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Fox Symes claim to relieve people of debts for a hefty, non-refundable application fee; and placing trust in the 'Fox' might sink the unsuspecting souls in more debts than ever before.

Fox Symes primary mode of debt relief is called a Part IX Debt Agreement, where a repayment plan is proposed to the total debts held by the applicant, relative to the applicants disposable income; and finally this proposal is put to a vote among the creditors.

An ex-client (name undisclosed) of Fox Symes, said in an interview that he was mislead into believing that the application fees he was paying to Fox Symes, before the proposal was put to vote, was infact the Part IX Debt Agreement repayments.

"They made me feel as if I was repaying my debts off. I was under the impression that a part of the application fee will be taken out of every repayment, since the forms show that the application fee is added to my total debt," he said.

What Fox Symes don't tell the desperate applicants is that, there is a good chance for the blood thirsty creditors to vote down the proposal, since the applicants disposable income may not suffice the creditors desired rates.

"I was pretty devastated when I received a letter from Fox Symes stating that the proposal was voted down, and that they will not draw a new proposal," he said.

By the time the proposal is vetoed, and the true nature of Fox Symes is revealed, the poor applicant will be a $ 1500 shorter from the non-refundable application fee charged by Fox Symes.

The applicant would realize that the caring Fox Symes agent, who handled the case prior to the voting process, is no longer in charge; and the newly assigned agent is more like that chap who breaks the bad news to the relatives of a dead patient in a hospital.

"The agent who was in charge of my case, the one that pretended to act on my best interest, would no longer answer my calls.

"The new agent to deal with me sounded so cold and uncaring, as if he has done this (telling clients that Fox Symes can no longer help them and the money is non-refundable) many times before," he said.

And if the disgruntled debtor, who by now is hung out to dry in a sea of junk debt buyers; tries to reason with Fox Symes, they have the perfect line of defense.

In a desperate bid to be free from debts, the applicants have put too much faith in Fox Symes, and have signed forms, without reading them thoroughly.

"They were pretty much telling me that I was being ignorant, and because I was desperate to clear my debts, I signed into a scam," he said.

For those who are in desperate need of advice related to debt, it is highly recommended to seek the services of a local financial counselor before seeking refuge with debt relief agents.

"I should have seeked help from a financial counselor. Had I done that, I would have learned enough to allow my old debts become statute barred," he said.

Monetary Loss: $1500.

Location: Melbourne, Victoria

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Guest

Big scammers, I got approve my debt was only 23000. However by the time I added all the fees and charges my debt total to 36000.

Bunch of *** bags. There should be a law for this of I am the same I did not read everything as the contract is about 50 pages.

Guest

I have made contact with ACCC today and will be taking this further DO NOT GET INVOLVED WITH THESE BASTARDS FOX SYMES they charge you a $10,000 admin fee but do not tell you until its too late they have already been busted once by ACCC

ACCC alleges unconscionable conduct by debt administrator

15 April 2004

The Australian Competition and Consumer Commission has instituted proceedings in the Federal Court, Adelaide, against Fox Symes & Associates Pty Ltd, its directors Mr Tim Maher and Ms Deborah Southon, and also a related company, Debt Relief Services Pty Ltd, alleging misleading and deceptive conduct and also unconscionable conduct.

The ACCC alleges that during 2000-****, Sydney-based Fox Symes extensively advertised its services across Australia as a debt relief administrator, particularly with respect to debt agreements under Part IX of the Bankruptcy Act 1966.

The ACCC alleges breaches of section 52 of the Trade Practices Act 1974, through Fox Symes making false or misleading representations when advertising and counselling clients that: •their services would release clients from debt and that it was not bankruptcy •all of their consultants were professional debt management consultants •client's credit ratings would not be adversely affected •creditors would be repaid in full, when, in fact, Debt Relief Services Pty Ltd, an undisclosed related company, received part of the repayment sum •debts would be frozen immediately and •interest would not accrue. The ACCC further alleges that the two companies engaged in unconscionable conduct because they were aware that their customers were likely to be financially or socially vulnerable but nonetheless they knowingly engaged in conduct which exploited that vulnerability.

