Falling behind on credit obligations (which is also referred to as experiencing ‘financial difficulty’ or ‘financial hardship’) is not uncommon. It can happen for many reasons and people on both low incomes and high incomes can experience either short term or long term financial difficulty. For most people this is a source of worry and we understand that it is sometimes difficult to know where to start.
The best way to start is to take control by contacting your creditors directly. Credit Corp’s flexible and understanding approach will help you resolve your account. We have worked with hundreds and thousands of customers through affordable repayment arrangements. We are confident that we will be able to agree a suitable repayment plan with you.
Get in touch through any channel you’ll feel most comfortable with via our Contact Us page and we’ll work with you to find an appropriate and affordable solution designed for your circumstances.
If you feel that you might need some independent assistance, Financial Counsellors provide free information, support and advocacy to people in financial difficulty. Free call 1800 007 007 to speak to a Financial Counsellor.
If you are experiencing financial difficulty you may be eligible for hardship assistance.
To get started, we will need an understanding of your current financial situation.
You should be prepared to provide the following information:
- Your current after tax income and payment frequency
- Accommodation expenses (i.e. rent, mortgage, board: living at home, with family or friends)
- Other credit accounts (credit cards, personal loans, amount outstanding and repayment terms)
- Other living costs (gas, electricity, phone bills etc.)
- Dependents (do you have children or dependent family members?)
We will use this information to help agree an affordable repayment plan with you.
As a consumer of credit in Australia you have rights and responsibilities. To find out more about how to manage your money, dealing with debt, borrowing money and other financial guidance visit ASIC’s Moneysmart website.
Customer Experience function
Credit Corp recognises the important role Financial Counsellors have in dealing with customers experiencing financial difficulty. For a number of years we have had a dedicated function which supports the work of Financial Counsellors and Consumer Advocacy Groups.
Credit Corp’s Customer Experience function can assist with resolving your clients’ long term financial difficulty enquiries and collaborate with you on achieving a mutually satisfactory outcome.
Contact Laura Pringle, Credit Corp’s Customer Experience Manager:
Email Laura or contact Laura by calling 02 8651 5562.
The Customer Experience Manager is also responsible for assessing requests for waiver due to long term and unrecoverable financial hardship. Below is our guideline for cases where you, as a financial counsellor, feel that an account waiver is the only option.
If you are an accredited Financial Counsellor who has a client that:
- is a long-term Centrelink recipient (aged pension, carer’s pension, disability support pension);
- has no assets (including property);
- has no likelihood of obtaining paid employment in the future; and
- is unable to make any repayment towards the debt,
please send us a summary along with a debt waiver request, on your agency letterhead, detailing your client’s particular circumstances and attach a copy of the client’s Centrelink income statement, both front and back. We will assess your request and respond with a decision as soon as possible.
If you have a client whose circumstances don’t fit the above criteria, we will consider the request; but ask that you include as much information as possible to support your request. We may need additional information in order to assess the request (including a more detailed list of the client’s assets and liabilities).
For details on how to get in touch with our internal or external dispute resolution page, please visit our Feedback page.