Essential Rules to Abide By During Debt Recovery

Businesses often suffer from irregular cash flow due to excessive outstanding bills, unpaid debts and uncleared dues. When things become severe, they are forced to seek services from debt recovery professionals, but this is also very stressful. The reason is that the debtors in Australia are given more powerful rights than the lenders, and the actions of the lenders are monitored closely by relevant authorities like ASIC and ACCC. Therefore, it becomes essential to consider some crucial points before starting to chase a debt and contacting a debtor.

Starting to chase a debt and contacting a debtor - Ampac

MAKING A PHONE CALL FOR DEBT RECOVERY IN PERTH

According to the rules, debt recovery professionals and lenders can contact their debtors via phone or SMS only between 7:30 am and 9:00 pm on weekdays and between 9:00 am and 9:00 pm on weekends. No contact should be made whatsoever on public holidays.

Lenders must ensure that they have up-to-date and accurate information to share with the debtor on a phone call. Any wrong information provided to the debtor can be considered harassment or misleading the debtor. It should include all the updates related to payment received and the last date of payment.

Have up-to-date and accurate information - Ampac


WHILE MAKING A PHONE CALL

During the phone call with the debtor, the debt recovery Perth professional should take down notes after mentioning the name of the person who takes the call. They must understand the debtor's circumstances and provide them with easy payment plans to make it easy for them to make the payment without any delay.

Easy payment plans to make it easy - Amapc

The lender or the debt recovery Sydney professional should ensure that they adhere to all the rules and regulations set by relevant authorities during phone calls. This also includes contacting the debtor only three times every week to clear the debt. Contacting more than three times a week will be assumed to be harassment and non-compliance with debt collection guidelines.

PRIVACY SHOULD BE PRIORITISED

It is the responsibility of debt recovery professionals to maintain the debtor's privacy and keep the data as secret as possible. This means lenders or debt recovery professionals should not disclose or share private information related to debt with any third party or anyone related to the debtor. Before revealing any details or starting the conversation on the phone, the lender or the debt recovery Perth professional must ensure that they are talking to the right person.

 

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