What to do if you suffer an unforeseen hardship

If you are unable reasonably to keep up with your repayments due to illness, injury, loss of employment, end of a relationship or other reasonable cause you may be able to apply to the creditor for a hardship variation.

To apply for a hardship variation, you need to:

  • Send us an application in writing.  We cannot process verbal applications; and
  • Explain your reasons(s) for the application eg what in your situation has changed since the time you took the loan; and
  • Request one of the following:
    • an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or
    • postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or
    • both of the above; and

Do this as soon as possible. If you leave it too long, the lender may not have to consider your application.  Please note also that you may not make an application if when you entered the Loan Contract, the illness, injury, loss of employment, end of relationship or other reasonable cause was reasonably foreseeable to you.  For example if you signed the Loan Contract after your employer told you that you were likely to be made redundant, it would be reasonably foreseeable that you might lose your job.