Vorderman attacked over ads

Carol Vorderman has been criticised by debt advice charities for using her celebrity status to endorse high-cost loans.

The maths expert and star of Channel 4's Countdown features in commercials for a loan consolidation firm which advertises heavily on TV.

The secured loans industry encourages families to pile all their debts into a new loan secured on their homes, freeing them to spend money on holidays, cars and other treats.

However, critics says householders are putting their homes at risk and locking themselves into costly repayments. For example, a £10,000 unsecured loan charged at 15 per cent over five years costs £4,000 in interest payments.

However, switching the £10,000 to a secured loan charging 12.5 per cent interest over 25 years generates interest of £22,000.

The Consumer Credit Counselling Service, the money education charity Credit Action and consumer website moneysavingexpert.com are today launching a petition asking the TV star to withdraw her support.

And in a programme next Monday, BBC 1's Real Story will criticise the sort of deals promoted by Miss Vorderman. She appears in advertising for Firstplus, which is part of the Barclays Bank empire.

Martin Lewis, consumer activist and founder of moneysavingexpert.com, said: 'The use of a trusted maths genius like Carol to sell a product many people don't fully understand is an extremely powerful sales technique. Advertising works, that's why companies pay for it.'

Mr Lewis said Firstplus was 'not irresponsible' but its rates were 'still substantially higher than most mortgages'.

He added that the debt charities' appeal is not directly targeting any particular loan company. Rather it is criticising the entire secured loans industry.