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ASIC raised concerns with the NAB that is was sending out debt collection letters to its customers from debt collection agencies that were subsidiaries of the NAB.
The concern raised was the customers reading the letters may have interpreted the letter in such a way as to believe that the NAB had outsourced, sold or escalated their debt when that had not. The letters sent only disclosed the fact that the debt collection companies were subsidiaries of the NAB in fine print.
ASIC's concern were principally that this conduct may have been misleading, deceptive or unconscionable. The examples cited were letters threatening certain debt collection action where such debt collection was not likely or would not be considered until a later time in the debt collection cycle if an account was not paid or contact was not made. Some of the letters advised;
In response, NAB has removed references to the subsidiary collection agencies and the representations stated above, unless that action is likely to occur.