Bad Debt Collection Practices

By debt collector in Debt collection on May 22nd, 2008

After complaints about its debt collection practices,GE Money has been hit with an Enforced Undertaking from the Australian Securities and Investments Commission (ASIC) .The Enforced Undertaking means GE Moneys consumer credit division will have to: ” engage an independent expert, over a period of two years, to review and assess its debt collection processes to ensure that it complies with the ASIC/ACCC Debt Collection Guidelines and make recommendations to correct any deficiencies

According to ASIC, the practices involved

1) Excessive or inappropriate contact with customers,

2) Contact at unreasonable hours,

3) Unnecessary and unreasonable contact with third parties, including family members, colleagues or neighbours,

4) An inflexible approach to repayment arrangements and

5) Demonstrating potentially coercive and intimidating conduct towards debtors

Don’t be bullied by credit collection agencies. Know your rights and seek advise if you feel you are being treated unfairly.

A copy of the new EU relating to GE Moneys debt collection practices is available from the ASIC website.

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