What you need to know
- If you are struggling with your repayments, it is important to get help quickly:
- speak to your lender as soon as possible to see if they will change your loan term or reduce your payments for a short time while you get back on your feet
- you can also get budgeting advice from community agencies such as Citizen’s Advice Bureau or The Federation of Family Budgeting Services.
- If something unexpected happens (eg, you get sick or lose your job) and that makes it hard for you to pay your loan, you may be able make a hardship application. If the application is accepted, your lender can change the terms of your loan (eg, extend the term of the loan and reduce the monthly/weekly payments).
- If you fall behind in your payments and you think you need to make a hardship application, you need to get onto it quickly and apply within the allowed timeframe.
- To find out if you qualify to for hardship and to find more information read ‘Problems with your loan’ or the Commission’s hardship fact sheet.