Financial Hardship

A situation where you cannot meet loan repayments because of circumstances such as job loss, illness, relationship breakdown or a drop in business income. Australian credit law gives you the right to ask your lender to vary the contract, and lenders must consider the request and respond in writing. Arrangements can include a repayment pause, reduced repayments or an extended term. Asking early, before arrears build, gives you the widest set of options.