Finally, time to Stop the Debt Trap!
Consumer advocates making up the Stop the Debt Trap coalition across Australia have welcomed the introduction of the Financial Sector Reform Bill 2022 which, among other things, enhances long overdue...
Consumers win as long-awaited financial services sector reforms commence
A raft of major reforms in the financial services sector have come into effect this week, the culmination of years of consistent campaigning and casework from consumer advocacy groups representing hun...
ASIC must reject licence applications from predatory debt vultures
Consumer Action has welcomed the news that Federal Treasurer Josh Frydenberg MP has made new regulations requiring debt management firms – also known as ‘debt vultures’ – to be licenced to provide ser...
Consumer groups support licensing of ‘debt vultures’ but reforms must go further to stop the harm
While some businesses stepped up to help Australians to recover from the COVID-19 crisis, others sought to profit from people’s desperate financial circumstances. Unregulated debt management firms ...
Licensing debt management firms: Exposure draft regulations
While some businesses stepped up to help Australians to recover from the COVID-19 crisis, others have simply sought to profit from people’s desperate financial circumstances. Debt management firms(...
Federal Court finds multiple breaches of Australian Consumer Law in relation to credit repair, but not debt management
Federal Court finds multiple breaches of Australian Consumer Law in relation to credit repair, but not debt management The Federal Court has found that J Daniels & Associates (JDA), a debt mana...
Consumer groups welcome NAB crackdown on debt vultures
Consumer groups have welcomed a crackdown on debt vultures by National Australia Bank (NAB). In a statement today, NAB says it will no longer deal with unlicensed debt management providers. Cons...
Banks Announcement of Further Assistance for Customers a Timely Relief
Today’s announcement by the banking industry of further assistance to help customers experiencing financial hardship will provide some important relief to those who continue to be impacted by COVID-19...
Urgent need for payday loan reform acknowledged by Consumer Affairs Ministers
The need for urgent law reform to protect consumers from unfair and predatory payday loans has been reinforced at a meeting of Australian and New Zealand ministers in Queenstown, New Zealand. Minis...
Response to ASIC’s update to internal dispute resolution requirements for financial firms (RG165)
It is critical that the process to make and resolve complaints with a bank, insurer, or super fund is timely, fair, and accessible, including for people experiencing vulnerability and disadvantage. O...
Consumer advocates unite as Government inaction on payday loan reform hits 1,000 days
As the counter ticks over to 1,000 days since the Coalition Government accepted the recommendations from the Small Amount Credit Contract (SACC) review, consumer advocacy organisations across the coun...
Banks should recognise that anyone can become vulnerable: Submission to ABA Guideline on Customer Vulnerability
There are any number of reasons why a person would be unable to unwilling to speak up when they are struggling with their financial situation. Who among us hasn’t faced a financial issue at one poi...
Consumer issues must fall within mental health inquiry’s scope
Consumer Action has provided a submission to the Royal Commission into Mental Health Terms of Reference Consultation. We strongly support the Victorian Government’s announcement of this Royal Commi...
Submission: Inquiry into credit and financial services targeted at Australians at risk of financial hardship
This Senate Inquiry is a crucial opportunity to close the regulatory loopholes exploited by fringe lenders and ‘debt help’ companies. These companies can entrench disadvantage for some of the most vul...
Debt Agreement Reform – Proposed Legislative Instruments
The Consumer Action Law Centre, Financial Rights Legal Centre and Financial Counselling Australia provided a submission to the Attorney-General's Department on its Legislative Instruments Consultation...
Submission: Easy and Transparent Trading Consultation Paper
The Consumer Action Law Centre (Consumer Action) welcomes the opportunity to comment on the Easy and Transparent Trading Consultation Paper (the Consultation Paper). We have limited our comments to Se...
Joint submission: Attorney-General’s Department Review of Financial Hardship Arrangements
Consumer advocates consider that any additional information permitted to be shared or held as part of the credit reporting system is inherently a further privacy intrusion and must be justified to be...
