ASIC sues debt management firm Solve My Debt Now and its director

ASIC is suing debt management firm Solve My Debt Now, alleging that from April 2020 to June 2022, the firm collected $3.6 million from its customers but paid only $1.1 million of this money to creditors. ASIC also alleges that in many cases, the fees Solve My Debt Now charged for its services exceeded the amount the debts were reduced, leaving clients worse off. More from ASIC.