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Katie Woolf spoke with Services Australia Financial Information Service Officer Justin Bott · 360 with Katie Woolf

• 0:00
  Speaker 1: Justin Botty joins me on the line. Now, Financial Information
• 0:03
  Speaker 1: Service Service officer, good morning to you, Justin.
• 0:08
  Speaker 2: Good morning.
• 0:10
  Speaker 1: I've got you now, thank you.
• 0:12
  Speaker 2: Before that's a special congratulations in order that.
• 0:20
  Speaker 1: Thank you very much, thank you, thank you very much.
• 0:26
  Speaker 1: It feels like everybody in Australia has found this news out.
• 0:29
  Speaker 1: I very much appreciate it.
• 0:32
  Speaker 2: You work hard for it. Do a film.
• 0:33
  Speaker 1: Thank you, Justin. Now let's talk about these center Link debts.
• 0:38
  Speaker 1: Talk us through what the situation is at the moment.
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  Speaker 2: Yeah, But just before I do that, if I don't mind,
• 0:44
  Speaker 2: I just want to take a moment to explain for
• 0:46
  Speaker 2: your listeners what the Financial Information Service is because they
• 0:50
  Speaker 2: may not really have had much to do with it. Yeah.
• 0:51
  Speaker 1: Sure.
• 0:52
  Speaker 2: So it's a it's a free service that provided buying
• 0:55
  Speaker 2: services through center Link, and the goal is really teach
• 1:01
  Speaker 2: every day Australians about financial issues, money issues, about how
• 1:06
  Speaker 2: their investments might affect their pension eligibility, about age care
• 1:10
  Speaker 2: as well. We're experts about all of that. So it's
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  Speaker 2: just a free and confidential information and education service to
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  Speaker 2: try and help the everyday Australian make good long term
• 1:21
  Speaker 2: investment decisions. To get that the retirement that they are
• 1:25
  Speaker 2: after and yeah, lem after that's what we're all about.
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  Speaker 1: Well, and it sounds like it's a service that is
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  Speaker 1: well and truly needed for lots of ausies because sometimes
• 1:34
  Speaker 1: there are changes that come into play or different things
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  Speaker 1: that the government announced that even though they're reported by
• 1:39
  Speaker 1: the media, some people aren't really aware of how they're
• 1:42
  Speaker 1: going to impact them.
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  Speaker 2: Absolutely, and it's not just that, it's also about understanding
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  Speaker 2: what is out there in the private sector, Like what
• 1:53
  Speaker 2: if you come to a financial information service opper and
• 1:55
  Speaker 2: we say PEE because it's much easier than financial information service.
• 2:00
  Speaker 2: So if you come and see it's his officer, we
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  Speaker 2: can help you understand what a financialpreneur is going to
• 2:05
  Speaker 2: do with what they're talking about and the language that
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  Speaker 2: they're using and the products that they're talking about. So
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  Speaker 2: it's all just helping everybody make those right investent decisions,
• 2:15
  Speaker 2: understand what they're probably entitled to, and get the best
• 2:19
  Speaker 2: outcomes as they possibly can, all for free and confidential.
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  Speaker 1: So well, yeah, I reckon it's a good thing for
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  Speaker 1: plenty of people to do. So at the moment, we
• 2:30
  Speaker 1: know that that over the COVID period, a lot of
• 2:32
  Speaker 1: the debts that people maybe had with Centerleank were sort
• 2:36
  Speaker 1: of held off or delighted, weren't they.
• 2:39
  Speaker 2: That's right. So at the beginning of the coronavirus, with
• 2:42
  Speaker 2: all of the things that happened, we are it was
• 2:44
  Speaker 2: unprecedented to times and of so much financial difficulty for
• 2:49
  Speaker 2: so many people. So what the government did would put
• 2:53
  Speaker 2: a pause on a lot of the repayments of the
• 2:55
  Speaker 2: debts that people were making, and also put a pause
• 2:58
  Speaker 2: on raising any debt in debts that might have occurred.
