How do I get more information about my loan?
Key points: If you are a borrower, mortgagor, or guarantor, under most consumer credit contracts the creditor is obliged by law to give you: your credit contract, mortgage, or guarantee; acco...
Cancelling a direct debit on a statement account
Key Message: You can cancel a direct debit from your bank account (not a credit card); Get advice about the consequences of not paying a debt before you stop payments. What is a direct debi...
Bank Fees Refund Scam
Use this Fact Sheet if: You have received an unsolicited phone call from someone claiming to be from Consumer Action or a similar organisation; AND They claimed that the bank has overcharged y...
Submission: Credit card surcharges and non-transparent transaction fees
Consumer Action Law has made a submission to the Commonwealth Consumer Affairs Advisory Council’s study into Credit Card Surcharges and Non-Transparent Transaction Fees. We believe the key problems i...
Submission: Review of the Benchmarks for Industry-based Customer Dispute Resolution Schemes
Consumer Action has made a submission to the Commonwealth Consumer Affairs Advisory Council review of the benchmarks for industry dispute resolution schemes. In broad terms, we strongly support the b...
Media release: Financial Counselling groups welcome banks’ new hardship package
Financial Counselling Australia, the Consumer Action Law Centre and the Consumer Credit Legal Centre have welcomed a new hardship package released by the Australian Bankers Association (ABA) today. T...
Submission: Proposals to strengthen regulation of debenture companies
Consumer Action has provided a submission to the discussion paper, Banking Act exemptions and section 66 guidelines, published by the Australian Prudential Regulation Authority. The discussion paper p...
Joint Submission: Changes to Disclosure Requirements under the National Consumer Protection Act 2009
Consumer Action and the Consumer Credit Legal Centre welcomes Treasury's approach of basing revised disclosure on the findings made by the Uniquest report. Uniquest was commissioned by the Standing Co...
Media release: Pensioner sues two Cash Converters lenders in the Magistrates’ Court
A Victorian Disability Support Pensioner has issued proceedings in the Magistrates' Court against two Cash Converters lenders.[1] Consumer Action's client alleges that over approximately a three year...
Nimble one cent loan could be setting you up to fail
A recent report looking at use of short-term cash loans showed half of borrowers interviewed had taken out more than ten loans in the previous two years, and three quarters of this group had taken out...
Submission: The exemption of retailers from the National Consumer Credit Protection Act 2009
Consumer Action has made a submission on Treasury's Discussion paper regarding the exemption of retailers from the National Consumer Credit Protection Act 2009. Briefly, this submission: supports o...
Submission: Commonwealth Treasury consumer leases issues paper
Consumer Action has made a submission to the Commonwealth Treasury on regulation of consumer leases. The submission argues that the purpose of any reform of regulation of consumer leases should be to:...
Submission: Exposure Drafts of the National Consumer Credit Protection Amendment (Credit Reform Phase 2) Bill 2012
The Consumer Action Law Centre welcomes the opportunity to comment on the draft National Consumer Credit Protection Amendment (Credit Reform Phase 2) Bill 2012. Briefly, this submission: strongly s...
Submission: Federal Government’s independent review of Centrepay, Centrelink’s voluntary bill-paying service
The Consumer Action Law Centre welcomes the opportunity to comment on the independent review of the Centrepay system. Consumer Action believes that Centrepay can be a valuable financial management too...
Submission: ASIC Consultation Paper on an online database for small amount lenders
Joint submission with Financial Counselling Australia and the Consumer Credit Legal Service (WA) to ASIC's Consultation Paper on an online database for small amount lenders. The Consumer Action Law Ce...
ASIC’s strong action against Zaam Rentals welcomed
Consumer Action is pleased to see ASIC take strong action against credit licence holder Zaam Rentals – the cancellation of Zaam Rentals’ credit licence should act as a warning to other credit provider...
Revised Code of Banking Practice
Today marks the beginning of the revised Banking Code of Practice. The Code specifies how banks should treat their customers and represents a contract between the two parties, giving banking customers...
Consumer InterAction – Issue 1 of 2013
The first edition of Consumer InterAction for 2013 is now online. This edition features articles on: Proposed VCAT fees increases; Unfair contract terms extended to insurance industry; R...
Submission: Consumer Affairs Victoria’s review of section 32 of the Sale of Land Act
Consumer Action’s submission to Consumer Affairs Victoria's review of section 32 of the Sale of Land Act makes the following general points: we support efforts to reduce regulatory burden, but cutti...
Media release: ASIC asked to investigate Radio Rentals and its ‘rent try $1 buy’ offer
The Consumer Action Law Centre has welcomed the release of the Australian Securities & Investments Commission's (ASIC) updated Good Practice Guidance for Credit and Financial Service Advertising a...
Media release: Warning to consumers who are desperate to buy or sell a home
Consumer Action Law Centre is warning consumers about schemes which link up people who are desperate to sell their homes with people who are looking to buy but are unable to get a loan. 'These types...
Submission: Consumer lease reform
Consumer Action has made a submission to Commonwealth Department of Treasury on cost disclosure and termination fees in consumer lease contracts. The submission argues that: there is no difference...
Submission: The definition of ‘terms contract’ under the Sale of Land Act 1962
Consumer Action has provided comment on Consumer Affairs Victoria's discussion paper on the definition of 'terms contract' under the Sale of Land Act 1962. We have argued that: the 2008 amendment t...
Submission: ATM fees in selected very remote Indigenous communities
Consumer Action has supported the ACCC's draft determination on the Australian Bankers' Association (ABA) proposal to reduce ATM fees in selected very remote Indigenous communities. Financial Counsel...
