What the debt advice company adverts REALLY mean

Examples of the fanciful, and potentially misleading, marketing slogans from the finance and debt solution industry. There can be a big difference as to what they imply and the reality.

When an estate agent describes something as “surprisingly spacious” what they really mean is small. Here are some similar examples of marketing spin I’ve seen on the Internet regarding debt solutions and other financial products.

You need to read the small print for the disclamiers !

“Government Approved Solutions”- referring to an IVA

• Implication:
  Our product or service is so good the Government endorse it.
• Actuality:
  We’re just executing a legal process, the same as everyone else who offers IVA’s.

“OFT Approved”- referring to debt management.

• Implication:
  The company is approved by the Office of Fair Trading.
• Actuality:
  The office of Office of Fair Trading has published “approved ” guidelines as to how debt management companies conduct themselves. Just because a debt management company has not fallen foul of these guidelines, does not mean they are recommended nor approved by the OFT.

“24 Hour Helpline”.

• Implication:
  Our office is open and we have advisors working on a 24 hour rota.
• Actuality:
  We use an answering service outside normal office hours to take your details are arrange a call back.

“Independent Advice”.

• Implication:
  Advice given does not depend on who is giving it.
• Actuality:
  The company is Independently owned, Your only being advised on products offer by that company.

“Debt Freedom in 24 Hours”.

• Implication:
  We can reduce your debt immediately.
• Actuality:
  We can arrange for reduced repayments, but it may take years to be free from debt.

“Not for Profit”

• Implication:
  Unbiased advise offered by vocational charity workers types.
• Actuality:
  (i) They are a lead generator for the company which finances them, normally operating out of the same call centre. For example The Debt Advice Trust is just a marketing tool bankrolled by Debt Free Direct to sell their IVA product.
  (i) Or the company’s directors pay themselves a huge amount with the intention the company breaks even.

“Christian Debt Consolidation”

• Implication:
  Debt is a sin and at odds with Christian principals. We’ll help you make peace with God as well as your creditors.
• Actuality:
  It’s just targeted marketing. Debt is not a sin nor condemned in Christian scriptures. The use of religion of all demoniations to target consumers is much bigger business in the United States than it is in the UK.

“Secured Loan” 

• Implication:
  The security is for your benefit, interchangeable with “safe”. Note the tone of Carol Voderman’s voice in the First Plus ads.
• Actuality:
  The security is for the benefit of your lender so they can start repossession proceedings should you default. 

“Trusted Partner”

• Implication:
  You are being refered  in a similar way to a patient being referred to a specialist consultant by a doctor. 
• Actuality:
  You’re talking to a lead generator. Anyone willing to pay for your details will get them. You could be getting calls for weeks.

“Spending Power” - on credit card adverts

• Implication:
  It’s your money your spending.
• Actuality:
  It’s our money your spending.

“Really? That’s much less than we’re paying now” - on secured loan adverts.

• Implication: 
  You’re saving money.
• Actuality:
  Your going further into debt and will be in debt longer. In total you will pay back more.

Have you seen any adverts in the press or on Internet that you consider misleading?
Please share them with readers of this site.

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