Untrustworthy debt advisorsTranscript
If you’re having personal financial problems, it’s important to know where to go for help you can trust. And that means speaking to an independent advisor who can give you options, and help you make the right decisions for your situation.
But how do you know if an advisor is trustworthy or not? The way they look? Well, that doesn’t really work anymore. The real difference is in the advice you’re given. An untrustworthy advisor may suggest ways to get you out of debt problems that are not in your best interest.
Here are some examples of what an untrustworthy advisor might offer you: A payment of twenty thousand dollars to get you out of bankruptcy in as fast as six months. Organising your affairs so that your property will be protected if and when you decide to go bankrupt, or advising that your bankruptcy or debt agreement will not affect your credit rating.
The real danger in letting an untrustworthy advisor handle your paperwork, is that they could include false information about your circumstances. And if you go along with that, you will be breaking the law.
The consequences of these sorts of solutions are serious for you, and you need to fully understand what’s involved with each option before you make your decision.
But there is one place you can go for easy-to-find, trustworthy info and that’s on the AFSA website. That’s where you’ll find help on pages like: “I Can’t Pay My Debts” and “Get Help with Debt Decisions” and links to things like MoneySmart, financial counselling services and lists of registered professionals that you may consider seeking advice from. These are some of the things you can do to protect yourself. So, consider your options carefully, and whatever you do, whatever you decide, be sure to get the right advice.