ASIC and ACCC promote access to guidance on fair debt collection practices

The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) today issued their joint consumer publication, Dealing with debt: your rights and responsibilities, in six new languages.  

The free booklet, designed to assist consumers who experience problems dealing with debt or with debt collectors, is now available in Arabic, Chinese, Greek, Italian, Turkish and Vietnamese.  

Both ASIC and the ACCC continue to receive complaints about debt collection activity. In fact, ASIC has seen a steady increase in the number of complaints received during 2007.

"In response, we have taken steps to ensure more people have access to this guide on debt collection by translating it into six new languages", ACCC Chairman, Mr Graeme Samuel said.  

"ASIC and the ACCC are committed to ensuring that all consumers who find themselves in a difficult financial position can be confident they will be dealt with fairly and lawfully. Unfortunately, on some occasions debt collectors go beyond what is reasonable, and harass, mislead or abuse consumers", ASIC Chairman, Mr Tony D’Aloisio said.

"This booklet contains practical advice and information about what to do in potentially stressful situations that can arise when handling debts. It also provides useful guidance and tips on how to manage debts, and where to go for more help in a debt crisis", Mr D’Aloisio said.

"While the booklet makes it clear that consumers have an obligation to repay any debts they owe, it also provides clear guidance about what may represent unacceptable conduct by debt collectors", Mr Samuel said.

"The booklet stresses that any contact between a debt collector and a consumer must be necessary, and for a reasonable purpose’, Mr Samuel said. ‘It provides specific guidance on the appropriate frequency of face-to-face, telephone and other contact, as well as the appropriate location of face-to-face contact".  

"There is also specific information within the booklet about different types of conduct that are likely to breach consumer protection laws. Consumers experiencing any of these types of conduct should immediately contact ASIC or the ACCC to make a complaint", Mr D’Aloisio said.

ASIC and the ACCC are committed to ensuring that all Australian consumers have access to free information about debts and debt collection. For a free copy of Dealing with debt: your rights and responsibilities in Arabic, Chinese, Greek, Italian, Turkish, Vietnamese or English, contact ASIC’s Infoline on 1300 300 630, or download a copy from ASIC’s consumer website, FIDO at www.fido.gov.au. Free copies are also available from the ACCC by calling the Infocentre on 1300 302 502, or by visiting the ACCC website.