Finance

How to spot bad debt advice

With no real regulation to speak of regarding debt advice in this country it can be extremely difficult to know when you are being conned or not. Companies can potentially make a lot of money from giving bad debt advice, and in doing so they are preying on some incredibly vulnerable people. What follows is a look at some of the things you can do to make sure you are getting the good advice you deserve.

With no real regulation to speak of regarding debt advice in this country it can be extremely difficult to know when you are being conned or not. Companies can potentially make a lot of money from giving bad debt advice, and in doing so they are preying on some incredibly vulnerable people. What follows is a look at some of the things you can do to make sure you are getting the good advice you deserve.

A sure way of avoiding this kind of advice is to just shun the commercial sector when looking for advice. This is because all of them will have to factor in the profit they will make from a given agreement at some point, and some companies will actually make this their priority. It can seem safer, then, to just look in the voluntary sector for this kind of advice. But, this is a little unfair, as there are plenty of companies that are honest and do prioritise the customer’s needs over their profits.

Another thing to do is pay a financial advisor. Though they will of course want your money, they have a vested interest in you prospering financially so that you can pay them and continue to use their service. Any repayment plan they recommend will not directly benefit them, and the expertise your will receive from them will be well worth the money.

Just because someone is an expert, however, doesn’t mean they are on your side. Intuition is an important thing and should be trusted in situations like this; if something doesn’t look right to you, then seek a second opinion. It is certainly your right, and you should never feel forced to do something you don’t think is best for you.

The only true way to verify or falsify debt advice, however, is to get to know the area inside out. If you get to know all the terminology, and learn the rights and regulations for both borrowers and lenders, then no one will be able to fool you.

Get confidential debt advice today.