What happens if I miss my repayment or have financial hardship/difficulties?
Your payment will be overdue, and your loan may be in default. Your late repayments may accrue late payment interest as shown in your loan contract. You can bring your account up to date by making a payment of the overdue amount in app.
If you fail to make your repayment, we'll send you reminders to settle the overdue amount. Additionally, we may reach out to you by phone to address the overdue amount. If the repayments remain unpaid despite these efforts, we may take further adverse actions.
Sometimes, unforeseen events occur which may impact your ability to make your repayments to us (also known as financial hardship). If you anticipate missing your next payment or have already missed one, it's crucial to reach out to us as early as possible. By doing so, we can discuss your available options.
As part of our financial hardship process, we'll ask you about your situation to evaluate your circumstances and determine the most suitable way to assist you.
You can also visit the Australian Government's Moneysmart website https://moneysmart.gov.au/managing-debt/urgent-help-with-money for resources, including the free National Debt Helpline.