• 3:02
  Speaker 2: And that pauses in this April right up now till February,
• 3:05
  Speaker 2: so it's in almost a year where we've been giving
• 3:08
  Speaker 2: our customers an opportunity to be prepared for this recurred,
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  Speaker 2: so that for the restart to happen, but also to
• 3:16
  Speaker 2: help ease the stresses that they are feelings, getting themselves
• 3:19
  Speaker 2: in the better financial position, get there the will a
• 3:22
  Speaker 2: little bit better back together, so that they can be
• 3:26
  Speaker 2: ready to see their obligations, get the payments there entititude,
• 3:30
  Speaker 2: but also you know, start that repayment in a planned
• 3:34
  Speaker 2: and structured way with no surprises. It's all cleared up
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  Speaker 2: front for them to understand what they're ginning themselves, what
• 3:40
  Speaker 2: they're doing is are there a lot.
• 3:41
  Speaker 1: Of Australians in this situation that are now going to
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  Speaker 1: have to get back on to that debt repayment.
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  Speaker 2: Well, what we can say if they're about one point
• 3:52
  Speaker 2: three million debts that were paused at the beginning of
• 3:57
  Speaker 2: the coronavirus prods again, Unpresident good number. Now, US pause
• 4:02
  Speaker 2: and debt is actually something that we will do regularly
• 4:06
  Speaker 2: when there's a crisis, like an emergency like a cyclone. Yes,
• 4:11
  Speaker 2: people with lawn theratory or our flyers or bush fires
• 4:14
  Speaker 2: and that sort of thing. So standards for US lets
• 4:17
  Speaker 2: you pause in that particular area. But because coronavirus was
• 4:21
  Speaker 2: potentially austral wide, this was a pause that was put
• 4:24
  Speaker 2: austral wide. So we know we paused the depth of
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  Speaker 2: about one point three million customers at that point, and
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  Speaker 2: we are working with the tougheners for the debts that
• 4:34
  Speaker 2: have been they're going to be created now. We're working
• 4:36
  Speaker 2: with those customers right now to work out what those
• 4:40
  Speaker 2: actual debts and money that needs to be repaid. So
• 4:43
  Speaker 2: we're in that process right now, all right.
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  Speaker 1: And so if people are a bit concerned about this,
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  Speaker 1: if they still feel like they haven't found their feet,
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  Speaker 1: what can they do? What's your advice?
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  Speaker 2: All right? So the first thing is we are sending
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  Speaker 2: out the letters to people from now in a video sigory.
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  Speaker 2: Please read that letter because everything that you need to
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  Speaker 2: know is actually written in that letter. It tells you
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  Speaker 2: how you can start a repayment arrangement. It can tell
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  Speaker 2: you that first of all things like you can view
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  Speaker 2: with us through the money you owe service with my job.
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  Speaker 2: So for those customers, do you have a my good account,
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  Speaker 2: you can actually set the repayment arrangement online with the
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  Speaker 2: money you owe, And it's all in that letter. But
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  Speaker 2: the first, the biggest message is if you please get
• 5:33
  Speaker 2: that debt letter, you are not expected to make that
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  Speaker 2: payment all of an upfront lump und right at the
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  Speaker 2: very beginning. You can if you want to, but most
• 5:42
  Speaker 2: people won't do that, and they'll put in place a
• 5:46
  Speaker 2: series of repayments that they're negotiated with us so that
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  Speaker 2: it is less of an impact on their financial position
• 5:53
  Speaker 2: and something that they are able to better manage ongoing. So,
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  Speaker 2: if you are a customer that has this debt letter,
• 6:00
  Speaker 2: you're worried, are you feeling concerned or you worry that
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  Speaker 2: you won't be able to make any payment in a
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  Speaker 2: time frame that they care then please please call us,
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  Speaker 2: so ring us on your normal payment line and speak
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  Speaker 2: your customer service officer. There they can explain why you've
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  Speaker 2: got to get in the first place, what it's all about,
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  Speaker 2: and they can work through with you a repayment plan
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  Speaker 2: so that it's not going to have a massive impact
• 6:25
  Speaker 2: on your family. But you ask your meeting your obligations,
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  Speaker 2: you pay that money back.
