Sector News (Page 10)

24 February 2016

‘Inheritance impatience’ one driver of elder financial abuse

Source: www.theage.com.au/money/planning/how-to-stop-elder-financial-abuse-at-the-hands-of-loved-ones-20160217-gmwwhz.html

Elder abuse is any behaviour or action within a relationship of trust that harms an older person. It includes financial, psychological, physical, sexual, social abuse and neglect.

Elder financial abuse in particular is the illegal or improper use of an older person’s property, finances and other assets without their informed consent or where consent is obtained it is by fraud, manipulation or duress.

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23 February 2016

How many Australians are living in poverty?

Source: www.abc.net.au/news/2016-02-15/fact-check-how-many-australians-are-in-poverty/7120278

Dr Azpitarte told Fact Check that these sources are “both good and reliable sources”.

And he said that all estimates in the three reports in this fact check are of a similar magnitude, “which suggests that the poverty estimate is not sensitive to the definition of child poverty”.

Associate Professor Redmond told Fact Check that different surveys make different assumptions, and therefore produce slightly different results.

But he said all three reports are “all totally credible. There’s so many ways you could measure poverty”.

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22 February 2016

The biggest money mistakes people make

Source: www.theage.com.au/money/the-biggest-money-mistakes-people-make-20160218-gmx82c.html

Men are most likely to say their biggest financial mistake was getting divorced or separated. The No 1 mistake nominated by women was having let their partner control the finances, with relationship breakdown a distant second.

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19 February 2016

Big 4 Banks Accused of Setting ‘Debt Traps’ With Credit Cards

Source: www.theage.com.au/business/banking-and-finance/big-four-banks-accused-of-setting-debt-traps-with-credit-cards-20160217-gmx3pi.html

Jose Lacoto managed to run up a $30,000 credit card debt.

But he’s still puzzled why his bank gave him the card, why they did not check his income status – only a simple check, he says, would have revealed he had no chance of repaying the debt.

The big four banks have been accused of using predatory advertising tactics to push “debt trap” zero per cent balance transfer cards on consumers right when they are at their most vulnerable – just after Christmas.

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18 February 2016

Differences between good and bad debt

Source: www.theage.com.au/money/her-money/the-difference-between-good-debt-and-bad-debt-20160207-gmnquo.html

It’s official. Australian households are the most indebted among rich countries.

Research from LF Economics, using official data, shows that Australian household debt has risen to 123 per cent of the nation’s economic output, pushing Denmark and Switzerland into second and third place respectively. Put another way, Australian households’ debt levels are running at 1.9 times their total income

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17 February 2016

Payday Lender Faces Penalties for Overcharging

Source: asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-027mr-payday-lender-penalised-for-overcharging-consumers/

, Fair Go Finance Pty Ltd has paid $34,000 in infringement notices for overcharging interest and establishment fees on payday loans. Fair Go Finance will also refund approximately 550 consumers around $34,500 for the interest and fees it collected from consumers in excess of the maximum amount allowed under the National Consumer Credit Protection Act 2009 (National Credit Act).

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15 February 2016

Media Release: National Hardship Register launched to protect vulnerable consumers

The Australian Collectors and Debt Buyers Association (ACDBA), in a joint initiative with the financial counselling sector, has launched the National Hardship Register (NHR) to help address the issue of long-term and severe financial hardship faced by a number of vulnerable consumers.

Fiona Guthrie, Chief Executive Officer of Financial Counselling Australia welcomed the launch of the NHR stating, “Financial counsellors are pleased to be working constructively with the debt collection industry through the ACDBA around the National Hardship Register.  This is a sensible response to assisting people who are in such dire circumstances they simply can’t pay their debts.”

Read more on the link below

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12 February 2016

SAFCA Special General Meeting March 2

SAFCA will hold a Special general Meeting to change the Constitution to allow application to become a PBI / DGR

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12 February 2016

Australians losing millions $$ to dating scams!!

Source: www.theage.com.au/business/consumer-affairs/valentines-day-warning-australians-lost-nearly-23-million-to-dating-scams-in-2015-says-accc-20160211-gmrif3.html

In the lead up to Valentine’s Day, the Australian Competition and Consumer Commission has revealed 2620 Australians reported losing $22.7 million to romance scams to the watchdog in 2015.

But the ACCC’s deputy chair, Delia Rickard, said the figure most likely represented one-tenth of the true loss and did not show the level of ongoing financial losses

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11 February 2016

Thousands of student caught up in major college collapse

Source: www.theage.com.au/business/thousands-of-students-caught-up-in-major-college-collapse-20160210-gmqt8x.html

All of the colleges are owned by Global Intellectual Holdings, which is also in administration with debt owing to ANZ Bank.

The fallout follows a federal government crackdown on the scandal-plagued vocational education sector, which included bans on inducements like free laptops and freezing funds to private colleges accessing VET FEE-HELP to 2015 levels.

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