We’ve all seen the commercials: So-called ‘credit repair’ or ‘debt relief’ firms promising to take your financial woes away, ‘fix’ your credit rating and wrangle your debts so you don’t have to.
While these promises of a quick-fix sound like a saving grace, they are too often far from it. Between conflicting advice, inappropriate debt solutions and high or hidden fees, many Aussie households are left in an even worse financial position and with more stress than before.
The problem is these debt vultures operate in a regulatory black hole. Unlike other financial services, debt relief companies aren’t required to hold a licence or meet even the most basic competency and ethical standards.
Not only does this enable these companies to prey on people doing it tough, it leaves people with little access to justice when things go pear-shaped.
Australians have some of the world’s highest levels of household debt, but more can be done to help. With a Senate Inquiry shining the spotlight on debt vultures’ dodgy practices, we have a glowing opportunity to make sure these debt ‘relief’ companies are held to higher standards.
The solution: Create a robust regulatory framework for all debt vulture companies that includes:
We need your help to make it happen. Use the form below to email your local MP and let them know you want these debt vultures held accountable for their actions.
Together, we can put the pressure on to make sure dodgy debt vulture practices don’t go unchecked.