In 2006, they settled a claim with the ACCC on receivables and fees they collected for clients who entered into Part IX debt contracts. With a debt contract, your creditors agree to accept a sum of money that you can afford. You pay this over a certain period of time to pay off your debts. If you call the number in a debt assistance advertisement, you will be passed on to a customer service employee like Jenny (not her real name). Jenny worked at the Fox Symes call center. A debt contract (also known as Part IX Debt Agreement) is a formal way to settle most debts without going bankrupt. I am concerned that people are doing it hard after they have run out of job shortages and that people are turning to debt consolidation. What annoys me is that this company is still in operation. It`s interesting, they offer… Read more If you want to talk to someone about managing your debts, you can call the National Debt Helpline on 1800 007 007, Monday to Friday. There have also been many complaints or reports from clients that there were no options other than entering into a debt contract or filing for bankruptcy.
Many people who have entered into these agreements could have had better options that would not have harmed their credit history. Foxsymes is the most comprehensive credit company I`ve ever dealt with. I had one or two defaults and at no point was I put under pressure for payments to catch up with me. Finally, I caught up with the payments with the help of their professional advisors through their payment plan at reception. They understand that everyone sometimes has short falls, but you always feel supported. Thank you A very happy customer Parliament has just passed new laws that aim to address some of the concerns related to debt agreements. The laws reduce the time from five to three years and prevent refunds from going beyond what someone can afford. Before you compete or consider a debt contract, you should explore your other options for managing uncontrollable debt. While the Royal Banking Commission has uncovered a litany of unethical and fraudulent credit practices in financial institutions, the flip side is the debt assistance industry. Consumer advocates say debt contracts push people they don`t fully understand and can`t really afford.