1 00:00:00,280 --> 00:00:03,680 Speaker 1: Justin Botty joins me on the line. Now, Financial Information 2 00:00:03,880 --> 00:00:07,440 Speaker 1: Service Service officer, good morning to you, Justin. 3 00:00:08,119 --> 00:00:09,600 Speaker 2: Good morning. 4 00:00:10,280 --> 00:00:16,800 Speaker 1: I've got you now, thank you. 5 00:00:12,800 --> 00:00:17,560 Speaker 2: Before that's a special congratulations in order that. 6 00:00:20,120 --> 00:00:25,919 Speaker 1: Thank you very much, thank you, thank you very much. 7 00:00:26,000 --> 00:00:29,400 Speaker 1: It feels like everybody in Australia has found this news out. 8 00:00:29,520 --> 00:00:31,080 Speaker 1: I very much appreciate it. 9 00:00:32,080 --> 00:00:33,760 Speaker 2: You work hard for it. Do a film. 10 00:00:33,880 --> 00:00:38,240 Speaker 1: Thank you, Justin. Now let's talk about these center Link debts. 11 00:00:38,280 --> 00:00:40,600 Speaker 1: Talk us through what the situation is at the moment. 12 00:00:41,640 --> 00:00:44,280 Speaker 2: Yeah, But just before I do that, if I don't mind, 13 00:00:44,280 --> 00:00:46,879 Speaker 2: I just want to take a moment to explain for 14 00:00:46,960 --> 00:00:49,800 Speaker 2: your listeners what the Financial Information Service is because they 15 00:00:50,080 --> 00:00:51,760 Speaker 2: may not really have had much to do with it. Yeah. 16 00:00:51,800 --> 00:00:52,040 Speaker 1: Sure. 17 00:00:52,240 --> 00:00:55,240 Speaker 2: So it's a it's a free service that provided buying 18 00:00:55,440 --> 00:01:00,600 Speaker 2: services through center Link, and the goal is really teach 19 00:01:01,240 --> 00:01:06,679 Speaker 2: every day Australians about financial issues, money issues, about how 20 00:01:06,720 --> 00:01:10,760 Speaker 2: their investments might affect their pension eligibility, about age care 21 00:01:10,800 --> 00:01:13,240 Speaker 2: as well. We're experts about all of that. So it's 22 00:01:13,240 --> 00:01:17,920 Speaker 2: just a free and confidential information and education service to 23 00:01:18,040 --> 00:01:21,880 Speaker 2: try and help the everyday Australian make good long term 24 00:01:21,920 --> 00:01:25,360 Speaker 2: investment decisions. To get that the retirement that they are 25 00:01:25,319 --> 00:01:28,960 Speaker 2: after and yeah, lem after that's what we're all about. 26 00:01:29,120 --> 00:01:31,200 Speaker 1: Well, and it sounds like it's a service that is 27 00:01:31,200 --> 00:01:34,040 Speaker 1: well and truly needed for lots of ausies because sometimes 28 00:01:34,040 --> 00:01:36,600 Speaker 1: there are changes that come into play or different things 29 00:01:36,640 --> 00:01:39,479 Speaker 1: that the government announced that even though they're reported by 30 00:01:39,520 --> 00:01:42,399 Speaker 1: the media, some people aren't really aware of how they're 31 00:01:42,400 --> 00:01:43,520 Speaker 1: going to impact them. 32 00:01:44,600 --> 00:01:49,640 Speaker 2: Absolutely, and it's not just that, it's also about understanding 33 00:01:50,360 --> 00:01:52,880 Speaker 2: what is out there in the private sector, Like what 34 00:01:53,360 --> 00:01:55,840 Speaker 2: if you come to a financial information service opper and 35 00:01:55,840 --> 00:01:59,559 Speaker 2: we say PEE because it's much easier than financial information service. 36 00:02:00,240 --> 00:02:02,440 Speaker 2: So if you come and see it's his officer, we 37 00:02:02,480 --> 00:02:05,360 Speaker 2: can help you understand what a financialpreneur is going to 38 00:02:05,400 --> 00:02:08,200 Speaker 2: do with what they're talking about and the language that 39 00:02:08,320 --> 00:02:10,680 Speaker 2: they're using and the products that they're talking about. So 40 00:02:11,240 --> 00:02:15,680 Speaker 2: it's all just helping everybody make those right investent decisions, 41 00:02:15,800 --> 00:02:19,200 Speaker 2: understand what they're probably entitled to, and get the best 42 00:02:19,320 --> 00:02:22,359 Speaker 2: outcomes as they possibly can, all for free and confidential. 