Submission: Proposed regulations for the Privacy Amendment (Enhancing Privacy Protections) Bill
Consumer Action has made a submission to the Commonwealth Attorney-General's Department on proposed regulations for the Privacy Amendment (Enhancing Privacy Protections) Bill. This submission discusse...
Submission: Early Termination Fees under Consumer Leases
Consumer Action welcomes the opportunity to comment on Treasury's discussion paper on early termination fees under consumer leases. In this submission: we welcome attempts to improve transparency an...
Media release: Consumer Action welcomes High Court ruling on bank penalty fees
Consumer Action has welcomed today's High Court ruling which found that a number of different bank fees are capable of being considered unlawful penalties. The Centre, whose predecessor Consumer Law C...
Submission: Response to draft regulations to support the Consumer Credit Enhancements Bill 2012
Consumer Action welcomes the opportunity to comment on Regulations to support provisions in the Consumer Credit Legislation Amendment (Enhancements) Bill 2012. Briefly, we have serious concerns about...
Media release: Consumer Credit Legislation Amendment Bill offers mixed bag for consumers
Consumer advocates today acknowledged the passing of the Consumer Credit Legislation Amendment (Enhancements) Bill 2012 (the Enhancements Bill) by the Australian Parliament, but were disappointed at t...
Media release: Bulk complaint made against Motor Finance Wizard to the Credit Ombudsman Service
The Consumer Action Law Centre has assisted consumers to lodge a bulk complaint against DTGV1 Pty Ltd (which trades as Motor Finance Wizard in Victoria). Gerard Brody, Director of Policy and Campaign...
Submission: ASIC Consultation Paper 178 and ASIC’s draft good practice guidance on advertising credit products and services
Consumer Action strongly supports draft Regulatory Guide 234. In particular we support ASIC's position that advertisements should give clear, accurate and balanced messages and allow consumers to make...
Media release: New report shows why greater consumer protections are needed in payday lending
The Consumer Action Law Centre has written to the Minister for Financial Services, the Hon Bill Shorten MP, and members of the Senate in a last ditch attempt to get vital consumer protections introduc...
Consumer Affairs Victoria issues warning about maths tutoring software
Consumer Affairs Victoria says parents of school children should be wary about aggressive selling methods of maths tutorial software. Some of these programs cost nearly $8000 and are marketed by sale...
July 2012
Home help has strings attached The Age, 25 July 2012, John Kavanagh Unpaid power bills going up The Age, 17 July 2012, Rachel Wells Avoid the stress zone on your home loan Sydney Morning Hera...
Submission: Submission to the Victorian Government’s consultation on the domestic building consumer protection framework
Broadly, this submission: argues that the nature of domestic building transactions mean that specialised and strengthened consumer protections are required; recommends that the entire consumer prot...
Media release: Credit Enhancements Bill a ‘win’ for payday lenders
Consumer advocates and financial counsellors have lamented the lost opportunity to effectively protect vulnerable Australians from exploitative payday and short term loans. While pleased that the Gov...
Media release: Credit limit regulations so soft they’re almost redundant
The Consumer Action Law Centre has lamented that federal regulations designed to limit the harm caused by unsolicited credit limit increase offers have been watered down to the point where they are al...
Media release: ‘Payment protection plan’ sold by The Cash Store offers borrower little protection
Consumer Action Law Centre and the Consumer Credit Legal Centre NSW have questioned whether it was appropriate for payday loan broker The Cash Store to sell a ‘payment protection plan’—a loan insuranc...
June 2012
Thrifty moves for plastic users The Age, 27 June2012, Clancy Yeates Warning as banks try hard-sell approach to credit card customers Herald Sun, 19 June 2012, Karina Barrymore Millions of Aust...
Submission: Response to Commonwealth Government discussion paper on reducing reliance on payday lending
This submission: Expresses significant concerns with the way the payday lending problem is framed in the discussion paper. In particular, we do not agree that high-cost short-term lending is a neces...
What if I have been sued for a debt?
Key message Act quickly to get advice if you have been sued for a debt in the Magistrate’s Court of Victoria. The Magistrates Court Process If the amount owed is $100,000 or less, a creditor...
Submission: Inquiry into the post-GFC banking sector
This submission makes the following brief points: that the development of an independent measure of the cost of bank funding (including offshore wholesale funding, and deposits), regularly reported...
Submission: Inquiry into the post-GFC banking sector
Rather than responding to each point of the Committee's terms of reference, this submission makes the following brief points: that the development of an independent measure of the cost of bank fundi...
Credit limit offers in the spotlight
We've all seen letters or messages from banks trying to entice us to increase our credit card limits. They come in a range or forms from Congratulations, you’ve been pre-approved, to Increase your cre...
Media release: ATM Taskforce delivers for remote communities, but more needs to be done
The Federal Government’s ATM Taskforce has delivered a mixed bag for consumers in its reports on transparency and competition according to the Consumer Action Law Centre. The Centre lauded moves to ab...
Media release: Linked credit case could cast doubt on more NAB student loans
The Consumer Action Law Centre has lodged a complaint with the Financial Ombudsman Service (FOS) against the National Australia Bank (NAB) and is seeking to have its client’s NAB student loan terminat...
Submission: Proposed amendments to the Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011
In brief, this submission recommends: With regards to hardship variations that Government consider providing detailed guidance to credit providers, perhaps through ASIC, to assist them to better a...
Joint submission: Consumer protections for users of payday loans
The following is a joint submission in response to Treasury's April 2012 discussion paper on proposed reforms to Small Amount Credit Contracts. This submission has been prepared by Consumer Action La...
Policy report: Profiling for profit – a report on target marketing and profiling practices in the credit industry
The marketing of products and services to consumers who are likely to be interested in the offer, or to be profitable for the business, is not new. However, with the development of more sophisticated...