Youve probably seen the advertisements for services that promise to help get you out of crippling debt and bring an end to the nightmare of frightening calls and bankruptcy threats.
The reality is that almost anyone can start one of these debt management firms, with little-to-no financial services experience and no regulatory oversight.
And in many cases, they leave already vulnerable people in much more debt and staring down the barrel of insolvency.
Consumer Action Law Centre boss Gerard Brody said these so-called debt vultures make grand promises that they cant possibly meet.
The promise of fixing your debt worries and getting you back on track just doesnt live up to reality in our experience, Mr Brody said.
The fact is they can charge hid…
Read the full article at: https://www.news.com.au/finance/debt-vultures-dodgy-unregulated-recovery-services-preying-on-broke-australians/news-story/f440f6226488163c693961b8f4fc4c96
