Creditors Often Miss the Point – Bankruptcy is on the Up
Given the extent of the Federal Governments desire to “fix” the excessive lending by Australia’s Financial Institutes, its no surprise that the finger of blame has been used on the poor borrower, otherwise known as the debtor. Why? Because the banks won’t admit the overzealous sales strategies and poor Risk Management they used over the last ten years that have put them in this contrition in the first instance. Relationships between banks and customers is a 50/50 factor. If not then it would be deemed unconscionable in Trading Practice law also known as unfair advantage towards the other party.
The banks who drove the lending frenzy have caused many people pain, distress and much more having to deal with the debt. Consumer driven or not its a poor effort putting the blame on the customer for the severe levels of debt most consumers now carry. In fact the average debt for an individual is estimated in the region of $15000. What is the solution? Other than the Government legislating, Which they are and amending, Its time for former clients of banks to seek relief and use the Bankruptcy Act for its design.
If creditors wont ( and its not about can’t) accept a fair and reasonable offer you can afford to sustain, then be brave and use The Bankruptcy Act. 26000 others have This year alone, to seek relief from relentless commission driven Collectors sometimes aggressive coercive and misinformed in their plight to squeeze you of every cent. Ride the tide of credit exclusion and rehabilitate your dignity… The fact remains that ignorance and mystique surrounds the use of Bankruptcy and their is no excuse for false and misleading information to get in the way of making sound decisions about whats right for you.
Talk of informal payment plans and formal options are out there but to creditors they are all obstacles. The truth of the matter is that they are ignorant of the full scope of what can be achieved and need some serious wake ups and training. Hardship is just one area they have a problem with never mind Debt Agreements or PIA’s and Section 73′s.
If its all to much for you there are many options and solutions you have to resolve debt and its not about borrowing more! That is a flaw in many clients thinking…If anything is taken away from this article its the fact that a specialist has taken the time out to share the fact that many many thousands of people are in the same situation but also that enough have sought a legitimate and appropriate exit strategy that is legal and transparent.
In Future if Creditors want to revisit the huge $48billion of unsecured debt out there they need to loss mitigate far more responsibly than they did before because more debtors and debt education is coming and they wont have excuses anymore.
Tom Davison. BA. IRRV.
Insolvency and Revenue Manager.
D R CAPITAL. PTY LTD
Credit Repair Australia
Tom Davison BA IRRV
http://www.creditrepairaustralia.com.au
Dr Malcolm Quirey SJD Special Counsel
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