43 00:02:22,480 --> 00:02:27,200 Speaker 1: So well, yeah, I reckon it's a good thing for 44 00:02:27,240 --> 00:02:29,960 Speaker 1: plenty of people to do. So at the moment, we 45 00:02:30,040 --> 00:02:32,760 Speaker 1: know that that over the COVID period, a lot of 46 00:02:32,760 --> 00:02:36,239 Speaker 1: the debts that people maybe had with Centerleank were sort 47 00:02:36,240 --> 00:02:38,320 Speaker 1: of held off or delighted, weren't they. 48 00:02:39,480 --> 00:02:42,280 Speaker 2: That's right. So at the beginning of the coronavirus, with 49 00:02:42,600 --> 00:02:44,400 Speaker 2: all of the things that happened, we are it was 50 00:02:44,520 --> 00:02:49,519 Speaker 2: unprecedented to times and of so much financial difficulty for 51 00:02:49,680 --> 00:02:53,040 Speaker 2: so many people. So what the government did would put 52 00:02:53,040 --> 00:02:55,160 Speaker 2: a pause on a lot of the repayments of the 53 00:02:55,200 --> 00:02:58,120 Speaker 2: debts that people were making, and also put a pause 54 00:02:58,240 --> 00:03:01,200 Speaker 2: on raising any debt in debts that might have occurred. 55 00:03:02,000 --> 00:03:05,440 Speaker 2: And that pauses in this April right up now till February, 56 00:03:05,480 --> 00:03:08,320 Speaker 2: so it's in almost a year where we've been giving 57 00:03:08,360 --> 00:03:13,040 Speaker 2: our customers an opportunity to be prepared for this recurred, 58 00:03:13,120 --> 00:03:16,119 Speaker 2: so that for the restart to happen, but also to 59 00:03:16,160 --> 00:03:19,040 Speaker 2: help ease the stresses that they are feelings, getting themselves 60 00:03:19,040 --> 00:03:22,320 Speaker 2: in the better financial position, get there the will a 61 00:03:22,360 --> 00:03:26,400 Speaker 2: little bit better back together, so that they can be 62 00:03:26,720 --> 00:03:30,160 Speaker 2: ready to see their obligations, get the payments there entititude, 63 00:03:30,200 --> 00:03:34,000 Speaker 2: but also you know, start that repayment in a planned 64 00:03:34,360 --> 00:03:38,080 Speaker 2: and structured way with no surprises. It's all cleared up 65 00:03:38,080 --> 00:03:40,200 Speaker 2: front for them to understand what they're ginning themselves, what 66 00:03:40,240 --> 00:03:42,080 Speaker 2: they're doing is are there a lot. 67 00:03:41,960 --> 00:03:45,200 Speaker 1: Of Australians in this situation that are now going to 68 00:03:45,320 --> 00:03:48,280 Speaker 1: have to get back on to that debt repayment. 69 00:03:49,840 --> 00:03:52,600 Speaker 2: Well, what we can say if they're about one point 70 00:03:52,760 --> 00:03:57,520 Speaker 2: three million debts that were paused at the beginning of 71 00:03:57,600 --> 00:04:02,480 Speaker 2: the coronavirus prods again, Unpresident good number. Now, US pause 72 00:04:02,560 --> 00:04:05,960 Speaker 2: and debt is actually something that we will do regularly 73 00:04:06,200 --> 00:04:11,320 Speaker 2: when there's a crisis, like an emergency like a cyclone. Yes, 74 00:04:11,880 --> 00:04:14,440 Speaker 2: people with lawn theratory or our flyers or bush fires 75 00:04:14,440 --> 00:04:17,279 Speaker 2: and that sort of thing. So standards for US lets 76 00:04:17,320 --> 00:04:21,320 Speaker 2: you pause in that particular area. But because coronavirus was 77 00:04:21,360 --> 00:04:24,920 Speaker 2: potentially austral wide, this was a pause that was put 78 00:04:24,960 --> 00:04:28,360 Speaker 2: austral wide. So we know we paused the depth of 79 00:04:28,360 --> 00:04:31,479 Speaker 2: about one point three million customers at that point, and 80 00:04:31,560 --> 00:04:34,280 Speaker 2: we are working with the tougheners for the debts that 81 00:04:34,440 --> 00:04:36,479 Speaker 2: have been they're going to be created now. We're working 82 00:04:36,520 --> 00:04:40,800 Speaker 2: with those customers right now to work out what those 83 00:04:40,839 --> 00:04:43,039 Speaker 2: actual debts and money that needs to be repaid. So 84 00:04:43,080 --> 00:04:45,040 Speaker 2: we're in that process right now, all right. 85 00:04:45,080 --> 00:04:48,479 Speaker 1: And so if people are a bit concerned about this, 86 00:04:48,680 --> 00:04:51,040 Speaker 1: if they still feel like they haven't found their feet, 87 00:04:51,120 --> 00:04:52,920 Speaker 1: what can they do? What's your advice? 