UPDATE: 1 September 2017
We did it!
We wanted Debt Vultures on the agenda of the Consumer Ministers meeting and it was. Now Ministers have committed to action, and we will hold them to it.
It’s because of the help of everyone who wrote to their Member of Parliament that we have achieved this. Thank you very much.
“Ministers acknowledged that addressing the conduct of debt management firms will require a coordinated Commonwealth policy approach. Ministers noted the Commonwealth will commence work in 2018 to determine the merits and feasibility of debt management firms coming into the financial services regulatory framework. States and Territories will provide full assistance to identify data to support this work.
Ministers also noted a consumer education campaign would be developed as an interim measure to raise awareness of the costs and potential risks involved in using debt management firms and raise awareness of alternatives to debt management firms for consumers.”
In other words, we are several steps closer to forcing these rip-off Debt Vultures to play by the same rules as everyone else.
We will also work with Ministers to promote the fantastic work of Financial Counsellors, who provide free, independent and expert advice to Australians struggling with debt issues.
Now we have a path forward, we will re-set our campaign, and be back with more ways you can help soon.
Live debt free! Take control! Never stress about money again! Maybe you’ve seen one of the TV or radio ads that Debt Vultures use to flog services such as “repairing” credit reports, debt negotiation, personal budgeting, and debt agreements.
Debt Vultures give bad advice and spruik so-called "debt solutions" to Australians in financial hardship, and waste the time of financial counsellors who are left to clean up the mess.
Debt Vultures fly under the radar so that many Australians, including our politicians, just don’t know the full extent of the damage they are doing.
Send your MP this explainer on how “Debt Vultures” rip-off financially stressed Aussies before Government Ministers have the opportunity to discuss the future of these businesses on August 31.