Regulators in Australia investigate the debt collection industry

The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) have launched an investigation into the debt collection industry to learn how the industry functions. Both regulators are concerned about the dodgy practices of debt collectors in Australia. The ACCC will report its findings mid-2015. Read more.. Source: Government News,…

ATO cops criticism for seeking external debt collection help – Accountants daily

The Australian Tax Office (ATO) has come under fire from a union official for expressing interest in sourcing private debt collection agencies. The ATO is seeking to reduce Commonwealth debts, strategies to prevent future debts and deliver services nation wide. The union official has been quoted saying these private collection companies will not be covered…

The pros and cons of debt settlement

It is four years since the U.S. Federal Trade Commission (FTC) implemented new rules regulating the debt relief industry. This helped consumers find more trustworthy companies to resolve financial problems. Many Americans still need help with debts close to $11.63 trillion. Consumers then turn to debt relief services to help them dig themselves out of…