Wonga Ads During Kids Tv

[mikey4444]

I think that companies like Wonga are nothing better than loan sharks, with their ludicrously high interest rates. But why would they want to run TV adverts during childrens TV programs ? Their adverts are childish but that doesn't seem to fully explain the situation.

Have Ed and Martin Lewis got a point here ?

http://www.bbc.co.uk/news/uk-politics-24886804

[naomi24]

As your link says - to encourage children to pester their parents into taking loans. I listened to a discussion recently about this company and the interest rates they charge are truly obscene.

[jim360]

I think on this one Ed Miliband is a loan voice.

I do wish those adverts would stop, they just encourage financial irresponsibility.

[mikey4444]

Thanks naomi...my thoughts exactly. I can't understand why these companies are allowed to continue...they are shysters, every one of them.

[RATTER15]

I totally agree Mikey, the problem is, on what grounds would they stop them, they are up front with their charges and breaking no laws. I would personally like to see them shut down, they will legally cause endless misery for families all over the country.

[mikey4444]

Jim...not a loan voice at all ! Martin Lewis is a well respected commentator on consumer affairs and he agrees. Its Ed's job to be the opposition. Dave and Co are standing by, watching these companies make £millions out of other peoples misery and they do nothing. Ed is threatening to put legislation in place, as soon as Labour win the next election. A clear difference between the parties I would have thought !

Anyway, still not sure why these shysters should be allowed to target vulnerable children, with their childish adverts ?

[naomi24]

Difficult one. Unless some sort of formal regulation is introduced, companies can charge what they like for the product they offer. The other side of the coin is should they be held responsible for the choices people make?

[jim360]

I know really mikey, I just had to make the pun though.

[mikey4444]

Of course jim and I enjoyed it !

[Orderlimit]

Mikey, Mr Lewis addresses the advertising at around 1:53 in the video if interested (sorry, I can't remember what he said).

http://www.bbc.co.uk/democracylive/house-of-commons-24821587

[naomi24]

Mikey, here you go again! It’s all Dave’s fault! The fact is Wonga launched its first website in 2007, so if Labour's intentions are so beneficent, why didn’t the last government employ them when it had the opportunity? Load of propagandist tosh!

[mikey4444]

Its not tosh at all naomi. This government have been in power for over three years and we have seen the problems with these shysters increase hugely over that period. Granted that the Business Select Committee is currently meeting to investigate but the Treasury doesn't have wait another 3 years to take action. Ed is demonstrating that a future Labour government will take action. So now people will have a choice about who to vote for on this issue...the Tories who are doing nothing, or Labour who say they will legislate. A clear choice...not sure what is wrong with me pointing that out ?

[FredPuli43]

Strange, because County Court judges have dismissed claims by lenders on the grounds that the loan offended common law rules against usury, which, if I remember correctly,essentially forbid lending at 400 %. Wonga charges over 5,000% per annum. Perhaps they escape because they declare their rates of interest, though not as crudely as by declaring annual rates, in advance and/or they don't charge compound rates.

These firms provide a service but it is not one that ought not to be provided.

[naomi24]

Mikey, // Ed is demonstrating that a future Labour government will take action.//

Ed is talking – and as usual, he’s saying what he thinks people want to hear - but he’s ‘demonstrating’ nothing. Labour had its chance – it failed!

[mikey4444]

But fred...why would they target children in their adverts ? That is the real purpose of my post this morning. My answer is that these companies are essentially shysters and will do anything to make money. If it were legal for Wonga to branch out and sell cigarettes to children, they would start doing it tomorrow morning. They are essentially unscrupulous and crooked, which is why they need regulating fast. They rely on weak and ineffective regulation, to continue in business. Our present government sits on its hands and does nothing. I would be saying these same words if Labour was in power, with as much alacrity as I am now.

[mikey4444]

Naomi...with respect...drivel. Why are you defending the present government's inaction in this affair. Not targeting kids with these silly adverts
shouldn't be a party political issue. Why is the government that you support allowing this to happen. Labour may or may not do something after it gains power, but Dave IS doing nothing...defend him if you can !

[jno]

so if Wonga vanish, what becomes of the people who borrow money from them? Back into the arms of those public-spirited bankers?

[FredPuli43]

What exactly is Ed going to do? Abolish these firms? Say that 5,000 per cent is too much but 3,000 per cent is fine? What? He can't abolish money lending because banks and industry depend on it ; we all do and everyone with a mortgage or a savings account does. Does he have a draft bill so we can see exactly?

[Orderlimit]

There's no right or wonga.

[pixie373]

Maybe there should be a cap on the maximum interest charged. They obviously aren't targeting children. That would be pointless, but assuming stay-at-home parent is watching too.

[naomi24]

Mikey, I agree that the rates these companies charge are outrageous – but whose responsibility is it? The company’s, the government’s, or the people who, knowing full well that the interest rates charged are extreme, freely decide to take a loan?