The ACCC is seeking remedies against the respondents that include: •declarations that they engaged in misleading and deceptive conduct and false representations •declarations that they engaged in unconscionable conduct •injunctions, orders for remedial action, refunds, community service, and costs.

A directions hearing is listed for 4 May 2004 in the Federal Court, Adelaide. Release number: MR 061/04

Guest

Fox symes are pack of *** keep clear bunch of crims

Guest

Bring me a box of tissues for all these whinging and whining battlers. Better still, how about a violin for all their pathetic stories.

One common theme, it wasn't my fault, I got ripped off, they took me for a ride, they didn't make disclosure, I was vulnerable and they took advantage of me. Wake up to yourselves and take responsibility for your actions. Even your own families wouldn't lend you a cent because your risk profiles are so pathetic. Of course, you complied with all the requirements like making payments on time etc.

Banks and lenders are in the business of ripping good clients off and repossessing their properties for no good reason. Wake up, obviously if you don't pay you don't stay. Nobody owes you a living or a roof over your head you lazy bludger.

Isn't it time you applied for another govt handout. People like you have ruined this country.

Guest
reply icon Replying to comment of Guest-844046

It was my own fault i got into this debt. After partner leaving me with a newborn and a mortgage, as well as other debts, i couldnt keep up.

My priority was paying mortgage and nothing else.

I entered into a DA. All the fine print was explained.

Yes their fees were high and with the reduced debt paying to creditors, the fees made up the rest HOWEVER.

Whether it was to fox symes or the banks i owed money to, i owed that much anyway, freezing interest on what i owed also saved me thousands. Therefore people are looking at the negative in fox symes without realising they have actually taught some of us a lesson albeit the hard was but getting life on track, living within means and not avoiding phone calls or letters in the mail.

You made the debt so i disagree with anyone complaining about paying fees etc to a business to assist with dealing with this legally and doing all the paperwork etc for you

Guest

I used Fox Symnes to refinance my home loan - Worst mistake ever! They are friendly and helpful at first (to suck you in) but after that so awful to deal with.

And if you miss one payment due to illness - Watch out. I nearly lost my home because of these people. I eventually took them to the Finanical Ombudsman and won. Whatever you do, do not go to Fox Symnes.

Work out a solution with your current home loan provider. STAY AWAY.

Guest

Some comments I find here are ridiculous...with any business there are good, avg and bad experiences. Saying that foxsymes is a scam or that the rip people of is bogus. If you had bad service fair enough but some of the posts here are bs.

I used foxsymes and they helped me and my family save thousands in interest and did frankly what they said they would do. People that say they scamed them must have had a very different experience than we had.

Their website clearly provides heaps of details on debt agreements and then as you go through the process they provide frequently asked questions and other materials which outline how it works and what to expect. Lastly, I called around before going with them and all other companies provide similar fees if not more. I choose them as they were not pushy and very informative.

For those considering this type of debt consolidation, do shop around but dont let a few ridiculous comments deter you. I found this service great and it was a life saver for us.

Guest
reply icon Replying to comment of Guest-645309

I totally agree with you, I signed a contract with them over 12 months ago and have never looked back!

Guest

Our situation is very similar to other negative ones here. We were fine paying every week until our financial situation became challenged.

Even though FS allowed a temporary reduction, we would still have to pay the balance before the end of the 5 year agreement. Things got worse for us and one lady seemed to genuinely try and help me re-do the budget. MEANTIME, hubbie gets a call putting pressure on him to make good or else. A few days later we were told the agreement had been terminated - we were hung out to dry.

An email came our way (which obviously was not meant to) with a 'recommendation' from the FS credit department to one of our creditors advising to terminate. Incidently that was AFTER FS got their full administration fee of around $11k. As long as they get their dosh, everyone else can take a running leap and we get left to start all over again and have a ruined credit rating.

