| Sports Betting Online |
NAB's debt collector accused of bad behaviour
16 October 2008 |
| |
| National Australia Bank is being accused of outsourcing debts belonging to people in financial hardship to a "notorious" debt collection agency. Victoria's Consumer Action Law Centre has recently complained to ASIC about half a dozen cases involving Accounts Control Management Services. The consumer lobby is also ramping up a media campaign targeting NAB and ACMS for bad behaviour towards customers in financial difficulty. ACMS buys bad debt off NAB and Telstra. Debt agreement administrators, financial counsellors and consumer groups all seem to agree that ACMS is by far the most aggressive of the major debt collection firms.In the past week The Sheet has spoken to three former NAB customers who have had their credit card debts sold to ACMS. All three have apparently been told by ACMS that repayment plans are not acceptable and that the collection agency will accept only repayment of the entire debt, plus apparently exorbitant ACMS fees and charges, immediately. All three debtors describe threatening telephone calls, often multiple calls per day.One debtor, Karen Madden, a sales rep from Mont Morency in Melbourne's east, said she had made more than $2,000 worth of repayments to ACMS on a credit card debt that started out at $4,000 when it was still with NAB. However, when she went to court last week to defend herself against enforced bankruptcy, ACMS denied that any repayments had been received. "When they found out I had a home and was paying it off, they immediately demanded repayment of the entire debt, which they said was now $6,000," Madden said.Consumer Action highlights a case where they say they caught ACMS out by recording phone calls made by a debtor offering to participate in a repayment plan. ACMS later claimed in the Victorian Consumer Affairs Tribunal that the debtor had not responded to more than 20 letters and phone calls. "Yes, NAB have a responsibility and when we spoke to them about ACMS they just shrugged their shoulders and smiled," said Gerard Brody, deputy director, policy and campaigns at Consumer Action Law Centre. "The bank has a legal obligation under the Code of Banking Practice to assist customers in financial difficulties. It should not be able to duck this obligation by selling off debt and failing to take responsibility for the conduct of the debt collector. "Just because ACMS is a licensed credit provider doesn't diminish the fact that the original debt was with NAB and their obligations continue. "We also want ASIC to start to enforce the guidelines for debt collection a bit more vigorously." |
| |
| Source : The Sheet |
| |
|
|
|
| |
| 31 October 2008 | - Westpac profits and bad debts up |
| | - Westpac grows deposits |
| | - Citibank focussing on mortgages |
| |
| 30 October 2008 | - St George grows deposits but not loans |
| | - Reverse mortgages lose popularity |
| | - Bank defends no rate cuts on credit cards |
| | - No penalty fee for union members |
| |
| 29 October 2008 | - Westpac/BT have learnt the liquidity lesson |
| | - Suncorp for sale again |
| | - Record profit posted by St George |
| | - Deposit guarantee clarified but questions remain |
| |
| 28 October 2008 | - Westpac on NSW sales blitz |
| | - St George will rejuvenate Westpac |
| | - Government rejects extending deposit guarantee |
| | - CBA shocks investors by freezing CFS trust |
| | - Bendigo boasts strong deposit growth |
| |
| 27 October 2008 | - GE Money cuts and runs |
| | - Govt guarantee creates surge in bank deposits |
| | - Aussie Home Loans cuts rates again |
| |
| 23 October 2008 | - Swan approves Westpac plus St George |
| | - CBA tree dispute could be costly for Bendigo |
| | - Banks go to Canberra for crisis talks on guarantee |
| | - ANZ profit down 21 per cent |
| |
| 22 October 2008 | - Banks start sacking staff |
| | - Westpac/St George cut rates |
| |
| 21 October 2008 | - RBA hoses down big rate cut expectations |
| | - NAB's bad debts up to $2.5 billion |
| | - Debtors have rights under banking code |
| | - Consolidation continues in banking industry |
| |
| 20 October 2008 | - Rising inflation to moderate rate cuts |
| | - NAB earnings down twenty per cent |
| | - ING reassures Australian depositors |
| | - Commonwealth cuts home loan rates |
| | - Nab cuts rates on its home loans |
| | - ANZ Cuts Interest Rates |
| |
| 19 October 2008 | - Relief for first home buyers |
| | - NAB follows ANZ in cutting rates again |
| | - CommBank calls halt to HomePath experiment |
| |
| 16 October 2008 | - Refused bail for bank fraud |
| | - NAB hording cash as earnings fall |
| | - NAB credit rating under threat |
| | - Interest rates to plummet to near zero |
| | - Aussie customer files left out for recycling |
| |
| 15 October 2008 | - Savings account interest rates slashed |
| | - Government gives powers to bank regulator |
| | - Eight per cent term deposits ending soon |
| | - Credit Unions, small banks talk mergers |
| |
| 14 October 2008 | - Pensioners get Christmas bonus |
| | - No rate cut for GE's mortgage managers |
| | - Commonwealth and ANZ called on to end penalty fees |
| | - Banks make big cuts to fixed rate mortgages |
| |
| 13 October 2008 | - SGB's business customers oppose WBC's takeover |
| | - Credit unions take on the big banks |
| | - Lenders will be forced to be responsible |
| | - Rudd Government will intervene to save non-banks |
| | - Rudd- All deposits now government guaranteed |
| | - Rudd- All deposits now government guaranteed |
| | - Credit Card rates slow to change |
| |
| 12 October 2008 | - Only Westpac business customers get rate cuts |
| | - Interest free deals scaled back |
| | - Rates to fall to five per cent by Christmas |
| | - Banks welcome government intervention |
| |
| 10 October 2008 | - Do You Know Your Banks Credit Rating |
| |
| 09 October 2008 | - Worried depositors reassured by bank staff |
| | - Victoria Teachers CU riding out the credit crunch |
| | - Stability overrides competition concerns |
| | - NAB, Bankwest and Bendigo cut rates one week late |
| | - Banks welcome increase in deposits |
| | - Bank of Queensland losing in the Sydney market |
| |
| 08 October 2008 | - Westpac cuts rates for business |
| | - Property prices to hold up over next two years |
| | - Mortgage market still weak |
| | - Banks cut deposit rates |
| |
| 07 October 2008 | - CBA snatches BankWest |
| | - Commonwealth set to dominate the market |
| | - No rate relief on credit cards or loans |
| | - Big banks cut rates by 0.8 per cent |
| | - Banks promise to make up rate cuts |
| | - Westpac Cuts Rates by 80 Basis Points |
| | - Aussie Home Loans To Pass On 75 Basis Points |
| | - RBA Cuts Cash Rate by One Percent |
| |
| 06 October 2008 | - Today's rate cut to deliver $50 a month |
| | - First home buyers accounts have catches |
| | - Commonwealth grabs BankWest |
| | - Commbank execs focus on customers |
| | - BankWest and Ubank top the charts for depositors |
| | - ANZ, CBA jockey for Suncorp |
| |
| 03 October 2008 | - Banks say no to big rate cuts |
| |
| 02 October 2008 | - UBank offers 8.5% on deposits for next two weeks |
| | - NAB's UBank is not ready for market |
| | - NAB launches UBank brand |
| | - Majors circle BankWest and Suncorp |
| | - Banks won't pass on rate cuts |
| | - All mums are not equal |
| |
| 01 October 2008 | - Rates to fall 0.5 per cent next week |
| | - Promotional rates work for BankWest and ING |
| | - NAB loses market share in business banking |
| | - NAB is least popular bank |
| | - Majors set for bidding war on BankWest |
| | - Commonwealth leads on deposits |
| |
|
|
| |
