Secured Loans Titbits #6
I just thought I’d do a few follow-ups to previous posts by way of making another ‘Titbits’ post.
Firstly following yesterday’s news Money Partners had bought a stake in Residential 1, Kensington who own a controlling interest in Money Partners, made a Stock Market announcement this morning saying that Money Partners had actually bought Residential 1 lock, stock and barrel.
Probably because Kensington doesn’t own Money Partners outright the announcement is pretty vague and just gives the value of assets for Residential 1 and goes on to state “Residential 1 will provide introducers and advisers with processing and packaging services, electronic decisions, online case management and direct access to Money Partners’ full range of specialist mortgage products”.
One another note I found it interesting that the day after the FSA were attacked about advertising standards, the OFT made a timely announcement that it had asked Secured Loans provider Charles Price Ltd to change its advertisements. The OFT told Charles Price :-
to give the typical APR greater prominence than the statements ‘QUICK LOANS NO FEES’, which is an incentive for the consumer to apply for credit
to give the typical APR greater prominence than the statement ‘bad credit history’ which indicates that credit is available to consumers who might otherwise consider their access restricted
to provide the required warning for advertisements where the security comprises of a mortgage or charge on the debtors’ home
to provide the required security warning for advertisements where credit is available for the payment of debts due to other creditors.
And a follow up to the story that British Insurance reported Black and White for its motorway side billboard advertising is that the Advertising Standards Agency (ASA) has rejected the claim. CEO of Black and White Thomas Reeh said “We knew that this was personal but the outcome was never in doubt because we knew the signage was compliant. I was really heartened by the support we received when the story broke. I must have been contacted directly by at least 20 lenders, some of the biggest in the country, backing our campaign and slamming the complaint lodged as a complete nonsense.”
I’m unsure about my personal standing on this issue as I am tempted to agree with the British Insurance stance that you can’t clear debts by taking out another loan. Following the story about Charles Price it also points to the law being a bit of an ass with a lopsided view of advertisements.
