Helping protect children by banning payday loan ads before the watershed

edited 2 October 2014 at 2:45PM in Loans
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Former_MSE_HelenFormer_MSE_Helen Former MSE
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edited 2 October 2014 at 2:45PM in Loans
MSE has long been campaigning for a ban of payday loan adverts on children's TV. The Children's Society has recently published a report on how children are being affected by these ads and it is calling on the government to ban these ads before the 9pm watershed.

It wants the government to make these changes in the Consumer Rights Bill, which will be reviewed in the House of Lords from the 13 October 2014 onwards.

It's asking you to help join in by filling an online form to 'Lobby a Lord'. You fill in some personal details and the message to the Lord is pre-filled, which you can change if you want.
Read the full MSE news story for more info:

Guest comment: 'Payday loan ads should be banned before the watershed'


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  • Clive_WoodyClive_Woody Forumite
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    Yes defintely, or banned altogether.

    Alternatively they should be advertised in a responsible way and not with cartoon figures selling PD loans in a funny lighthearted jokey way as people take the first step into financial oblivion. They should also include a mention for the CAB who will help clear up the mess afterwards.
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  • chanz4chanz4 Forumite
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    but the people that can only apply are over 18, we should cancel all adverts inc toys
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • sounds like another stupid idea dreamed up by the telly facist,as above its not like kids can get PD loans
  • Kids can't get PD loans obviously, but they can grow up thinking that managing your finances in that way is 'normal'
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  • edinburgheredinburgher Forumite
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    woodbine wrote: »
    sounds like another stupid idea dreamed up by the telly facist,as above its not like kids can get PD loans

    That's spurious logic, did you even read the editorial?

    The comments around name recognition of payday lenders are worrying, many teenagers are terrible with money, I know I was. I grew up in a household where money wasn't really discussed, if I'd been sitting in front of the TV getting bombarded with adverts for lenders, who knows how bad my student debts would have been! :eek:
  • I know my local loan shark would more than welcome this suggestion.

    In fact I know he'd like these legitimised lenders banned from advertising completely, and preferably put out of business.

    He tells me his business has really been hit hard since these legitimised PDLs have emerged.
  • The comments around name recognition of payday lenders are worrying, many teenagers are terrible with money, I know I was.

    Wouldnt just say its teenagers who are bad with money........for people to borrow off these payday companies and not be able to pay it back shows that lots of people in this country are bad with money !!!!
    Personally i dont have a problem with payday companies because if we don't use them they are not an issue. It is the few who are irresponsible with money that bring these sharks into the headlines
  • hamsterfan1hamsterfan1 Forumite
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    I have noticed the wonga are no longer advertising to the same extent since the cap came in - perhaps it should be lowered agan
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  • RichL74RichL74 Forumite
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    I dont understand this you have to be 18 or over to have a loan. They are classed as adults then, maybe you shouldn't become an adult until you are 21.
  • TropezTropez Forumite
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    Sorry, but I find this to be nanny state mentality.

    There's plenty of products advertised on television that could have a negative impact on their users. Now, while it might seem ideal for some people to have all such adverts terminated, it would leave commercial breaks a little thin on the ground.

    Instead, surely it should just be encouraged for parents to properly educate their children about the real world before they reach it without an idea?

    I understand brand recognition and I understand the power of television advertising but just because something is on television doesn't mean that everyone is going to want it. Parents should talk to their kids, educate them on finances and make them realise that borrowing £500 at 1,400% APR is a bit daft. Since we now have financial education in schools is it not being brought up there as well?

    I think efforts would be better placed in working out why on earth we have working families who are living below the poverty line that makes payday loan companies a viable business in the first place? Are they all frittering their cash away or is it something more significant such as salaries not rising in lines with inflation and leaving people behind?
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