Chances are that if you find yourself reading this section you have received a letter, phone call, email or summons from our company regarding a debt you owe that we are acting on. Firstly, thankyou for making the effort to look into our company, which is the first step in rectifying the issue. Many debtors do not even bother, instead ignoring all correspondence and sticking their head in the sand in the hope of the debt going away. Unfortunately though this does not happen and the longer it is avoided, the worse it often gets. The key is to be open and honest with your creditors and if you do not have the money to pay, then just say so. Alternative arrangements can often very easily be made with honest and motivated debtors who are willing to ask for assistance and guidance.
The following are some common questions you may have and any others can easily be answered if you phone us and simply ask.
1. I received one of your letters saying I have a debt. I want to pay but I just don’t have the money. Am I going to court?
Whilst legal action is always an option to recover any debt, it is unlikely at this stage given you have established contact and admitted liability. There are numerous options available to you including a payment arrangement if agreeable to the creditor, seeking assistance from family or friends or refinance or redraw on a mortgage if available. The most important thing is to be open and honest about your financial situation and work with us to find a mutually-acceptable outcome.
2. The reason I can’t pay my debts is because people owe me money. Can I give you my debts to collect?
Unfortunately the simple answer is no. We cannot act for current debtors of our company due to the major conflict of interest this presents which would breach our strict code of conduct. Once your debt is finalized however we are more than happy to assist you.
3. The reason I haven’t paid is because I am not happy with the goods/services I received. I have told them this but they just won’t listen.
Having an unpaid debt of any kind is a stressful experience and discussing it openly can cause emotions to cloud our judgment and affect objectivity. Communication can break down if both parties don’t wish to compromise, however it is highly unlikely any business will refuse to listen to their customers concerns and attempt to rectify them. In this instance, ask yourself- did you articulate your issues effectively and if so and you are still unhappy then perhaps it is worth speaking with a regulatory body like Fair Trading or similar who can often provide mediation.
4. Do I have a black mark against my name?
CollectMORE Debt Solutions is not a credit provider and as such we are unable to access your credit file however the creditor may have listed a default against you in relation to this debt. A default remains on your file for 5-7 years and may be restrictive for any type of future credit until satisfied. The black mark you do want to avoid at all costs however is a court judgment which is much more serious than a default and can be enforced for up to 15 years depending on which state you reside. You may obtain a free copy of your credit file through Veda at: www.mycreditfile.com.au
5. You aren’t the only ones I owe money to so I think I will just go bankrupt.
Whilst feeling overwhelmed by multiple debts is normal, it is vital you completely understand the ramifications of bankruptcy and decide whether you can live with the restrictions that come with it. There will be a permanent record of your bankruptcy on the National Personal Insolvency Index, a publically available database, and a record will also be added to your credit file for 7 years. There are many other serious consequences that come with bankruptcy including restrictions on overseas travel, assets subject to forfeiture and some income redirected to the trustee. The National Insolvency body, ITSA, have a very concise website where you can seek further information: www.itsa.gov.auChances are that if you find yourself reading this section you have received a letter, phone call, email or summons from our company regarding a debt you owe that we are acting on. Firstly, thankyou for making the effort to look into our company, which is the first step in rectifying the issue. Many debtors do not even bother, instead ignoring all correspondence and sticking their head in the sand in the hope of the debt going away. Unfortunately though this does not happen and the longer it is avoided, the worse it often gets. The key is to be open and honest with your creditors and if you do not have the money to pay, then just say so. Alternative arrangements can often very easily be made with honest and motivated debtors who are willing to ask for assistance and guidance.
The following are some common questions you may have and any others can easily be answered if you phone us and simply ask.
1. I received one of your letters saying I have a debt. I want to pay but I just don’t have the money. Am I going to court?
Whilst legal action is always an option to recover any debt, it is unlikely at this stage given you have established contact and admitted liability. There are numerous options available to you including a payment arrangement if agreeable to the creditor, seeking assistance from family or friends or refinance or redraw on a mortgage if available. The most important thing is to be open and honest about your financial situation and work with us to find a mutually-acceptable outcome.
2. The reason I can’t pay my debts is because people owe me money. Can I give you my debts to collect?
Unfortunately the simple answer is no. We cannot act for current debtors of our company due to the major conflict of interest this presents which would breach our strict code of conduct. Once your debt is finalized however we are more than happy to assist you.
3. The reason I haven’t paid is because I am not happy with the goods/services I received. I have told them this but they just won’t listen.
Having an unpaid debt of any kind is a stressful experience and discussing it openly can cause emotions to cloud our judgment and affect objectivity. Communication can break down if both parties don’t wish to compromise, however it is highly unlikely any business will refuse to listen to their customers concerns and attempt to rectify them. In this instance, ask yourself- did you articulate your issues effectively and if so and you are still unhappy then perhaps it is worth speaking with a regulatory body like Fair Trading or similar who can often provide mediation.
4. Do I have a black mark against my name?
CollectMORE Debt Solutions is not a credit provider and as such we are unable to access your credit file however the creditor may have listed a default against you in relation to this debt. A default remains on your file for 5-7 years and may be restrictive for any type of future credit until satisfied. The black mark you do want to avoid at all costs however is a court judgment which is much more serious than a default and can be enforced for up to 15 years depending on which state you reside. You may obtain a free copy of your credit file through Veda at: www.mycreditfile.com.au
5. You aren’t the only ones I owe money to so I think I will just go bankrupt.
Whilst feeling overwhelmed by multiple debts is normal, it is vital you completely understand the ramifications of bankruptcy and decide whether you can live with the restrictions that come with it. There will be a permanent record of your bankruptcy on the National Personal Insolvency Index, a publically available database, and a record will also be added to your credit file for 7 years. There are many other serious consequences that come with bankruptcy including restrictions on overseas travel, assets subject to forfeiture and some income redirected to the trustee. The National Insolvency body, ITSA, have a very concise website where you can seek further information: www.itsa.gov.au