Over the last few years we have seen a major increase in the amount of junk mail which drops through our letterboxes, not too mention the regular “cold calls” offering the “best service” on the market.  The majority of these marketing strategies are employed by the finance industry, which has always been very aggressive in the marketing stakes.  Is it now too easy to get a loan?

Many will agree that the simple answer to this is yes, with seemingly the whole spectrum of the UK population under siege, no matter if you are a millionaire or a bankrupt.  It is the emphasis on those who may have seen recent financial woes, such as those currently in Individual Voluntary Arrangements (IVA) or those in bankruptcy, which is most surprising.

Research has shown that some of these companies specialising in credit for those with a chequered credit history will regularly trawl the financial press releases detailing those in bankruptcy, and the subject of IVAs.  As you can imagine, these people who are being targeted have had many of their traditional credit routes taken away, leaving them at the whim of those who charge extortionate interest rates, on long term arrangements.  While the financial companies are taking a risk on this type of client, the client is the one who is put under more and more financial pressure.

The authorities have tried to stop this type of activity in the past, but the information is often in the public domain and there is very little which they can do about it.  The competition in the financial sector is as tough as ever, with companies constantly trying new marketing ploys and new areas of the market on a regular basis.

Many are now calling for the financial industry to put its house in order, before much more financial pressure is put to bear on those already in financial trouble.