Understanding Debt Collection in Australia

Being in debt is one of life’s most stressful experiences. It’s hard to find your way out of debt, especially when you are being hounded by debt collectors Australia. These debt collectors are agents hired by lenders to recover debts from borrowers who have not repaid their loans on time.

Debt collectors Australia can be aggressive in their approach, but there are laws that regulate their actions. The debt collection industry in Australia is governed by the Australian Securities and Investments Commission ASIC. The ASIC ensures that debt collectors in Australia comply with the laws and follow the industry code of conduct, which aims to protect debtors from harassment or intimidation.

Debt collectors Australia have the right to contact you, but there are limits to when and how often they can do so. They cannot contact you before 9 am or after 9 pm on weekdays, or would it be appropriate for them to contact you on Sundays or public holidays. They cannot harass you by threatening physical harm, using obscene language or persistently contacting you.

It is crucial to know your rights as a debtor in Australia. You can ask the debt collector to provide proof of the debt, including how much is owed and who owns the debt. You can also negotiate a payment plan with the debt collector to pay the debt in full or set up a repayment plan.

Remember that ignoring a debt collector won’t make the problem go away. It’s better to face your debt and work out a payment plan with the debt collector Australia, if you can. This way, you can avoid additional fees and legal action, and start building a better financial future.