ASIC has commenced proceedings in the Federal Court against Bakken Holdings Pty Ltd (Bakken), an operator of the debt management business Solve My Debt Now, following concerns of substantial consumer harm.
ASIC alleges customers of Solve My Debt Now were in financial hardship and often had, or were about to, default on credit facilities such as personal loans and credit cards. Solve My Debt Now offered to manage their debt by collecting funds from them, on-paying their creditors and negotiating with creditors to reduce debt. In many cases, Solve My debt Now failed to pass on its customers payments to creditors in a timely manner or at all.
ASIC claims that from April 2020 to June 2022, Bakken collected $3.6 million from its customers but…
Read the full article at: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-212mr-asic-sues-debt-management-firm-solve-my-debt-now-and-its-director/