Greed is still here

One thing that is happening more and more at the minute is the number of lawyers, accountants and intermediaries charging fees to supposedly assist people and businesses in financial trouble. Greed is still here.

In just about every web page I click on that offers help with debt, inevitably the sales pitch becomes apparent, and it’s either:

Refinance your loans (which you can’t afford to pay already)

Consolidate your debt (usually against the equity of an asset: property or land)

Enter into an IVA (more refinancing)

DON’T DO IT.

I recently made an appointment to see a firm of insolvency lawyers to research my web site. Before the interview began, I was asked by the lawyer how long I would need, and was duly charged their hourly fee before I had asked one question.

You need to understand that people with knowledge about debt and money management are making huge amounts of money from people with little or no knowledge about debt and money.

If the banks have made money out of you before the credit crunch, the lawyers, accountants and intermediaries are making money out of you during the credit crunch.

Don’t pay fees.