One of Australia’s big banks has cracked down on “debt vultures” – businesses or individuals that claim to assist those struggling with debt but actually rake in big fees.
National Australia Bank said it will no longer deal with unlicensed, fee-charging debt management provides.
“Debt vultures exploit loopholes in the law to prey on the vulnerable and target those in desperate need,” Consumer Action Law chief executive Gerard Brody said.
“All banks should follow NAB’s lead and stop dealing with debt vultures if they care about their customers.”
Many for-profit debt assistance providers do not hold a current Australian financial services…
Read the full article at: https://www.financialstandard.com.au/news/debt-vulture-crackdown-welcome-169491648