3 May 2006

Oi Carol! Nooooo! Stop Selling Secured Loans Now.

Martin Lewis, the UK's only Money Saving Expert, has finally launched his petition to try to get much loved mathmetician Carol Voderman to *stop* doing adverts for secured loans. It actually launches tomorrow but I very passionately agree with this cause, replacing credit cards with secured loans can result in people losing their homes or paying far more back due to the higher interest rates (than remortgages for example). I was disgusted the first time I saw her new set of adverts, plucking clouds out of the sky as if it were every day that someone put their house down to borrow £25,000 over another 25 years and end up paying back over £30,000 in pure interest. Shame on you Carol. If you want to stop, sign his petition and tell as many UK residents as you can find that have an email address to do the same. Out of interest I was signature number 256, which is very cool if you are into the powers of two.

3 comments:

  1. Instead of bullying Carol Vorderman with a load of signatures (Nice career you have here, Ms. Vorderman, it'd be a shame if something were to "happen" to it), why don't you help fund another set of adverts explaining why such loans are a bad idea? Surely you would be able to convince people?

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  2. That's a fair point, so here's my two part reply. To address the issues of why secured loans are bad, I'll just drop the main link to Martin Lewis' explanation http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1146662015,15460#secured

    As for running a counter advert, wouldn't that money be better spent assisting the Consumer Credit Council Service, a registered charity that is the UK's largest support body for people in serious debt. They support this petition saying "secured loans offer an appropriate solution for about three per cent of the over-indebted and these adverts imply that they are appropriate for the majority.”

    Finally I personally feel it is wrong for a mathematician to come out and advertise anything that has to do with numbers, I have no problem with long time drug user Phil Tuffnel advertising loans because you'd really have to be nuts to follow his advice. This sort of moral dilemma was once portrayed in an episode of Frasier where they wanted to get the doctor to promote Happy Dreams Tea. As a doctor saying it gives you happy dreams almost sounds like medical advice.

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  3. Cool, I'm number one on Google when searching for "secured loan carol voderman"! This might have something to do with a missing pirate (Arrrr) in her surname. Sorry Ms Vorderman!

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