there are individuals who are advertising such uncompetetive loans or services than one would hope that, due to the nature of the forums, they would receive very little genuine interest from it anyway. It is not possible for a company or individual to survive in business off the back of enquiries from a site such as this.

Good valid point though Ken, and well argued if I may say so.

kenshaz

no

The points you raise are valid and correct,and for some it might assist.

Why I feel concerned is that these companies are targeting those who are already distressed and they are offering hope ,which in the long term might compound their difficulties.I therefore feel that this site should not either directly or indirectly assist in that process.

Yes in some circumstances a secured loan at an uncompetitive rate could be life changing ,but introduction via this site seems inappropriate,when brokers provide advice and individuals follow them to their web-sites and are confronted with secured loans at uncompetitive rates it makes me feel uncomfortable.

I realise that some-times introductions are made via this site and brokers and contracts agreed,I have come to terms with that,because they are getting a good deal and a competitive mortgage which gives them a home and possibly an investment.I just cringe every time one of those patronizing adverts appears on my TV giving wide variations in interest rates from uncompetitive to extortionate.

When they state that they search the market,I can hardly watch,all legal of course,but so deceptive,those who drafted the legislation need to seek another profession.

kenshaz

no

Andrew I realise that this is going off topic,but your post highlights the wide variation in broker expertise ,whilst your response is communicative and articulate without bias ,others are difficult to understand and full of bias.

When brokers post,perhaps they should follow your example and step outside the ring.

toonfish

JoeK wrote: »

Could you explain the meaning of that?

JoeK

It was an attempt at sarcasm. Kenshaz is right IMO.