Australia has very strict debt collection standards set out by the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC). They were implemented to protect companies and individuals alike.
The most common groups conducting debt collection services include collection agencies, debt buy-out services, in-house collection departments of businesses and government departments, and solicitors. All must adhere to the conduct set out by the ACCC and the ASIC.
According to the ACCC and the ASIC, debtors are legally bound to pay legitimate debts, and should not wilfully try to avoid their obligation. The two Federal Government bodies recommend businesses no longer able to manage their debt should seek assistance from their creditor before it reaches the point of debt collection. If your creditor has already set the debt collection process in motion, you may find it beneficial speaking to a financial counsellor, solicitor, or qualified advisor who may be able to help with debt negotiation.
If, on the other hand, it is your business that must instigate the debt collection process in order to recoup outstanding monies, you must be mindful of the strict guidelines around contacting the debtor regarding debt recovery. These include to:
- Provide the debtor with information about their account
- Request payment
- Outline the consequences of non-payment including legal options and the restriction of services
- Make debt repayment arrangements
- Present a settlement or alternative payment proposal
- Review existing arrangements
- Ascertain why a previous arrangement has not been adhered to
- Investigate whether a debtor has changed address without notifying you
Employing tactics such as embarrassment, intimidation or demoralisation is not permitted.
In an effort to avoid the debt recovery process, Business Credit Express recommends analysing new businesses, projects or schemes long before you invest any money. Our world-class reports, which can be purchased online, may uncover a chequered credit history before you are contractually committed.
An Australian debt collection agency must adhere to strict debt recovery guidelines as laid out by Federal Government bodies the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC).
Overdue payments are a reality of every business, regardless of size or turnover. To ensure the debt recovery process remains manageable, it's important not only to be aware of the debt collection Canberra guidelines.
To manage your company's debt recovery process, you must first understand the approved guidelines for debt collection Adelaide.
In order to stay in control of your company's debt recovery process, it's essential that you follow the approved debt collection Perth guidelines.
Overdue debtors are an unfortunate reality of business. As a result, it's essential that both business managers and non-management staff are informed of approved debt collection Sydney guidelines.
Overdue debtors are the bane of every business. Therefore it's important that both you and your staff are aware of the industry-approved guidelines regarding debt collection Brisbane.
Failure to pay by your debtors can have serious consequences for your company's cash flow. That's why it's essential that you educate yourself and your staff about appropriate debt collection Melbourne guidelines.
Businesses and companies of all sizes will experience debtors who, for any number of reasons, do not honour their debt. When this occurs, you may consider enlisting debt collection services in order to recoup your money.
Companies and businesses of all sizes must familiarise themselves with Australia's debt collection guidelines, laid out by Federal Government bodies such as the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC).
If your business finds itself in the unfortunate position of having to chase debtors for overdue payments, it's important that you first understand the regulations outlined by Australian Federal Government bodies the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC).
If your business has fallen victim to debtors that refuse to pay, you may find yourself considering multiple options to collect the outstanding monies, such as debt collection agencies.
Commercial debt collection differs greatly from consumer debt collection. As a result debt recovery specialists such as debt collection agencies and debt lawyers will employ different techniques to collect commercial debt.