BOI ad - first time buyers - misleading?! Note the small print!

amdublin

I debated whether to put this in Banking & Insurance forum but personally I think this is more of a Consumer Issue as I think it is misleading advertising.

You know the ad about BOI saying yes to 50 ftb's everyday.
Does anyone else think it is misleading???

http://www.youtube.com/watch?v=0AqoUI3SWjk&NR=1

If you read the small print at the end of the ad it is based on data from Jan - June 2009. That's almost a year out of date!

I wonder how many ftb's they really are saying yes to every day CURRENTLY?

Del2005

It's an ad and it has all the correct info on it.

Can't see anything misleading with that as they more then likely don't have the current figures and I doubt the campaign was only planned now. Most of these have lead in times this could have been started last year.

And if you get a mortgage purely on one ad campaign without research you deserve to be ripped off.

amdublin

Del2005 wrote: »

Can't see anything misleading with that as they more then likely don't have the current figures and I doubt the campaign was only planned now. Most of these have lead in times this could have been started last year.

Why would they not have current figures?

Del2005

amdublin wrote: »

Why would they not have current figures?

Because ad campaigns take a while to develop. Who knows when they decided on layout, the info to include, send to the printers etc.

jor el

www.asai.ie
Submit a complaint and they'll investigate. Using data from a year ago is a bit misleading.

amdublin

Del2005 wrote: »

Because ad campaigns take a while to develop. Who knows when they decided on layout, the info to include, send to the printers etc.

Sure you could use that as an excuse for anything

"Oh sorry about that incorrect misleading price advertised there, I came up with the concept for that ad two years ago when it was that price"

amdublin

jor el wrote: »

www.asai.ie
Submit a complaint and they'll investigate. Using data from a year ago is a bit misleading.

Complaint sent.

Cheers.

amdublin

Okay, I think I'm going mad.

I think I saw an ad saying they say yes to 100 ftb's per day and that this data is from Nov - Dec 2009....?

More up to date but I am questioning this data! More at the end of the 2009 than prev??!!!!!

*sends another complaint to asai*

JohnC.

amdublin wrote: »

Okay, I think I'm going mad.

I think I saw an ad saying they say yes to 100 ftb's per day and that this data is from Nov - Dec 2009....?

More up to date but I am questioning this data! More at the end of the 2009 than prev??!!!!!

*sends another complaint to asai*

It's on their website

http://www.bankofireland.ie/personal/borrowing/mortgages/General_Content_1000564.html. It's not FTB's but mortgage applicants in general.

* 100 applicants a day is based on the average number of mortgage applicants approved per day between February and September 2009.

Seamonster

Del2005 wrote: »

Because ad campaigns take a while to develop. Who knows when they decided on layout, the info to include, send to the printers etc.

You obviously don't work in advertisement then. An advertisement like that would take 2 - 3 weeks to roll out at a push, max 1 month. That's including bus shelters. I've worked in advertising for people like Vodafone and it would be impossible for them to plan campaigns a year ahead, sure they have new phone packages every few weeks. That ad is misleading.

jaffa20

How can it be misleading if the terms are there to be read before you apply?

Also, it would be difficult to calculate how many mortgages they approve based on current figures that can't be calculated. They would need to use previous figures as an average calculation.

I'd be more pissed off about how much tax money has been used for the purposes of an advert in the current economic situation.

JohnC.

About that first ad, you don't seem to have taken the campaigns start date into consideration. The Youtube video was posted in September 2009, so it must be at least that old. At that time, the data was only 2 months old. Not "almost a year"

dotsman

I have absolutely no idea what the OP is complaining about. Absolutely none.

A commercial, released in August, contains data from Jan to Jun of that year. A commercial, released in February, contains data from Jul to Dec of the previous year.

wtf do you want? Daily updates? Live advertising so that while your watching your Home and Away, a little popup appears with a guy from BOI shouting "woohoo, just sold another one!"?

The very fact that you are complaining about this says a lot more about you than about BOI, or advertising standards, or whatever it actually is your complaining about.

amdublin

dotsman wrote: »

while your watching your Home and Away

The very fact that you are complaining about this says a lot more about you than about BOI, or advertising standards, or whatever it actually is your complaining about.

