Factsheet No. 15: Financial Hardship

What is financial hardship?

Financial hardship is where you are willing but unable to pay your debts when they fall due. This may be due to a number of different reasons such as illness, unemployment or a change in financial circumstances. If you are experiencing financial hardship you should contact your service or loan provider to discuss options for varying your repayments.

This Factsheet will address the following questions:

• What is financial hardship?
• What is the National Credit Code?
• What are the types of hardship variations one can negotiate?
• What are the eligibility requirements for hardship variations?
• What if the creditor says 'no' or does not respond?
• What if the creditor is threatening legal action?

Access the full PDF below for a complete guide on what to do if you are experiencing financial hardship.

This resource is under review following recent changes in the law. It may not be current and accurate.