Should MABS be advising property investors?

[Sue Ellen]

not people who are struggling to keep their investment portfolio intact.

Its quite obvious from the original thread that the lady in question is certainly not concerned only with her property portfolio but rather struggling to keep her/her family's head above water hence her point "I am finding it really difficult to make ends meet and am continually under pressure".

Anyone of a religious background would probably have to say 'there but for the grace of God go I".

 

[Complainer]

Anyone of a religious background would probably have to say 'there but for the grace of God go I".

Might they also be thinking about which of the seven deadly sins was involved in buying two apartments?

Its quite obvious from the original thread that the lady in question is certainly not concerned only with her property portfolio but rather struggling to keep her/her family's head above water hence her point "I am finding it really difficult to make ends meet and am continually under pressure".

I disagree. It is screamingly obvious that it is the investment properties that are pushing her over the edge, and she needs to get rid.

It also raises the question of whether it is appropriate for the State to be giving student grants to those with considerable assets, regardless of their income. This oul scam has been played out by some farmers and self-employed people for years, as they manipulate their income to ensure that the state pays out an additional subsidy.

I really hope that MABS are prioritising the delivery of their services, just like every other State body has to do.

 

[Elphaba]

Mabs ethos is to help people in debt from all walks of life who bought what they thought were investment properties facilitated by financial advisors and banks who recklessly lent money. The banks and our government are not doing enough to help people in debt, with waiting lists of up to 2 weeks for Mabs. There is a dreadful shame and stigma attached to debt, the media tip toe around it, it needs to be dealt with head on. There should be more Mabs agencies opened up around the country to deal with the growing no. of people in debt. Have you no compassion Complainer,
can you not see the bigger picture?

 

[ajapale]

I really hope that MABS are prioritising the delivery of their services, just like every other State body has to do.

I spoke to several MABS advisors a few years ago.

My understanding is that their bread and butter work is with individuals struggling with personal debt and low/no income.

Even a few years ago there was a small but increasing number of sole traders and small business people presenting with difficulties.

After meeting with this type of client and after an initial assessment the MABS advisor will advise the client to engage the relevant professional advisor/consultant (accountant, tax advisor, small business consultant, insolvency advisor, property professional etc). The MABS advisor will not offer advice in these professional specialities.

 

[Brendan Burgess]

And on that note...