If you are unable to make full or partial payments towards your loans, the first step is preparing a budget to understand the amount of income coming into your household and the expenses that need to be paid. Secondly, call your bank for assistance. You may simply only need to defer a payment as a once off, allowing you to get back on track with repayments at a later date. If you are going to be in a financial hardship situation that you expect to recover from in the short term, contact your bank’s hardship department for a hardship request form. If you feel that events may cause a longer or permanent change in your financial circumstances, let your bank know and book an appointment with a financial counselor at MIDLAS. The ABA’s website, please click here to view,  has step by step guides and information on all aspects of how to deal with the banks if you have financial problems. It is expected that the banks will soon have dedicated hardship information on their website homepages and in their branches.

MIDLAS aims to empower disadvantaged and vulnerable people, which includes Indigenous and culturally diverse individuals, within our community who are experiencing distress by providing them with free services and confidential information, options, referral and support so they can navigate barriers to achieve a better way of life. To make an appointment or find out more information visit our website: www.midlas.org.au or give us a call on 08 9250 2123.

Reference http://www.bankers.asn.au/Media/Media-Releases/Media-Release-2013/Doing-It-Tough-ABA-supports-National-Cyber-Security-Awareness-Week

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