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ARTICLE · 22 AUGUST 2023

ASIC's latest debt management enforcement

Sophie Grace Pty Ltd
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Credit licensees should take note of ASIC's focused enforcement action against those engaging in predatory lending activities.

AustraliaFinance and Banking
Alicia Pevely
Alicia Pevely
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Due to concerns about serious consumer harm, ASIC has commenced proceedings against debt management firm Bakken Holdings Pty Ltd t/a Solve My Debt Now. This comes on the back of other enforcement action ASIC has taken against credit licensees for a range of misconduct, including engaging in credit activities without holding the appropriate licence. ASIC has repeatedly warned credit licensees that it will take action against predatory lending, high-cost credit and misconduct impacting consumers experiencing financial difficulty.

The case against Solve My Debt Now centres on the financial harm caused via its debt management services. Solve My Debt Now's business focused on consumers suffering financial hardship, who often had defaulted on credit cards or personal loans.

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