Consumer Affairs Minister Jane Garrett has serious concerns about debt management firms. Photo: Josh Robenstone
The Turnbull government is under growing pressure to crack down on “debt vultures” that fleece money from vulnerable people by falsely promising to provide solutions to their financial distress.
Victoria has written to Canberra warning about the conduct of debt management firms, which use high-pressure sales tactics to lure consumers into paying thousands of dollars for unregulated and often ineffective financial services.
In one case a Mildura man was slugged $1100 by credit repair firm which prom…
Read the full article at: http://www.theage.com.au/victoria/victoria-urges-malcolm-turnbull-to-crack-down-on-debt-management-firms-20160325-gnr7m8.html