The Alternative Remedies Guide

Over the last 12 months there have been a great increase in the total number of debt consolidation companies currently giving free debt advice. Such organisations claim to provide completely free non committal debt information. The real question is whether or not these companies are giving best value with regards the services they offer and the information they provide?

The fact is companies offering debt management are trying to produce profit, it is possible for this to bring about an ethical dilemma between the person seeking debt advice and the debt company. This is done through by referring customers on to alternative businesses or by charging arrangements costs from the credit companies. It is therefore difficult to audit how well such organisations are really helping their customers. The main concern is that these debt counselling organisations will tend to give advice swayed by their own profits instead of providing the best solution for the client.

The truth is the majority of debtors do not properly appreciate all the products in terms of financial services and debt management generally. If clients had a proper understanding these customers would no longer need advice from debt advisers.

Finding free un biased debt advice can be time consuming. However, you would be well advised to shop around where financial advice is concerned. Debtors would be silly to merely go with the first debt adviser that approaches them.

Debt counselling businesses are controlled by government agencies to make sure they are properly certified and conform with requirements for client personal privacy. Unfortunately it is very difficult to properly check or prove a specific advisers rational when giving debt advice. After the event, how can an official regulator find out whether debt counselling has been provided in good faith or whether, perhaps, debt advice given was swayed by the advisers profit?