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#6513 - 11/09/01 07:46 PM Advertising

Our marketing people are proposing an ad campaign for a debt consolidation loan. The text of the ad says " Our debt consolidation experts will politely and courteously tell your bill collectors to beat it". Being in the middle of between the creative ad people and the regulations is always a challenge and I may be getting overly cautious. I know from my lending days that the chances of approving a consolidation loan for an applicant that has bill collectors call him are not very good. I am afraid that the text could be considered misleading and/or inaccurate. I was hoping that some of you would be willing to give an opinion. Thanks.


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General Discussion
#6514 - 11/11/01 09:05 AM Re: Advertising
Andy_Z Offline
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Joined: Oct 2000
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I don't believe it infers any guaranty of a loan and that is where my worries would lay.

That said, I share your hesitation if the results will seem to have targeted those "hard core" delinquents and approval rates will be dismal. This promotes ill feelings.

Often, if you can't do one type of loan a counteroffer is possible. In these applications that is generally not the case because you don't want to be added to the list of folks the trustee will tell to "beat it".

Andy Zavoina
Opinions stated are not necessarily that of my employer.

My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#6515 - 11/12/01 11:27 PM Re: Advertising
Lucy Griffin Offline

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Lucy Griffin
Joined: Nov 2000
Posts: 1,544
It might be less negative to say that your lenders can keep the bill collectors away or help the customer manage bill collectors. I agree with Andy that there isn't anything wrong with the ad, but you are right in recognizing that the step between having too much debt and being beset by debt collectors can be a giant one.

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