Our Financial Hardship procedures
We understand that personal financial circumstances can change. Borrowers having difficulty making repayments are encouraged to contact us directly as early as possible by lodging an online hardship notice.
If you are unable to make an online notification, please contact our customer services team.
- Phone: 1300 048 156
- Email: [email protected]
Financial Counsellors
You or a person authorised by you may provide us with notice. Where you appoint an agent (such as a financial counsellor) we will require written evidence of your authority to provide them with information about your loan and to disclose your personal information to them.
Next steps
Where possible, we will provide you with some immediate relief for a limited period of time. During this period, we will review your circumstances before reaching a decision.
We may ask you to provide us with documentation to verify the change to your circumstances. We will only do so when we believe it is absolutely necessary.
We will advise you of our decision no later than 21 days if no further information is required.
If we provide you with immediate relief for a limited period of time, your existing repayments will resume once that period elapses.
Financial Hardship
If your personal financial circumstances have changed and you are unable to meet your loan repayments, you can notify us by lodging a hardship notice.
MoneySpot will:
- Give your submitted financial hardship assistance application proper consideration
- Provide immediate relief whenever possible
- Assess your situation and application for relief in good faith and keep you informed of progress
- Reach a final decision as soon as practicable and no later than 21 days after all documentation has been provided
- Contact you before any period of relief elapses
Your commitment to us
So that we can fully assess your financial circumstances and consider appropriate responses, you must:
- Provide us with reasonable reason(s) for the cause of your financial hardship
- Co-operate with us and respond to reasonable requests we make to you for further information and/or documentation
Please consider
Suspending or reducing your loan repayments will extend the term of your loan and will potentially increase the total cost of the loan.
We encourage Borrowers to continue to make repayments whilst your application is under assessment.
Borrowers are encouraged to consider all available options before deferring loan repayments.
Nominating an agent to apply or act on your behalf
If you'd prefer that we work with a third party in relation to your application, such as a financial counsellor or family member, they can make this application on your behalf.
In these circumstances, we will need your written authority to discuss your loan with them.
After you've applied
We may contact you (or your nominated agent) to discuss your application, and we may need to request additional information.
We will provide a response to your application by email within 21 days. This response will include details of how we can provide assistance, or if we are unable to vary your loan contract we will provide an explanation of the reasons for this. We may also provide a notice requesting further information from you.