Financial hardship

Act early

If you think you will miss a repayment, contact your lender before it happens. Missed repayments can be recorded on your credit file, and fees and interest can add up quickly.

Ask your lender for help

Your loan is with the lender, so a hardship request goes to them. Ask for their hardship team. Lenders must consider hardship requests, and may agree to change your repayments for a period, for example by:

• reducing or pausing repayments for a time
• extending the loan term to lower repayments
• switching to interest-only repayments for a short period

Have your loan details and a summary of your income and expenses ready. Ask for any agreement in writing.

How we can help

If we arranged your loan, call Sulav on 0416 066 954. We can explain the process, help you find the right contact at your lender and help you put your request together. We can’t make the decision for the lender.

Free, independent help

• National Debt Helpline: free financial counselling on 1800 007 007 or ndh.org.au
• Moneysmart (ASIC): moneysmart.gov.au

If your lender says no

If your lender refuses your request or you disagree with its decision, you can complain to the lender, then to AFCA. See also our complaints page.

Australian Financial Complaints Authority (AFCA)

Website www.afca.org.au
Email [email protected]
Phone 1800 931 678 (free call)
Mail: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
Our AFCA member number: [AFCA member number]