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When Debt Collectors Knock

Regular FinDem newsreaders well know there is a lot of debt floating around Australian households. What's interesting about this is who will come knocking at the door when the loan repayments falter. Will it be the dynamic young entrepreneur motgage broker in the smart sports car from Youcanhaveasmuchasyoulike Home Loans, or will it be megabank or an offshore securitised mortgage holder who financed the whole thing.

The regulatory agencies seem to be getting their ducks lined up on this one with the release this week of a ?Complaints about debt collection? brochure from the ACCC and ASIC. If you wish to find out ?Who you gonna call? when the tow-away arrives for Lexus you can download it at http://www.asic.gov.au/asic/asic_pub.nsf/byheadline/04-364+Debt+collection:+under+scrutiny+by+ACCC+and+ASIC?openDocument

Posted Thursday, 11 November 2004

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