The Financial Rights Legal Centre has identified the following services and products as potentially HAZARDOUS to your Financial Health! If you are thinking of purchasing one of these financial products or services, or you have already signed up for a similar one, read our advice about other options that may meet your needs for a better price.
- The Premiums for funeral insurance may increase as you get older.
- Unless you die in the next 5-10 years you will end up paying more than the cost of the funeral you will receive.
- If you end up living on the Pension, you will probably not be able to afford the rising cost of this insurance product, and if you miss your payments your policy will be cancelled and you may lose all of the money you have paid so far.
- There may be cheaper alternatives.
Credit “Repair”/Fix Services
- You have a RIGHT to have your credit report fixed for FREE!
- Click here for a step-by-step guide.
- If you are unsure what is on your credit report, you can request a FREE credit report.
Part IX Debt Agreements
- A Debt Agreement is an act of Bankruptcy
- Debt Agreements have serious consequences for your credit rating and are not an easy way out of debt.
- A Debt Agreement is not an interest-free loan or consolidation.
- Do NOT enter a debt agreement if you are solvent (able to pay your debts).
- Making an Informal Agreement with your creditors is a FREE alternative to entering into a debt agreement
Personal Budgeting Assistance
- You can get FREE budgeting advice and assistance from a financial counsellor.
- Call the National Debt Helpline – 1800 007 007
- Personal Budgeting businesses will charge you a hefty ‘administrative fee’ for a service that takes no particular expertise. You can do everything they offer to do yourself, for free, or you can get help from a free financial counsellor.
- It can be VERY expensive to borrow small amounts of money and borrowing may not solve your money problems
- Many borrowers end up in a spiral of repeat loans and increasing debt that they never get free from
- There are better, cheaper and safer options than signing up for a high-cost small amount loan
Rental Contracts (Perpetual Leases)
- A Consumer lease will NOT give you the right to own the good at the end of your lease – if you wish to OWN the good, you should NOT go through a rental company
- Proceed with caution – the Devil is in the Details with these contracts
- The OVERALL COST of these products can be from 3-10 times the retail price of buying them outright