News

Below is our company's latest news and press articles.

 
From our newsletter...

August 2010

	Compliance Update - NCC Exemption for Contingent (commission) collectors Updated amended regulations released by Australian Treasury in July means that contingency  (commission) based collectors do not require a license. Previously the industry had a 12 month exemption from 1 July 2010. Read the full details here.
	2009/ 2010 Bankruptcy Statistics ITSA have released the latest bankruptcy statics on Part IX & Part X Bankruptcies. To find out more, read here.

July 2010

	Updated Client Instruction Forms The Fee for Service instruction form has been updated with the introduction of the National Credit Code. The latest forms can be downloaded here You can still refer all new debts or send updated instructions on existing debts through our Online Access facility. Please contact us to find out more should this be of interest to you
	Bankruptcy Threshold to be Increased The Bankruptcy Amendment Bill has increased the threshold of Bankruptcy to $5,000, up from $2,000. To find out more, read here.
	Motor Vehicle Repossessions - Repairable Write-Offs can no longer be re-registered / Auctioned in NSW The NSW government is bringing in legislation that will ban the re-registration of all repairable written off vehicles to clamp down on car rebirthing. This will see the value of any repairable written off vehicle car you repossess fall dramatically.  To find out more, read here.
	Photocopiers & Privacy Have you ever thought about how your organisation disposes of its Photocopiers? Nearly all photocopiers contain a Hard Drive, with most digital copiers storing an image of every scan, image & print job. This article has an interesting case study showing how the Privacy Act could be easily breached. Read here.

June 2010

	Writs compared across the different States & Territories (Local / Magistrates Court) Are you required to take legal action against debtors who are not in the same state or Territory as you? This is the sixth article in a series that is comparing all the legal stages across the various States and Territories. To find out more about Writs, read here. To find out more about Garnishees, read here. To find out more about Warrants, read here. To find out more about Examinations, read here. To find out more about Judgment, read here. To find out more about the Statement of Claim - read here.
	Important Update - Processing of Legal Documents in NSW - JusticeLink eServices - Electronic Lodgement **** Significant delays expected for providers who do not use efiling **** LCollect is successfully using efiling. With the NSW Court system JusticeLink eServices successfully working, JusticeLink have advised that the old Bulk Filing System will be shut down on the 28th of June 2010. This will present a number of different scenarios & implications for each scenario for everyone who takes legal action in NSW to recover monies owed including; - People who use a provider like LCollect that is using eServices to lodge SLC's, Judgments & Writs - People who do not use a provider that is using eServices to lodge SLC's, Judgments & Writs - Post Judgment Enforcement Action (other than Writ) that is not yet available on eServices - Legacy matters where action was not initiated on the new JusticeLink eServices system. To find out more, read here.
	Facebook Dont's in Debt Collection There's been some recent media coverage about ANZ & the Facebook Dont's. Its a timely reminder, especially after Facebook changed everyones privcay settings so they could be viewed by all (including search engines!) To find out more, read here.

May 2010

	Garnishees compared across the different States & Territories (Local / Magistrates Court) Are you required to take legal action against debtors who are not in the same state or Territory as you? This is the fifth article in a series that is comparing all the legal stages across the various States and Territories. To find out more about Garnishees, read here. To find out more about Warrants, read here. To find out more about Examinations, read here. To find out more about Judgment, read here To find out more about the Statement of Claim - read here.
	JusticeLink goes Live The NSW Court system has introduced its new system called "JusticeLink". What does this mean for you? Much faster processing times of legal documents. LCollect has been at the forefront of testing this new system, ensuring we can pass on the associated speed efficiencies to our clients. To find out more, read here.
	The Lighter Side of Debt Collection - Have you ever hired a limousine? So you've hired & paid for a limo for that perfect night out with friends. What could possibly go wrong? To find out more, read here.

April 2010

 

 

 

 

 

 

	Warrants compared across the different States & Territories (Local / Magistrates Court) Are you required to take legal action against debtors who are not in the same state or Territory as you? This is the fourth article in a series that is comparing all the legal stages across the various States and Territories. To find out more about Warrants, read here. To find out more about Examinations, read here. To find out more about Judgment, read here To find out more about the Statement of Claim - read here.
	Changes to the NSW Courts - Introduction of True Electronic Lodgement The NSW Court system will introduce its new system called "JusticeLink" in early May. What does this mean for you? Much faster processing times of legal documents. LCollect has been at the forefront of testing this new system, ensuring we can pass on the associated speed efficeincies to our clients. To find out more, read here.
	Redirection of Rent for Mortgages In the real property act, there is a provision for the redirection of rent (for situations where the property is being rented out). To find out more, read here.

 

March 2010

	Examinations compared across the different States & Territories (Local / Magistrates Court) Are you required to take legal action against debtors who are not in the same state or Territory as you? This is the third article in a series that is comparing all the legal stages across the various States and Territories. To find out more about Examinations, read here. To find out more about the Statement of Claim - read here. To find out more about Judgment, read here.
	Mistaken Identity - US Private Investigator mistaken for a Turkey & Shot How  can you possibly mistake a person for a turkey?? To find out more, read here.
	Payment Arrangements & Deeds in Debt Collection In this article, we review an interesting Supreme Court case involving a payment arrangement through a Deed and the Deed's enforceability To find out more, read here.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 2010;

 

 

	Default Judgment compared across the different States & Territories (Local / Magistrates Court) Are you required to take legal action against debtors who are not in the same state or Territory as you? This is the second article in a series that is comparing all the legal stages across the various States and Territories. To find out more about Judgment, read here. To find out more, about step 1 - Statement of Claim - read here.
	New Zealand Debt Collector Jailed A 10 month prison sentance was handed down for illegal attempts to recover $50,000. To find out more, read here.
	Changes to Western Australia Sheriff The Western Australian Sheriff has outsourced the delivery and execution of court enforcement processes in Southern Western Australia to Baycoprp. To find out more, read here.

