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For businesses or individuals wanting to recoup missing debts, the landscape can be daunting. But there are two federal government funded bodies which oversee and enforce the rules relating to debt collection, and it pays to know the difference between the two in the event you ever find yourself chasing an outstanding debt.
The Australian Competition and Consumer Commission (ACCC)
The ACCC, commonly referred to in the media as “the A triple C”, is the body which deals with administering and enforcing the Commonwealth consumer protection laws.
The most comprehensive of these laws is the Australian Consumer Law (ACL) which also contains the provisions relating to debt collection. The ACCC is also responsible for dealing with misconduct that comes with inappropriate attempts to collect debts, and oversees the activities of businesses like Challenge Collections.
The qualification is that the ACCC only covers debts that arise in goods and services that are not financial products, such as phone bills, bills from tradespeople, bills from professionals (like lawyers) and retailers.
The ACCC’s broad range of powers also cover investigations into unfair contract terms, and misleading or deceptive representations about a product or service.
The Australian Securities and Investments Commission (ASIC)
ASIC is best known as a financial regulator, or an investigator of so called “white collar” crime and misconduct.
ASIC is responsible for overseeing the misconduct relating to debt recovery activity when the debt arises in connection with a financial product or service. For example, these debts could include credit card or store card debts, personal loans provided through a financial services provider or fees relating to financial advice or insurance.
ASIC’s responsibility extends to any undue harassment, coercion or unconscionable conduct on the part of the debt collector.
The Solution to a Complex Problem
As you can see, there are powerful regulators already established to police the sensitive and, at times, difficult task of debt recovery.
That’s why it pays dividends to have a professional, experienced and committed team like Challenge Collections on your side when you have an outstanding debt. We can act in your interests, while at the same time making sure that you or your business aren’t exposed to the risk of a complaint to one of these regulators by your debtor.
To find out more about our services and to learn how we can help your business recover outstanding debts, we welcome your call today on (07) 3808 7001 or email info@challengecollections.com.au.
Sources:
www.accc.gov.au
www.asic.gov.au
