The ACCC and ASIC have updated their advice when it comes to collecting debts.
The ACCC and ASIC have launched an updated version of their ‘Debt collection guideline: for collectors and creditors’.
The revised guideline assists creditors, collectors and debtors to understand their rights and obligations and ensure that collection activity is undertaken in a way that is consistent with the important Commonwealth consumer protection laws that the ACCC and ASIC administer.
The guideline is developed with particular reference to collecting debts from individual debtors. However, many of the laws and principles discussed in this guideline are also relevant to the collection of corporate, business, and in particular, small business debts.
It provides practical guidance about when it is appropriate to contact a debtor, how the need for collection activity will be greatly reduced when debtors act promptly and responsibly, and new communication technologies developed since the initial publication.
Although ASIC and the ACCC operate in fairly technical areas of law, the guide is written in plain English so it's easy to understand if you don’t have lots of experience in dealing with legal matters.
This publication has been updated to reflect significant changes to the law, such as the introduction of the Australian Consumer Law in 2011, the National Consumer Credit Protection Act 2009, and new privacy laws and principles.