Financial Hardship FAQ (Applies to personal loans only) What is hardship?Hardship is when a customer is not able to make their regular loan repayments. This could be for a credit card, personal loan or car loan. This is also known as Financial Difficulty. Are you having difficulty making repayments?We understand that sometimes life events such as illness, unemployment or relationship breakdown can lead to difficulty in making repayments. If this occurs it is important that you contact your funder as soon as possible so we can discuss your circumstances in order to enter into a suitable arrangement.
What happens then?All funders aim is to assist you in your current financial situation as efficiently as possible. To do this they will complete an over-the-phone assessment with you. This assessment should take less than half an hour and requires you to provide us with details of your income and expenses. In certain situations we may request some documents to finalise the assessment, but will explain this to you if this is necessary. Where lenders are able to offer a hardship solution we will:
Tailor this to your personal circumstances;
Assess what you can afford to pay and
Stop collections calls or letters while the hardship agreement is maintained.
Where we are unable to agree to a hardship arrangement we will advise you of this in writing and inform you of your further options in line with our complaint handling process.
Do you want free independent assistance?Financial Counselling is a valuable service that is offered at no cost by community organisations, community legal centres and some government agencies. Find out more information about Financial Counselling. Lenders recognise that each customer’s situation may vary according to their circumstance and that some customers may find it particularly beneficial to speak with a Financial Counsellor.
^ Approved customers only. Terms, conditions, fees and charges apply. Interest rates range depending on a number of factors, including the information you provide us and our assessment of your application. All applications are subject to lending and approval criteria. All applications are subject to lending and approval criteria. Australian Credit Licence 384324