My advice - talk to your creditors and NEGOTIATE without a middle man scam like Fox Symes. Big regrets :(

Guest

I was lucky I had a customer service rep who explained the ENTIRE process of the Part IX agreement, including the fact that the money you pay upfront is an application fee only and is no guarantee that your proposal to your creditors will be accepted. A COMPLETE RISK.

I took that risk, and if it hadn't been for the one phone conversation with the customer service rep, I would hate to think where my family and I would be today.

They saved us, and I can't recommend them enough.

Unfortunately it seems to depend on that one person you deal with and what questions you ask.

Guest

:sigh IN IT FOR THE MONEY. ITS A BUSINESS.

PREY ON YOUR INSECURITY THEN YOUR TRAPPED. GOOD SALES PEOPLE.

DONT BE A MUG. HELP YOURSELF FIND THE SOLUTION.

Guest

Fox symes quite frankly saved my life, I self like I had list everything and fox symes helped me rebuild . Not only my finances but my faith in the human race.

My cm was a wonderful kind very helpful man called grant at times I called upset and was spoken to by Mr grant and I always felt bettw r he never talked down to me just allowed me to chat until it was resolved. So I say thank you fox symes send my case manager for my life .

Guest

Fox symes quite frankly saved my life, I self like I had list everything and fox symes helped me rebuild . Not only my finances but my faith in the human race.

My cm was a wonderful kind very helpful man called grant at times I called upset and was spoken to by Mr grant and I always felt bettw r he never talked down to me just allowed me to chat until it was resolved. So I say thank you fox symes send my case manager for my life .

Guest

Fox Sykes jumps on n says we alleviate stress but they never explain the poor guys story before hand on y he was classed as bankrupt by fox Sykes when he didn't pay for a service the hadn't done then wanted his hard earned cash. Wtf il personally be reporting them to a current affair

Guest

Without Fox Symes we would have been stuffed. Sorry to hear about these situations, but they were great for us.

They explained everything clearly over and over and asked us to explain it back to them to make sure we understood everything clearly. We were made aware that the creditors had to vote to approve the agreement and although the Fox representative said she was 90% certain they would approve it, we still worried about what would happen if they didn't, but like many here we had no other choice but to try it.

Luckily for us it was approved and we signed the IX debt agreement and it has saved our house and cars from being repossessed and we are able to pay our numerous maxed out credit cards and other debts at a reasonable fortnightly rate. Looking forward to 2 years time when we are 'debt free'.

Guest
reply icon Replying to comment of Guest-430733

Yeah I'm sorry but I found them wonderful to deal with. I'm two months away from debt free and my own bank is happy to lend me money for a house this year. I think the people complaining are the ones that didn't honor the agreement.

Guest

i contacted fox symes to enter a partIX DA, as previously stated the person handling my case all of a sudden stopped contact with me. i had a change of heart before entering the DA and they tried saying i still needed to pay the application fee but i was like 'why you havent done anything for me?'.

but i had signed some forms.

we came to an agreement and i paid an exit fee of $400 and thought is was all good. 2 years later ive applied for finance and turns out it was all lodged i am bankrupt with no knowledge of it.

Guest

I had another expereince with Fox Symes where due to an issue on my husbands credit report due to a ex employer we are Fox Symes to help us with our home loan and consolodate it all. the Team was great and really assisted us but now having that homeloan I have only faced rudeness from the staff and feel like I have been treated like an *** when I ring up and ask questions. I could not recomend them now

Guest

I just read your article and sorry you had a bad time, i went through Fox Symes and had good success, every thing was explaind and was made sure i understood every detail before signing and the relief for me is instead of paying monthly insatllments off credit cards that i would not be able to pay in 5 lifetimes i can now be free from debt in 5 years.

Guest

At Fox Symes we take all complaints very seriously. Our business is built on the foundation of helping financially distressed Australians and to work with them to alleviate their distress not exacerbate it.

We disclose product benefits and limitations on our website and provide this information to clients in writing.

Further, our staff members are trained to go explain all product information in detail. If you have had a negative experience we would strongly urge you to contact our complaints department where we can work together in resolving issues.

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