There are no legitimate get-rich-quick schemes that I know of, and anyone offering to help you make money is probably out to fleece you.
The Financial Markets Authority regulates investment markets and advisers within New Zealand and provides information and warnings on investment scams.
I asked them about your problem and Paul Gregory, FMA director of external communications and investor capability, provided this response: "The FMA is aware of increasing number of binary options and foreign exchange trading platforms targeting New Zealanders from overseas, and thus outside our reach. In some cases, these are just covers for scams.
We have been told of instances where trading platforms manipulate trades to avoid paying out and withholding winnings from customer accounts.
Scams have many forms, but their aim is to part investors from their money. Individuals should be very wary about investing in products only available on the internet and we would urge them to check the consumer resources on our website.
We also issue warnings about companies people should be aware of.
There are legitimate products involving the trading of binary options, but they are very high risk, even for experienced professional investors.
The associated marketing makes it appear easier and less risky than it really is.
There is a very high chance investors will lose money, because they are gambling on short term fluctuations in financial markets.
We generally urge investors to have scepticism about providers offering training and tools to enable the gain of 'easy money'. Software can teach you how to trade, but no one can predict how financial markets will move."
You must feel very distressed about your situation. Can KiwiSaver help? KiwiSaver members can apply to withdraw some of their savings if they are experiencing Significant Financial Hardship (SFH).
The most common reason for a SFH application is that the member is 'unable to meet minimum living expenses'.
Each KiwiSaver manager has their own lengthy SFH application form and they ask that you provide a great deal of background information.
It is very important to answer every question, in particular with regards to your assets and debts.
You will need to provide your current financial income and outgoings in the budgeting section of the form and clearly outline what you intend to use the released funds for.
The trustees of your KiwiSaver scheme need a clear explanation of what brought about the situation - it can't be through the applicant's own negligence. It may help to consult a budget adviser to help you complete the application.
Once you have filled out the form and gathered all the information you then need to sign the form as a statutory declaration in front of an authorised person such as a JP or solicitor.
Part of the declaration is that you have 'explored and exhausted all reasonable alternatives of funding' so give them evidence of your attempts to refinance the debt.
You will need to provide compelling reasons why the trustees should grant your request.
It is up to the trustees to decide if and how much they may pay out to you.
- Shelley Hanna is an authorised financial adviser FSP12241. Her free disclosure statement is available on request by calling 06 870 3838 or go to www.peak.net.nz. The information in this article is general and is not personalised. Send your KiwiSaver questions to shelley.hanna@peak.net.nz.