How to Choose a Debt Administrator
- Seek a Registered Deb Administrator. These are listed on AFSA’s website. Check the name and the relevant website. www.afsa.gov.au
- Ensure the website lists names, addresses and phone numbers where you can contact the debt administrator. Many websites only show 1300 or 1800 websites.
- Avoid brokers or third party middle men. These people are not registered and tend to cost more and take longer causing you more stress.
- Seek suitably qualified people.
- It is important to see your administrator face to face. This may not always be possible but is preferable.
- Finally compare the set up fees. Our fees range from $880 to $1320 depending on complexity. Beware of any amount (sometimes large amounts) that may be called set up fees but are added in to your debt agreement and increase substantially the amount you owe.
- Beware of the website advertising and high pressure to direct you to avoid bankruptcy when it may be the right thing to do in your situation. The administrator must clearly explain your options for you to choose. See Consumer Action Law centre report April 2013