The Irish Independent ran an article today on bankruptcy and mentioned BankruptcyAdvice.ie in it. It focused on the fees that are being charged and how the promoters of New Beginning felt that they were offering value for the level of professional service they offer.
We agree that they are professionals and well equipped for this type of work, as for the costs, they aren’t in the same market at all times as our firm, we have a DIY bankruptcy option they are not offering, with them you only get a full service option.
They are however, regulated for debt advice whereas some competitors are not and some may do work cheaper or more expensive and not offer the same services so it’s difficult to make proper comparisons and for that reason you need to know what you are getting and paying for.
Being regulated by the Law Society (for solicitors), the Bar council (barristers) and the Central Bank (financial advisors) or ACCA (for accountants) means you can’t possiblty work as cheap as unregulated firms. Unregulated firms also have the disadvantage of not having a complaints process that will get you the protection of the FSO or Law Society.
So irrespective of prices be sure to understand what is being compared when you pick a financial advisor, a PIP, a mediator or bankruptcy professional. Fees vary as do qualifications, oversight, professional indemnity coverages and much more, the variances aren’t just in prices.