Need to know
- Bankruptcy can have long-term impacts, and consumer advocates say it’s a decision that should only be made with independent advice
- A number of for-profit companies offer bankruptcy advice for a fee, but the bankruptcy regulator warns about ‘untrustworthy advisers’
- Free and independent advice and help is available from the National Debt Helpline
When Alex* found himself in around $13,000 debt earlier this year and unable to pay his bills, he did what many people would do and searched for help on the internet.
He came across a company which initially promised to help him restructure his debts into one payment. It wasn’t until later that Alex found out the company would charge him a $2000 fee for doing so.
“They promis…
Read the full article at: https://www.choice.com.au/money/credit-cards-and-loans/personal-loans/articles/bankruptcy-advice