This will depend on your personal circumstances and financial situation, and may include:
- Tailoring a payment arrangement;
- Deferring or reducing loan payments for a defined period of time;
- Extending the loan term;
- Capitalising loan arrears;
- Product conversion;
- Debt consolidation;
- Interest only period.
It is important to contact us early so that we can discuss your situation and provide the best options available to you.
If you think you are, or will be, unable to meet your debt obligations please contact us as soon as possible.
Depending on your situation we may be able to provide assistance quickly and efficiently over the phone.
Alternatively we may require further information and documentation to help us understand your financial position and determine whether assistance is appropriate, such as:
- A statement of financial position to be completed summarising your current income, expenditure, assets and liabilities;
- An employment contract and/or payslips;
- Your account statements;
- Centrelink statement and/or social security payment details;
- A medical certificate from a qualified medical practitioner;
- An employment separation statement;
- A contract of sale/ sales agency agreement;
- Other documents which support your request.
Once you have provided us with all the requested information necessary to review your financial situation, we will provide you with a decision within 21 days.
Assessing your application
Our dedicated team will contact you. When assessing your request they will take into account factors including:
- The reason for financial difficulty;
- Your current financial position;
- Your ability to meet the commitments under the proposed arrangement and future repayments under the contract;
- The ability to rehabilitate your circumstances (based on whether the financial difficulty assistance will offer genuine relief to restore your financial situation).
Letting you know
We will tell you in writing if we can assist you, the reason for our decision to provide assistance and the main details of the proposed new arrangements
You’ll need to ensure that you meet the terms of the new arrangement.
If you are subsequently unable to meet these terms, you should contact us as soon as possible to discuss your situation.
Will my credit report be impacted?
If your hardship assistance application is approved, a record will be displayed as Financial Hardship Information and your Repayment History Information will reflect whether repayments are made, or not, against the agreed financial hardship arrangement. Once your financial hardship arrangement concludes, we will resume reporting your repayment history information against your contractual repayment obligations.
To learn more about financial hardship assistance visit the CreditSmart website.
If your application is declined
There may be a number of reasons why we decide not to provide financial difficulty assistance. If this is the case the reason for the decision will be explained to you in writing. We’ll also seek to discuss the next steps we will take and other available options with you.
Not satisfied with the outcome?
Please contact our team who will promptly investigate your complaint and notify you the outcome.