If you were ever to find yourself in a similar circumstance you could declare financial hardship.
Financial hardship is an official way to let your creditors know you need some relief from your debts until you get back on your feet again.
Many banks and financial institutions offer financial hardship to their customers as well as utility companies like phone and internet providers.
Every company has a different policy when it comes to assessing and approving financial hardship for their customers and while some companies can be understanding, others can appear quite harsh.
What is financial hardship?
Successfully claiming financial hardship means different things for different companies. Generally, you will be granted some sort of relief from your debts for a certain period of time. The benefits could include an extended deadline on your late repayment or a period of up to three months where you won't have to pay interest and/or fees.
Am I Eligible?
Simply falling behind with your repayments isn't enough to declare financial hardship. You need to prove your circumstances have temporarily changed and you are unable to make your repayment because of it.
What else can I do?
Your circumstances might have permanently changed and you will no longer be able to pay the debt you originally took on. Or perhaps your bank knocked back your financial hardship application. Don't panic. There are other debt relief strategies you can employ to help get you back on track.
Debtstroyer Agreement
A Debtstroyer Agreement is an informal debt agreement between you and your creditors. It allows the professionals at Debt Rescue to negotiate a payment agreement which is more suitable to your lifestyle. For more information on a Debtstroyer Agreement visit www.debtstroyer.com.au
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