Released every month our debt collection blog contains news, stories and tips to keep you informed.
As we adapt to this fast-changing situation surrounding COVID-19, we have made the following amendments to our service. Will continue to review this situation and take pro-active steps where necessary in these unprecedented times.
LCOLLECT (COMMISSION / CONTINGENT ACCOUNTS)
LCollect is continuing to supply our collection service, with the below changes.
Hardship or Financial Difficulty
Where it is expressed or implied in our contact that someone is experiencing financial difficulty, a 6-month moratorium with a review at 3 months will be granted without the need to supply a statement of financial position or supporting documentation. Please contact us if you do not want this applied to your accounts.
Services Suspended Temporarily
Unless you otherwise instruct us, we will also temporarily cease issuing the following services on accounts fully outsourced to LCollect on a commission basis:
Serious consideration has been given to this decision however we have elected to postpone face-to-face contact for the safety of the wider community as well as our agents. We have been informed by a number of clients of differing policies and approaches that we will action accordingly. On other files, we may be in contact with you prior to taking further action where we deem necessary to collect an account. Files where face-to-face contact is already occurring will be monitored closely.
COLLECTION LAW PARTNERS (FEE ACCOUNTS)
The Law Firm will continue to provide all services, and will follow our client’s policies and instructions. Be informed that we are aware that some process servers may no longer be providing face to face services at this time. This decision is understood and respected. There may be restrictions on other services available through the various Courts.
We will keep you informed on a matter by matter basis.
We are monitoring the COVID-19 situation closely and are following the advice being provided by NSW Health and the Australian Government and continue to work out of our Sydney office.
In the event that external issues begin to impact upon our operations, such as mandatory self-isolation, we will activate our business continuity plan which will involve our staff working out of secure remote locations to ensure we meet our service commitments to our clients.
When working remotely our staff have the very same resources that are available in an office environment including the ability to make and receive calls, call recording, email, mail facilities.
If you have any questions or concerns regarding our response to this unprecedented event please speak with us on (02) 8923-1600.
With a disaster situation having been declared for Townsville, QLD and surrounding areas we are granting moratoriums for those in impacted areas effective immediately.
All of our staff have been notified of this significant event and the impact on surrounding regions and give an undertaking not to contact or take enforcement action. Where possible we will attempt to negotiate payment extensions or make alternate arrangements with those in affected areas.
If you are in immediate danger and are in need of assistance please contact 000 from a landline or 112 from a mobile and follow the directions of emergency personnel. You can find out more about the latest situation at the Queensland Government Fire & Emergency Services website or by following them on Twitter #QldFES.
With severe bushfires impacting those in the communities surrounding the Gladstone, QLD region we are granting moratoriums to those in impacted areas.Our staff have been made aware of the impact on these regions however owing to the overall size of the regions being impacted you may still be contacted. Please ensure that you communicate your situation to us if it is safe to do so. Where possible we will attempt to negotiate payment extensions or make alternate arrangements.
Our Debt Collection News blog and newsletter started back in July 2009 with our first article REVS - Putting Them on and Keeping Them Current.
Since then we've covered a whole range of things from street lights being repossessed, providing support to our local communities by being a supportive employer of the NSWRFS, sharing community awareness articles such as suicide awareness, donating to appeals such as Give Me 5 For Kids and more recently keeping you up-to-date about changes to the EDR Scheme.
Here's some pretty impressive numbers we've collated over the last 9 years:
In our April 2017 edition we released a blog post about the Australian Securities & Investments Commission ("ASIC") releasing a new public resource called ASIC MoneySmart Teaching.
The independent evaluation has now been released by ASIC which you can download from their website.
The report contains ASIC's response to the independent valuation of the program and the independent evaluation of the program. Case studies have also been provided from several participating schools with 2 notable student quotes:
"... so you don’t make mistakes when you’re older, like buy a Lamborghini before you get a house and then you don't have any money."
"You learn to read the fine print ... because [the product] could be amazing and in bright colours, but if you look at the tiny asterisk down the bottom, it says ‘this product may cause death."
You can learn more about the MoneySmart Teaching program via their website.
Source: ASIC - December 2017
The Australian Securities & Investments Commission ("ASIC") have recently released a new public resource called ASIC MoneySmart Teaching.
This free resource is designed to offer parents and teachers practical tips in teaching children about money and the importance of good money habits early on in life. The program, developed in conjunction with State and Territory Education departments, is aligned to the Australian Curriculum.
In a video released to the media Deputy Chair of ASIC, Peter Kell, said, "Research tells us that many teenagers already have experience with financial matters, with over 80% of 15 year olds having a bank account, 73% earning money outside school hours and about 90% of 14-17 years olds owning a mobile phone".
You can find out more about the program by visiting ASIC MoneySmart Teaching.