Last updated: 6 August 2024
If you’re finding it hard to make your consumer credit payments (for example, because of illness, unemployment or changed financial circumstances) your credit provider may be able to help. They may be able to change the terms of your consumer credit contract to allow you to pause or reduce your payments for a period of time.
The process for requesting hardship assistance is contained in the National Credit Code (set out in the National Consumer Credit Protection Act 2009). If your request for hardship assistance is accepted, your credit provider may either:
- With your agreement, offer to set up a financial hardship arrangement with you, or
- Put in place alternative measures which do not constitute a financial hardship arrangement. These include a once-off, short payment extension, a promise to pay, or a forbearance or indulgence.
You will need to contact your credit provider to discuss your options for requesting hardship assistance.
Financial Hardship Arrangements and associated Financial Hardship Information are regulated by the Privacy Act 1988. The Privacy Act provides strict protections and requirements regarding the use and disclosure of Financial Hardship Information. More information is available about financial hardship arrangements and financial hardship information.
For more information about the hardship assistance process, visit Moneysmart.
