Some years ago ASIC and ACCC released Regulatory Guide 96 – Debt Collection Guideline: For Collectors and Creditors. That is now the bible for anyone involved in collection activities.
Now ACCC and ASIC have released a separate guide for consumers. This new guide is designed to help consumers, in trouble with debt, understand their options so they know how to deal with collectors and creditors.
It is not only consumers who should read this guide. Lenders and collection agents would be well advised to read the guide themselves to make sure they are aware of what the regulators are telling debtors.
Click here to read the media release issued Friday 5 December 2014.