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Debt Collection; The do's and the don'ts

30/11/2012

1 Comment

 
If your circumstances have changed, whether by illness, job loss or otherwise, you may find that your finances are impacted. The key in these situations is to be proactive, and remember to think proactively, and not bury the problem until it gets out of hand. 

In Australia, consumer credit is regulated under the "Uniform Consumer Credit Code (UCCC)". Under the UCCC, borrowers can seek changes to their credit contract on the grounds of financial hardship. If you are suffering from financial hardship, call your lender now to discuss your options because industry codes of practice include standards for members relating to financial hardship.

Furthermore, The Code of Banking Practice, although voluntary, sets the banking industry standards of good practice and requires a bank to help custoemrs overcome their financial dificulties...
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Your credit file is your personal information, so you can obtain a copy of it for free. To find out how, follow this button link and follow the instructions...
GET YOUR CREDIT FILE FREE
    The Do's and Don'ts
  • DO answer your debt collector or banks phone calls;   failing to do so could mean the debt is sold to a private debt collection   agency, who are  much more persistent.
  • Don't ignore letters or threasts from a debt collector or bank, a bad credit rating can take 5 to 7 years to come clean again and you can't hide from Bankruptcy.
  • DO seek help, first and foremost from the lender you are struggling to meet repayments with. You can renegotiate repayments and even your interest rate. It is best to do this at the FIRST sign of trouble.
  • DON'T talk to loan sharks or short-term money lenders who take goods, caveats, or the like to secure their loans, this is like jumping from the frying pan straight into the fire!
  • DO obtain a free copy of your credit report if you are worried about a mark on your credit file, we have relationships with business's that can resolve and remove these marks because they are serious and they can impair your ability to borrow significantly.
  • DONT' Panic. Falling into arrears can be very stressful for individuals as it affects the, their families, their health and even your business's viability. Seek advice from your bank, broker, accountant and even your state's "Legal Aid" office.
1 Comment

    Author

    Liz Wilson has been working in finance for twenty two years now. She regularly blogs on industry topics and here you will find over a hundred personally written blog topics and case studies...

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  • About Us
    • Why Use Us?
    • Testimonials
    • In The Community >
      • FOWAS Dog Training
      • 2024 Southern Highlands Biggest Bake Off
      • 2023-southern-highlands-biggest-bake-off
    • Our Team
    • Enquiries
    • Privacy Statement
  • Home Loans
    • Investment Loans
    • Calculators >
      • Stamp Duty Calculator
      • Income Tax Calculator
      • Borrowing Power Calculator
      • Budget Planner
      • Extra Repayment Calculator
      • Home Loan Offset Calculator
      • Property Selling Cost Calculator
      • Property Buying Costs Calculator
      • Hardship Contact Lines - Mortgages
      • Hardship Contact Lines - Equipment
    • Aussie Expats and Foreign Investors
    • Deposit Bonds
    • Medical Professionals
  • Cars & Equipment
    • Car, Truck and Equipment Finance
    • Get A Quote
    • Car Buying Service
    • Car Loan Application Online
    • Solar Finance
    • Car Buyers Guide
  • Financial Planning
  • General Insurance
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    • MyConnect
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