Temporary financial hardship & your credit report
A temporary financial hardship arrangement is an agreement between you and your lender to reduce or defer your regular repayments for a couple of months.
Financial hardship assistance
If you are struggling to make repayments on your credit accounts or have experienced an unexpected change to your circumstances that might impact your ability to make your repayments, contact your lender to discuss hardship assistance as soon as possible.
What is a financial hardship arrangement?
A financial hardship arrangement is an agreement between a customer and their lender to adjust the customer's loan repayment obligations because something has happened which has an impact on their ability to repay. There are two types of financial hardship arrangements that your lender may offer. Both are designed to help you get back on track financially and protect your credit.
Financial hardship variation & your credit report
A variation financial hardship arrangement is an agreement between you and your lender to change the terms of your loan agreement, for example, an extension of the remaining term of the loan to permanently reduce the monthly payments.