Oversight of the Australian Financial Complaints Authority: Update to ASIC Regulatory Guide 139
In Australia, everyone should be able to easily access a free, fair, fast and effective service to resolve complaints against financial firms. The establishment of the Australian Financial Complaints...
Submission: Debt Agreement Reform
Consumer advocates welcome the reform of the debt agreement regime in the Bankruptcy Amendment (Debt Agreement Reform) Bill 2018. Comprehensive reform is needed to curb the rampant mis-se...
Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 2
Consumer Action Law Centre has published part 2 of its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector today. The submission draws on the experienc...
Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 1
Consumer Action Law Centre has published part 1 of its initial submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector today. The submission draws on the e...
Joint submission: Establishment of the Australian Financial Complaints Authority
Seven consumer groups made a joint submission to Treasury's consultation on the Establishment of the Australian Financial Complaints Authority (AFCA). Consumer advocates are very supportive of the...
Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017
Consumer advocates are very supportive of the move to a one-stop shop external dispute resolution (EDR) scheme that implements the considered recommendations of the Review of the Financial System Exte...
Submission: Inquiry into Competition in the Australian Financial System
The Consumer Action Law Centre (Consumer Action), Financial Counselling Australia (FCA) and the Financial Rights Legal Centre (Financial Rights) have welcomed the Productivity Commission’s review of c...
Design and Distribution Obligations and Product Intervention Power – Proposals Paper
Nine consumer advocacy organisations have made a joint submission on the Design and Distribution Obligations and Product Intervention Power. This joint submission was coordinated by Consumer Action La...
Debt vulture companies are ripping off Australians and stirring up the credit industry
It is not often that consumer advocates and the credit industry see eye to eye. Money worries keep many Australians up at night and for some companies this is good for business. When watching TV br...
As Australians face over $1 trillion personal debt crisis, advocates warn about ‘debt vultures’
With ABS data showing that Australians are living with over $1 trillion of personal debt, consumer advocates are warning that an emerging industry of ‘debt vultures’ is making things worse. Debt vu...
Debt Management Firms Communiqué
Around forty representatives from consumer advocacy organisations, industry associations, ombudsman schemes, government agencies and regulators met in Melbourne on 18 February 2016 to discuss the soci...
Submission: Consultation on proposed credit repair guideline
Consumer Action has provided comment on Credit Ombudsman Service's proposed guideline on credit repair. We welcome this proposal, and recommend that the Credit Ombudsman: reword the proposed guidel...
Submission: Debt agreement administrators’ guidelines relating to advertising
Consumer Action's MoneyHelp financial counselling practice helps disadvantaged, low income Victorian consumers who are experiencing severe financial distress consumers Victorians, some of who have use...
Will consolidating my debts help?
Key message Get advice about all your options before: taking out a new loan to pay all your existing loans taking out a loan to consolidate your debt For free, independent and confidenti...
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...
Fresh start or false hope: Are debt agreement administrators overstating their abilities?
A debt agreement, regulated by the Bankruptcy Act, is an option available to a debtor as a way of dealing with unmanageable debt. Debt agreements typically involve a compromise with creditors on the t...
Submission: Review of debt agreements under the Bankruptcy Act 1966 – Proposals Paper
Consumer Action has made a submission to the Review of Debt Agreements under the Bankruptcy Act 1966 proposals paper. Our submission: reiterates our recommendation that the Bankruptcy Act should be...
Debt collection – keeping a record of debt collector contact
Even if you owe money, the law protects you against unlawful debt collection conduct. See our fact sheets on What can I do if a debt collector calls? for more information. This Debt Collection Contac...
Home Repossession
[box type="note" icon="none"] Use this Fact Sheet if: You are being pursued for payment of a debt; and You are threatened with court action to take possession of your home or other house or land....
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: Inquiry into the Privacy Amendment (Enhancing Privacy Protection) Bill 2012
The Consumer Action Law Centre (Consumer Action) welcomes the opportunity to comment on Privacy Amendment (Enhancing Privacy Protection) Bill 2012. Our submission concerns the changes relating to cre...