Three reality tv stars advertising a debt relief scheme have had their Instagram posts removed after the Advertising Standards Agency (ASA) ruled them to be misleading.
Posts on the Instagram feed of reality tv stars Chloe Ferry, Helen Briggs and Myles Barnett show a way to wipe out 85% of debt. The ASA rules that the adverts for financial company Debt Slayers to be overly simple. They do not explain that Debt Slayers themselves do not offer financial services, except for passing the debt to a third party.
The Advertising Standards Agency reports receiving multiple complaints that the adverts were unclear. They also didn’t inform readers of the risks involved with taking out a Individual Voluntary Arrangement (IVA).
An agent for Ex on the Beaches Helen Briggs says all adverts will be clearly labelled in the future. The agent for the other two reality stars agree that their wording was “potentially in breach of advertising rules”. They finished by saying they would not work with debt agencies going forward.
What were the reality stars actually advertising?
The Individual Voluntary Arrangements, known as IVA’s, is one method of avoiding bankruptcy. When entering an IVA, people discuss debts with a insolvency expert in order to strike a deal with creditors.
The agreements normally allow for you to pay off your debt in as little as five years, without paying the full amount. However, an IVA is damaging to a persons credit rating and potentially affects future employment.
Ashteck, which trades as Debtslayers, says those who ring because of the influencers posts are informed of the risks. It has since ceased using social media influencers as promoters for the company.
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