Psychologists financially ruined after joining failed counselling franchise - July 2019 ABC Australia

Sly Saint

Sly Saint

Senior Member (Voting Rights)
As a psychologist, Nihal Kucuk has spent the last 16 years helping clients overcome stress, but now the Gold Coast practitioner is the one under enormous pressure.

She now is at risk of losing her property as a result of a failed business venture.

Three years ago, Ms Kucuk borrowed more than $260,000 to join a psychology franchise called Life Resolutions.

In order to get approval for the loan, she had to stump up her family home as security — a decision she considers to be her "biggest regret".

As a result, she has been unable to make loan repayments for two years and has recently been threatened with debt recovery action by the lender.

A psychology franchise
Think about franchises and Domino's, 7-Eleven and fast food might immediately spring to mind — but probably not psychology clinics.

In the past decade, dozens of mental health practitioners across Australia signed up to Life Resolutions with high hopes.

However, the ABC has spoken to 31 disgruntled psychologists who either claim to have been misled, or to have departed the business financially worse-off.
Click to expand...

article here:
https://www.abc.net.au/news/2019-07-23/life-resolutions-psychology-franchise-liquidation/11285548
 
It is very sad for those affected, but it does show two things (at least)

Psychologists are not necessarily good judges of circumstances or the nature of those with whom they deal.

They are probably highly dependent on the revenue streams which ludicrous therapies provide.
 
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