Debt Recovery Information


When you are being pursued for a debt it is really important that you know whether your debt is unsecured or secured as this will affect the way a creditor can act.

An unsecured debt refers to a debt that is not secured over a specific asset of the borrower.

A secured loan is when the borrower agrees to secure one of their assets as collateral for the loan. The debt is secured against the asset and if the borrower defaults the creditor can take possession of the secured asset and can sell it to regain some or all of the loan balance. The most common examples are car loans and house mortgages.

Here are some helpful links to assist with debt recovery:

Financial Rights Legal Centre Fact Sheets & Sample Letters Multilingual information
Debt recovery in the Local Court

Legal Aid in NSW have produced a really useful brochure that explains the way your creditors can pursue you for an unsecured debt . It is called Are You Being Squeezed For Debt? Click here

What is LawAccess NSW? LawAccess NSW is a free government telephone service that provides legal information, referrals and in some cases, advice for people who have a legal problem in NSW.
LawAccess NSW on 1300 888 529, Monday to Friday 9am-5pm.
http://www.lawaccess.nsw.gov.au/

Emergency phone line: Credit and Debt Hotline - 1800 007 007 Financial Counselling information, advice and referral available five days per week to consumer debtors.