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July 2009 - Beware of financial consultants who always say, “yes and yes”

Beware of financial consultants who always say, “yes and yes”

☳ by Adam Aspilla

There are generally three kinds of financial consultants. First, are those who do financial planning to help you balance your investments portfolio, minimize taxes, reach your financial goals and you become financially independent.


Second, are those who help you arrange and secure loans whether with or without collateral to meet your financing needs.


Third, are those who help people who are in financial difficulties due to unemployment, low income, or living an extravagant life.


This article refers to the third group of financial consultants.


When you are in financial trouble and you do not know what to do when you are hounded by your creditors, you will approach a financial consultant to seek a solution of your financial problem.

Often you have an ideal solution of your problem before you approach a financial consultant. When a consultant always say, “yes and yes” to your ideal solution and does not know how to say “No” it is a sign of a problem coming down the road.


Obviously, when you approach a financial consultant, you were already turned down by your bank for a loan consolidation which is the first thing to do to improve your cash-flow and without adversely affecting your credit rating.


Credit counseling, Consumer proposal, Debt negotiation or Debt settlement are the three common ways of solving financial problems without filing for bankruptcy. Creditors have requirements for you to meet for them to accept any of the three common ways of solving your financial problem. The problem is, not all creditors have the same requirements.


Therefore, for a financial consultant who says, “yes and yes” to your idea of solving your problem is presumptuous on his part, because only the creditors who have the final say whether you meet the requirements or not.


This writer receives constant calls of people who were disappointed for consultants they were dealing with did not deliver what they promised. When a financial consultant who always say, “yes and yes,” to make you temporarily happy, beware! 



Adam Aspilla is a Senior Financial Counselor of the Debt Clinic of Canada Inc. and the author of the book, You Can Negotiate All Your Debts. He also writes a biweekly column, “What Matters In Life” in “Taliba Newspaper. For free initial, professional and confidential consultation, please call 905-306-7572.