Whoa!!!! Whatever happened "attack the post, not the poster"?!

Home and Away?! I don't watch Home and Away! Whoever mentioned Home and Away?!

JohnC.

amdublin wrote: »

Whoa!!!! Whatever happened "attack the post, not the poster"?!

He did, but you seem to have decided to ignore that part.

amdublin

Kahless wrote: »

He did, but you seem to have decided to ignore that part.

Yes and then (s)he moved on to attacking me (which I quoted and was replying to) but you seem to have decided to ignore that part.

dotsman

amdublin wrote: »

Whoa!!!! Whatever happened "attack the post, not the poster"?!

I'm not attacking you. I'm questioning as to why you would make this complaint. There is clearly nothing wrong with this commercial, yet you have come on here trying to sully it, lodged an official complaint with the asai (to what end?), and trying to promote some sort of conspiracy theory, than the figures are all BS, when anyone who knows anything about the current market knows that BOI are currently doing a hell of a lot more than 50 per day.

amdublin wrote: »

Home and Away?! I don't watch Home and Away! Whoever mentioned Home and Away?!

Coronation Street...Eastenders...whatever. It doesn't really matter.

JohnC.

amdublin wrote: »

Yes and then (s)he moved on to attacking me (which I quoted and was replying to) but you seem to have decided to ignore that part.

Yes, because Home and Away wasn't that relevant, unlike matters directly concerning the OP which you have ignored. So, what exactly is wrong with an ad from August or September using figures up to June?

amdublin

dotsman wrote: »

There is clearly nothing wrong with this commercial, yet you have come on here trying to sully it, lodged an official complaint with the asai (to what end?), and trying to promote some sort of conspiracy theory, than the figures are all BS, when anyone who knows anything about the current market knows that BOI are currently doing a hell of a lot more than 50 per day.

You really think BOI are doing more than 50/100 mortgages per day???

What do you know about the current market? Do you know something I don't? Do you work for BOI?

Why all the reports in the papers about the banks not lending?

We will agree to disagree but when BOI end of year figures come out we can then debate why they are not better considering they were "saying yes to 100 ftb's per day"

I doubt this figure/data and it is my right to make a complaint in this respect to the asai. And it is within the remit of the asai to ask BOI for the data showing their analysis for this figure.

Kahless wrote: »

So, what exactly is wrong with an ad from August or September using figures up to June?

Because I question these figures and I think they would be radically different.

Imo I think it suits them to use the figures from June rather than using up to date figures (within a couple of weeks anyway)

Is it too much to ask for current data backing up a claim/an advertisement????

RoadKillTs

I'm not attacking you. I'm questioning as to why you would make this complaint. There is clearly nothing wrong with this commercial, yet you have come on here trying to sully it, lodged an official complaint with the asai (to what end?), and trying to promote some sort of conspiracy theory, than the figures are all BS, when anyone who knows anything about the current market knows that BOI are currently doing a hell of a lot more than 50 per day.

The ad is misleading. There is no way in hell BOI are selling 500 mortgages a week, not even close id say.
They could be just counting applicants which are approved in principle which is very different altogether.

Fighting Irish

jor el wrote: »

www.asai.ie
Submit a complaint and they'll investigate. Using data from a year ago is a bit misleading.

Not if they tell you it's from a year ago, which they do

JohnC.

amdublin wrote: »

Because I question these figures and I think they would be radically different.

Imo I think it suits them to use the figures from June rather than using up to date figures (within a couple of weeks anyway)

Is it too much to ask for current data backing up a claim/an advertisement????

It would have been pretty much current at the time the ad was being made.

Gulliver

I think you're being a bit harsh on the OP here. This isn't AH.

Annnnyway.. if my experience is anything to go by, just because BOI say "Yes" to an applicant, it doesn't mean they've actually given them a mortgage. We had to go through more hoops than all the dogs in Crufts to get a relatively small mortgage (100k). Site Insurance (our existing SI didn't say Fire in the title, it said Fully Comprehensive, multiple valuations, "you couldn't possibly build a house for that little" etc.

