Beware of dodgy insolvency advisors

We are concerned that people experiencing financial distress because of the economic impacts of COVID-19 may be easy targets for dodgy and unlawful advice.

Watch this video to learn more about dodgy insolvency advisors and common traps:

Untrustworthy advisors - Youtube

People who find themselves dealing with large debts for the first time as a result of COVID-19 may be tempted to turn to advisors who have a quick fix.

Untrustworthy advisors take advantage of people who are financially vulnerable and encourage them to do things which are illegal, unhelpful, damaging and not in their best interests.

Tell-tale signs of an untrustworthy advisor include:

• promising a large payment to get you out of bankruptcy
• recommending that you to get out of bankruptcy early by telling you to include false, exaggerated or fake debts in your bankruptcy application
• offering to organise your affairs so your property will be protected if and when you decide to go bankrupt
• advising that your bankruptcy or debt agreement will not affect your credit rating.