Beware of scams as the recession bites
Today's announcement from the OFT regarding an increase in debt related services which may not be able to deliver on their promises has focused many minds upon the significant increase in scams around the UK. As we have seen in the past, times of financial trouble seem to attract the vultures of the UK business world looking to prey on the concerns and fears of many. It is worth remembering that if it looks too good to be true then it probably is!
The bottom line is that there is no quick solution or quick fix if you are in financial trouble and you do need to take professional advice before making any hasty decisions. Even if you take advice about a potential scheme which has caught your eye, you may learn more by a quick chat with someone in the industry before you jump in with both feet. More and more people are being left significantly out-of-pocket by these financial related scams which promise the earth and often deliver nothing.
Dealing with a regulated adviser also gives you a safety net with regards to the advice given and the action taken. If they are wrong then you will have the potential to pursue them for compensation.
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