Businesses sometimes need the help of business debt services that can help them manage their debt. On the Australian Bankers Association website is a bank-friendly warning from ASIC, the so-called corporate regulator, about what they call “Debt management firms” who help borrowers manage their debts. Most business owners don’t have debt management skills and banks take advantage of that. “AFCA and consumer groups continue to raise concerns with ASIC about the conduct of debt-management firms and the potential harms these entities may cause consumers, including that they may provide unsuitable services and engage in predatory conduct” – ASIC.

What services are "Suitable"?

The “unsuitable” services that business debt consultants might provide in the ABA's eyes may be to: get the banks write off debt caused by predatory dishonest lending practices, ensure banks share the suffering from deliberately trapping businessowners in unaffordable debt-traps, make the banks give businesses a repayment holiday when the seasons or economy worsen help the businesses increase their profits with cheaper loans, to clear their debt earlier.

The  big bank protection racket

Government regulators protect bank malpractices. Rarely or never do bank directors who sit like mafia dons, at the top of the tree, directing dishonest and predatory bank practices get penalised or gaoled. Banks have the opposite priority to borrowers. What makes the bank richer, makes the business poorer. Government too has the opposite priority to small business borrowers. It seeks an expanding economy where money moves around and around to primarily end up creating jobs then in the government coffers through taxes. Businesses borrow then spend the money running the operation with the suppliers, staff, accountants, lawyers, marketing consultants etc who in turn spend the money again and so on and so forth. Business borrowers however lose profits through interest they pay. But they still need to earn enough profit, or surplus cash, to repay their loans. Otherwise they have “forever” debt and end up working for the bank and the government. Business debt consultants show business owners how to retain as much of the money that comes in, as they can, to clear debt early and really enjoy the business life instead of slaving 24/7.

Consultants are not counsellors

  Counsellors counsel and listen to their clients, helping the clients develop their own solutions. Business debt consultants come up with a variety of solutions and offer those for the client to chose. They help the client implement those solutions which invariably includes some heavy negotiations with the bankers. AFCA, ASIC, ACCC and the Bankers Association work against business debt consultants obtaining fairer loans for businesses, investigating inappropriate bank practices and generally helping business borrowers who have been lied to, misled, cheated, defrauded or robbed by the bank. As business debt consultants for many decades, with their own   family business and professional accounting experience serving businesses all over Australia, the GBAC consultants don’t apologies for making billionaire banks write off dishonestly obtained debt. This helps small to medium sized business families struggling with  price increases, staff shortages and government policies.