88 00:04:53,839 --> 00:04:56,719 Speaker 2: All right? So the first thing is we are sending 89 00:04:56,720 --> 00:05:01,000 Speaker 2: out the letters to people from now in a video sigory. 90 00:05:01,760 --> 00:05:05,680 Speaker 2: Please read that letter because everything that you need to 91 00:05:05,720 --> 00:05:09,560 Speaker 2: know is actually written in that letter. It tells you 92 00:05:09,680 --> 00:05:13,280 Speaker 2: how you can start a repayment arrangement. It can tell 93 00:05:13,320 --> 00:05:17,400 Speaker 2: you that first of all things like you can view 94 00:05:17,440 --> 00:05:20,560 Speaker 2: with us through the money you owe service with my job. 95 00:05:20,600 --> 00:05:23,479 Speaker 2: So for those customers, do you have a my good account, 96 00:05:24,000 --> 00:05:27,120 Speaker 2: you can actually set the repayment arrangement online with the 97 00:05:27,160 --> 00:05:30,400 Speaker 2: money you owe, And it's all in that letter. But 98 00:05:30,440 --> 00:05:33,200 Speaker 2: the first, the biggest message is if you please get 99 00:05:33,240 --> 00:05:36,400 Speaker 2: that debt letter, you are not expected to make that 100 00:05:36,480 --> 00:05:39,200 Speaker 2: payment all of an upfront lump und right at the 101 00:05:39,279 --> 00:05:42,480 Speaker 2: very beginning. You can if you want to, but most 102 00:05:42,480 --> 00:05:45,919 Speaker 2: people won't do that, and they'll put in place a 103 00:05:46,080 --> 00:05:50,080 Speaker 2: series of repayments that they're negotiated with us so that 104 00:05:50,160 --> 00:05:52,920 Speaker 2: it is less of an impact on their financial position 105 00:05:53,000 --> 00:05:57,000 Speaker 2: and something that they are able to better manage ongoing. So, 106 00:05:57,400 --> 00:05:59,800 Speaker 2: if you are a customer that has this debt letter, 107 00:06:00,120 --> 00:06:03,000 Speaker 2: you're worried, are you feeling concerned or you worry that 108 00:06:03,080 --> 00:06:05,120 Speaker 2: you won't be able to make any payment in a 109 00:06:05,200 --> 00:06:09,039 Speaker 2: time frame that they care then please please call us, 110 00:06:09,760 --> 00:06:12,839 Speaker 2: so ring us on your normal payment line and speak 111 00:06:12,880 --> 00:06:16,880 Speaker 2: your customer service officer. There they can explain why you've 112 00:06:16,880 --> 00:06:19,000 Speaker 2: got to get in the first place, what it's all about, 113 00:06:19,440 --> 00:06:22,400 Speaker 2: and they can work through with you a repayment plan 114 00:06:23,000 --> 00:06:25,040 Speaker 2: so that it's not going to have a massive impact 115 00:06:25,120 --> 00:06:28,160 Speaker 2: on your family. But you ask your meeting your obligations, 116 00:06:28,160 --> 00:06:29,200 Speaker 2: you pay that money back. 117 00:06:29,960 --> 00:06:32,640 Speaker 1: Well, I'll tell you what some good advice there justin 118 00:06:32,800 --> 00:06:35,359 Speaker 1: where can people go to if they do want to 119 00:06:35,360 --> 00:06:39,039 Speaker 1: get in contact with Services Australia and get some advice 120 00:06:39,440 --> 00:06:43,280 Speaker 1: from you guys and maybe just need a little bit 121 00:06:43,320 --> 00:06:43,800 Speaker 1: of info. 122 00:06:45,000 --> 00:06:47,800 Speaker 2: Sure, So the first thing I'll say from the financial 123 00:06:47,839 --> 00:06:51,000 Speaker 2: information service perspective, the really important message about that is 124 00:06:51,040 --> 00:06:54,279 Speaker 2: that we are we are an advice service as such. 125 00:06:54,440 --> 00:06:57,120 Speaker 2: So if you want to have a chat with us, yeah, 126 00:06:57,360 --> 00:06:59,680 Speaker 2: absolutely fine, we'd love to speak to you, but you've 127 00:06:59,839 --> 00:07:04,880 Speaker 2: got to if an information only service not an advisory service, right, 128 00:07:05,160 --> 00:07:07,120 Speaker 2: and you can speak to us give us a call 129 00:07:07,320 --> 00:07:11,520 Speaker 2: on one three two three doubles your own, So that 130 00:07:11,600 --> 00:07:15,280 Speaker 2: phone number again is one three two three doubles your own. 131 00:07:15,920 --> 00:07:19,480 Speaker 2: And then it's going to say what the reasons you call, 132 00:07:20,160 --> 00:07:24,880 Speaker 2: say Financial Information Service at that point right, if you 133 00:07:24,960 --> 00:07:27,360 Speaker 2: want to ring up about the debt, then the phone 134 00:07:27,440 --> 00:07:30,320 Speaker 2: numbers that you need will be on your overpayment letter, 135 00:07:30,400 --> 00:07:32,960 Speaker 2: So it's all on that letter for you. The numbers 136 00:07:32,960 --> 00:07:35,040 Speaker 2: that you need to call, you find them on that letter. 