 

January 2010;

Statement of Liquidated Claim compared across the different States & Territories (Local / Magistrates Court) Are you required to take legal action against debtors who are not in the same state or Territory as you? This is the first article in a series that will compare all the legal stages across the various States and Territories. To find out more, read here.

Proposed changes to Insolvency Laws The Federal Government has recently proposed changes to the insolvency laws. These proposed changes would allow company directors more legal protection when restructuring a company, moving Australia into line with other countries insolvency laws. To find out more, read here.

Magistrates Court of Victoria Civil Scale Cost Increases as at 1 Jan 2010 The Magistrates Court of Victoria increased the Civil Scale costs. The new scale rates can be found here. These are effective from 01/01/2010.

 

 

November 2009;

	Early Release of Superannuation The early release of superannuation can be an effective way for a debtor to clear their arrears and get back on track with their mortgage.  In this article we review APRA's and ASIC's requirements for the early release of superannuation.  >> Read more
	APRA Statistics for the Early Release of Superannuation The latest APRA statistics are now available showing a sharp decrease in the number for superannuation releases in 2008/09 >> Read more
	The Lighter Side of Debt Collection - Sheriff's Cars Repossessed The saying "only in America" could not be more correct. How can a law enforcement agency have its "cruisers" repossessed? Very easily it would seem. >> Read more
	Seizure of Real Estate under a Writ in NSW This process has recently been simplified and can be an effective tool for debtors who have the capacity to repay a debt but refuse. >> Read more

October 2009;

Privacy Act Review leads to potential enhanced Credit Reporting Information A recent Federal Government Response to Australian Privacy Law & Practice Reforms has provided a favourable response to proposed enhanced credit information allowing lenders to more accurately assess the Credit History of loan applicants. If these recommendations are passed into Law, it may mean increased responsibility on both the Lending Teams & Collections Teams to report information to a CRA (Credit Reporting Agency) >> Read more

The role of the NSW Sheriff & Collecting Debts..... Do you know what the Sheriff is reponsible for? Do you know how the Sheriff can assist in the collection of your debts? >> Read more

When is a Debt Provisioned? Debt Collection & APRA Provisioning Guidelines The effectiveness of your organisations Debt Collection has a direct impact on the Provisions for Bad Debts your organisation must make. As a collector, have you ever completely understood why you are sometimes put under intense pressure to reduce the arrears, order new valuations and consequently, reducing the required provisioning? >> Read more

September 2009;

Writs & Caveats in Debt Collection - Which one to use & when.... You have found out that your debtor that you've been chasing owns property and you already have obtained Judgment against them. What should you do next to enforce your debt? A Writ or a Caveat? >> Read more

Commercial Bad Debts - Prevention and Collection.... We are experiencing an increasing number of Commercial Debts being referred to us that have minimal prospect of recovery. In this article we give examples of debts with a low chance of success & how to avoid these circumstances to ensure your commercial bad debts can be collected effectively. >> Read more

Case Study - A rare example in WA where the Sherif repossessed a Property.... We recently we are to obtain full payment for a client where the debtor was based in WA & owned property. Those that know WA, know that it is the hardest state to collect your debt in & enforce judgment, often is very expensive with no guaranteed result. >> Read more

LCollect Certified for ISO 9001 (2008) Quality Assurance.... LCollect has gained Quality Assurance certification under ISO 9001 (2008) for the Provision of Debt Collection. This provides our clients with addition reassurance and comfort that we can meet and exceed their expectations and that we have an ongoing commitment to continuous improvement and excellence >> Read more

Loan Stress - one third of Australians are risking loan default..... Its been a year since the credit crunch hit Australia, which sparked a rapid drop in interest rates and government stimulus spending. Recent research is pointing to a significant number of Australians facing mortgage stress & loan defaults in the face of rising interest rates & unemployment >> Read more

Mortgage Repossessions - Rural Land...... Did you know there are special requirements to be followed when repossessing land that is on 10 acres or more and used in Primary Production? Do you know what constitutes Primary Production? >> Read more

August 2009;

Hardship (Continued) - Building Societies, Credit Unions and Retail Banks Sign Up to Help Borrowers in Distress  Did you know that all members of the Association of Credit Unions and Building Societies (ABACUS) have signed up to and agreed to the Governments Principles to assist borrowers in distress? Do you know what these principles are and what options are available under these principles to assist borrowers in distress? >> To find out this and more, read the full article here

Court Instalment Orders vs Contractural Obligations - Who Wins? We have had a number of questions on this topic recently with the most commonly asked being; Can the Local Court Registrar accept an Instalment Order from a Debtor where the amount offered is less than the contractural repayment? But the amount accepted by the Court  means the arrears on the loan will continue to growm is there anything I can do? >> To find the answer to these requestions, read the full article here

National Consumer Credit Reform License Requirements ASIC recently released a consultation paper on the Training & Competence Requirements that will be required under the new Nation Consumer Credit Reform. In this article we go through these requirements and look at the impact this will have for you and your Collections Team. >> Read more

 July 2009;

REVS Listings - Putting them on & Keeping them current

We have recently had 2 different examples where the security of a loan has been jeopised and our ability to repossess the security has been limited through REVS listings not being performed in a timely manner. The scenarios were;

* The REVS listing being placed 4 hours after finance was provided
* A REVS listing lapsed before being renewed, in which time the security could have changed hands

Read more >>

 

Hardship

In the current financial climate, we have been receiving a significant increase in the number of questions about Hardship, what to look out for, when it applies and what must be done. In this article we go through the basic steps and some scenarios of what to look out for.

Read more >>