Stop Debt Vultures Mid-Flight

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:

Mandatory licensing by ASIC with a high bar for entry, and mandatory membership of AFCA to hold these services accountable and give people access to justice.
Ban on upfront fees to stop fees-for-no-service rip-offs and prevent adding to ...

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:

Mandatory licensing by ASIC with a high bar for entry, and mandatory membership of AFCA to hold these services accountable and give people access to justice.
Ban on upfront fees to stop fees-for-no-service rip-offs and prevent adding to the financial stress of people already struggling to make ends meet.
Requirement to act in the client’s best interests, not the interests of the sales rep or company’s bottom line.
Ban unsolicited selling to give Aussie households a fighting chance to make the best decision for their financial situation.
Requirement to inform people about the free options available such as hardship programs from creditors and utility companies, ombudsman schemes and the National Debt Helpline.

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It's time to stop debt vultures mid-flight!

40 emails sent

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.

Find your local rep

Subject:

So-called debt ‘help’ companies are making life even harder for Australians struggling financially. Yet these companies exist in a regulatory black-hole. They really are just vultures in disguise.

As my local MP, I want to you to prioritise those Australians doing it tough and stop the debt vulture rip-offs.

By closing the loopholes that these vultures use to evade the law we can make sure struggling Aussies can trust the debt advice they receive.

Consumer Action Law Centre has a plan to lift the standards of these dodgy debt ‘help’ companies. It is common-sense and will end the rip-offs.

The debt vulture busting plan is:

1.	Mandatory licensing by ASIC with a high bar for entry, and mandatory membership of AFCA to hold these services accountable and give people access to justice.
2.	Ban on upfront fees to stop fees-for-no-service rip-offs and prevent adding to the financial stress of people already struggling to make ends meet.
3.	Requirement to act in the client’s best interests, not the interests of the sales rep or company’s bottom line.
4.	Ban unsolicited selling to give Aussie households a fighting chance to make the best decision for their financial situation.
5.	Requirement to inform people about the free options available such as hardship programs from creditors and utility companies, ombudsman schemes and the National Debt Helpline.

Australians hold some of the highest levels of household debt in the world.  Unfortunately, debt tends to attract a host of dodgy operators that trade in broken promises and create even more unmanageable debt for already struggling Aussies.

Please ask the Treasurer Josh Frydenberg MP and Assistant Treasurer Stuart Robert MP to cage these vultures for good.

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