Charity attacks faulty loan advertising

Consumer Credit Counseling Service has found majority of loan advertisements in newspapers as illegal and has called on the government to keep a check on the advertisements.

[ClickPress, Tue Mar 14 2006] Consumer Credit Counseling Service, a charity that helps debt ridden people has criticised the use of illegal and misleading advertisements by some financial companies. The charity alleged that one out of nine credit companies are breaking the OFT rules.

The common breaches found by the charity includes failure to display annual percentage rates, not educating consumers about the pitfalls of reduction in monthly installments and not giving a proper presentation if a set amount is borrowed.

The charity scanned over 1900 advertisements in local and national dailies and financial magazines and found some irregularities in the loan advertisement. The charity has called on the government to check the breaching of advertisement rules through local officials.

The office of fair trading is already looking into the marketing tactics used by debt consolidation loan companies.

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