• 6:29
  Speaker 1: Well, I'll tell you what some good advice there justin
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  Speaker 1: where can people go to if they do want to
• 6:35
  Speaker 1: get in contact with Services Australia and get some advice
• 6:39
  Speaker 1: from you guys and maybe just need a little bit
• 6:43
  Speaker 1: of info.
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  Speaker 2: Sure, So the first thing I'll say from the financial
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  Speaker 2: information service perspective, the really important message about that is
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  Speaker 2: that we are we are an advice service as such.
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  Speaker 2: So if you want to have a chat with us, yeah,
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  Speaker 2: absolutely fine, we'd love to speak to you, but you've
• 6:59
  Speaker 2: got to if an information only service not an advisory service, right,
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  Speaker 2: and you can speak to us give us a call
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  Speaker 2: on one three two three doubles your own, So that
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  Speaker 2: phone number again is one three two three doubles your own.
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  Speaker 2: And then it's going to say what the reasons you call,
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  Speaker 2: say Financial Information Service at that point right, if you
• 7:24
  Speaker 2: want to ring up about the debt, then the phone
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  Speaker 2: numbers that you need will be on your overpayment letter,
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  Speaker 2: So it's all on that letter for you. The numbers
• 7:32
  Speaker 2: that you need to call, you find them on that letter.
• 7:36
  Speaker 2: If you're really feeling concerned and if you're really being
• 7:39
  Speaker 2: impacted by this and you want to speak to somebody,
• 7:42
  Speaker 2: then we also can help through our Social Work service.
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  Speaker 2: So Services Australia is actually trying to help people all
• 7:48
  Speaker 2: the way through in every step of this process, and
• 7:50
  Speaker 2: that includes if you're feeling really concerned. So we have
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  Speaker 2: our Social Work service available for anybody who wants to call.
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  Speaker 2: And if you want to speak to one of our
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  Speaker 2: social workers, the phone number is one three to two
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  Speaker 2: eight five zero. That the number get is one three
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  Speaker 2: to two eight five zero. And those social works can
• 8:11
  Speaker 2: give you a little bit of short to encountering, but
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  Speaker 2: they can also refer you onto other services that are
• 8:16
  Speaker 2: out there in the community.
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  Speaker 1: That's well, justin I really appreciate your time this morning.
• 8:21
  Speaker 1: Thank you so much for coming on and giving our
• 8:24
  Speaker 1: listeners a bit more information from from Services Australia. From
• 8:30
  Speaker 1: your perspective, and I'm sure that there will be plenty
• 8:33
  Speaker 1: of people out there listening who who probably really weren't
• 8:37
  Speaker 1: aware that this is happening and do need that further information.
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  Speaker 2: Well, we've been trying with part of the this is
• 8:44
  Speaker 2: things has been about the whole places. So given the
• 8:47
  Speaker 2: letters to people, we're going to give them plenty of
• 8:49
  Speaker 2: time between getting a letter and the repayment. We're going
• 8:52
  Speaker 2: to be sending people remind us of this and that's
• 8:54
  Speaker 2: remind us that the date is coming. So it's a lot.
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  Speaker 2: We're talking a lot with our customers that they're no surprises.
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  Speaker 2: We want them to be very aware of right up
• 9:03
  Speaker 2: underbut what's coming they prepared.
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  Speaker 1: Good on you, justin we really appreciate your time. We're
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  Speaker 1: going to have to leave it there. Thank you so much,
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  Speaker 1: thank you. And that is justin bought there from Services
• 9:17
  Speaker 1: Australia Financial Information Service Officer. And and yeah, as I say, well,
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  Speaker 1: obviously a lot of people have been contacted about those
• 9:25
  Speaker 1: center Link debts, but no doubt it will leave a
• 9:27
  Speaker 1: few of you feeling pretty stressed and concerned and by
• 9:31
  Speaker 1: the sounds of things, Services Australia, they obviously can provide
• 9:35
  Speaker 1: that information to you. If you're actually after any information,
• 9:38
  Speaker 1: they'll be able to provide it. It's a free service.