137 00:07:36,000 --> 00:07:39,160 Speaker 2: If you're really feeling concerned and if you're really being 138 00:07:39,200 --> 00:07:41,840 Speaker 2: impacted by this and you want to speak to somebody, 139 00:07:42,320 --> 00:07:44,880 Speaker 2: then we also can help through our Social Work service. 140 00:07:44,960 --> 00:07:48,080 Speaker 2: So Services Australia is actually trying to help people all 141 00:07:48,120 --> 00:07:50,560 Speaker 2: the way through in every step of this process, and 142 00:07:50,640 --> 00:07:53,920 Speaker 2: that includes if you're feeling really concerned. So we have 143 00:07:54,000 --> 00:07:56,960 Speaker 2: our Social Work service available for anybody who wants to call. 144 00:07:57,480 --> 00:07:58,760 Speaker 2: And if you want to speak to one of our 145 00:07:58,800 --> 00:08:02,320 Speaker 2: social workers, the phone number is one three to two 146 00:08:03,160 --> 00:08:06,760 Speaker 2: eight five zero. That the number get is one three 147 00:08:06,800 --> 00:08:10,960 Speaker 2: to two eight five zero. And those social works can 148 00:08:11,000 --> 00:08:13,640 Speaker 2: give you a little bit of short to encountering, but 149 00:08:13,680 --> 00:08:16,480 Speaker 2: they can also refer you onto other services that are 150 00:08:16,440 --> 00:08:17,480 Speaker 2: out there in the community. 151 00:08:17,560 --> 00:08:21,640 Speaker 1: That's well, justin I really appreciate your time this morning. 152 00:08:21,720 --> 00:08:24,560 Speaker 1: Thank you so much for coming on and giving our 153 00:08:24,600 --> 00:08:30,160 Speaker 1: listeners a bit more information from from Services Australia. From 154 00:08:30,880 --> 00:08:33,280 Speaker 1: your perspective, and I'm sure that there will be plenty 155 00:08:33,320 --> 00:08:37,480 Speaker 1: of people out there listening who who probably really weren't 156 00:08:37,520 --> 00:08:41,240 Speaker 1: aware that this is happening and do need that further information. 157 00:08:42,320 --> 00:08:44,840 Speaker 2: Well, we've been trying with part of the this is 158 00:08:44,880 --> 00:08:47,719 Speaker 2: things has been about the whole places. So given the 159 00:08:47,800 --> 00:08:49,880 Speaker 2: letters to people, we're going to give them plenty of 160 00:08:49,960 --> 00:08:52,679 Speaker 2: time between getting a letter and the repayment. We're going 161 00:08:52,760 --> 00:08:54,760 Speaker 2: to be sending people remind us of this and that's 162 00:08:54,800 --> 00:08:57,560 Speaker 2: remind us that the date is coming. So it's a lot. 163 00:08:57,920 --> 00:09:01,360 Speaker 2: We're talking a lot with our customers that they're no surprises. 164 00:09:01,800 --> 00:09:03,800 Speaker 2: We want them to be very aware of right up 165 00:09:03,920 --> 00:09:05,640 Speaker 2: underbut what's coming they prepared. 166 00:09:07,040 --> 00:09:09,480 Speaker 1: Good on you, justin we really appreciate your time. We're 167 00:09:09,520 --> 00:09:11,559 Speaker 1: going to have to leave it there. Thank you so much, 168 00:09:13,679 --> 00:09:17,360 Speaker 1: thank you. And that is justin bought there from Services 169 00:09:17,360 --> 00:09:23,319 Speaker 1: Australia Financial Information Service Officer. And and yeah, as I say, well, 170 00:09:23,440 --> 00:09:25,760 Speaker 1: obviously a lot of people have been contacted about those 171 00:09:25,760 --> 00:09:27,880 Speaker 1: center Link debts, but no doubt it will leave a 172 00:09:27,920 --> 00:09:31,640 Speaker 1: few of you feeling pretty stressed and concerned and by 173 00:09:31,679 --> 00:09:35,160 Speaker 1: the sounds of things, Services Australia, they obviously can provide 174 00:09:35,160 --> 00:09:38,000 Speaker 1: that information to you. If you're actually after any information, 175 00:09:38,559 --> 00:09:40,800 Speaker 1: they'll be able to provide it. It's a free service.