I suspect they're using pre-approval figures in these ads.

looksee

In the first (September) ad they refer to drawn down mortgages. In the January ad they do not mention any number of mortgages.

In the housing/mortgage crisis in around 1980 we were trying to sell a house and the market pretty well crashed immediately after we put the house on the market and starting building our next one. We had a buyer but while he was told he had a mortgage and it had been approved, the bank dragged out actually giving him the money for over 12 months. Eventually we went to a TD and he asked a question in the Dail, and it was established that this was a common enough procedure as the banks had been told to approve so many mortgages per month, so they did, but they did not actually give out the cash. It sorted our situation anyway as the money became available within a week or so.

dotsman

amdublin wrote: »

You really think BOI are doing more than 50/100 mortgages per day???

The question here is - do you not? They are making a realistic claim, and without any evidence, you are attempting to slur this claim.

amdublin wrote: »

What do you know about the current market?

I know that AIB, BOI and ESB are very much open for business.

amdublin wrote: »

Do you know something I don't?

Apparently a lot.

amdublin wrote: »

Do you work for BOI?

No

amdublin wrote: »

Why all the reports in the papers about the banks not lending?

The fact that you rely on "the papers" tells a lot. 95% of what is printed in the media regarding banking is pure bull**** intended to engage the mindless people who takes these stories seriously and make them continue to buy such "papers". Don't ever believe something just because it is in "the papers"

amdublin wrote: »

We will agree to disagree but when BOI end of year figures come out we can then debate why they are not better considering they were "saying yes to 100 ftb's per day"

Are you saying "why the financial results are not better?" I'm not sure what you are saying here.

amdublin wrote: »

I doubt this figure/data and it is my right to make a complaint in this respect to the asai. And it is within the remit of the asai to ask BOI for the data showing their analysis for this figure.

What makes you think you have the right to complain? They have done absolutely nothing wrong.

amdublin wrote: »

Because I question these figures and I think they would be radically different.

Imo I think it suits them to use the figures from June rather than using up to date figures (within a couple of weeks anyway)

Is it too much to ask for current data backing up a claim/an advertisement????

If you want up-to-date figues - STOP LOOKING AT COMMERCIALS POSTED LAST SEPTEMBER!!!

P.S. Every indication is that they are approving more FTB's today than they were last year.

RoadKillTs wrote: »

The ad is misleading. There is no way in hell BOI are selling 500 mortgages a week, not even close id say.
They could be just counting applicants which are approved in principle which is very different altogether.

I very much imagine they are counting mortgage applications that have been approved. Whether or not these mortgages are ever drawn down is another thing (purely on the applicant's side). Lots of data from banks suggest that many FTB's change their mind after the mortgage has been approved.

AARRRRGH

amdublin wrote: »

Complaint sent.

Cheers.

Can you post the text of your complaint?

amdublin

dotsman wrote: »

I very much imagine they are counting mortgage applications that have been approved. Whether or not these mortgages are ever drawn down is another thing (purely on the applicant's side). Lots of data from banks suggest that many FTB's change their mind after the mortgage has been approved.

(My bolding above)

Approved in principle or approved and loan offer issued?

(Major difference between the two! And the volumes of each majorly differ I imagine!)

amdublin

AARRRRGH wrote: »

Can you post the text of your complaint?

Unfortunately not - it was an online form I completed. But pretty much the points I have raised in this thread.

amdublin

dotsman wrote: »

What makes you think you have the right to complain? They have done absolutely nothing wrong.

In your opinion.

AARRRRGH

amdublin wrote: »

Unfortunately not - it was an online form I completed. But pretty much the points I have raised in this thread.

Do post their response.

dotsman

amdublin wrote: »

(My bolding above)

Approved in principle or approved and loan offer issued?

(Major difference between the two! And the volumes of each majorly differ I imagine!)

dotsman wrote:

I very much imagine they are counting mortgage applications that have been approved. Whether or not these mortgages are ever drawn down is another thing (purely on the applicant's side). Lots of data from banks suggest that many FTB's change their mind after the mortgage has been approved.

My bolding contains the answer.