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If your bills or loan repayments are getting out of control, talk to someone who can help you understand your options. Taking action straight away can stop a small problem becoming a big one. Here are some practical steps you can take to get your finances back on track.
If you are finding it hard to keep up with bills or loan repayments, the first step is to contact your lender or service provider. Many companies have hardship officers who can assess your situation and work out what help is available.
Hardship options can include setting up a payment plan or temporarily altering your loan repayments.
Ask for financial hardship assistance if you're struggling to pay:
The Financial Rights Legal Centre sample letter generator can help you create a letter to apply for financial hardship assistance. Keep a copy of the letter for your records.
If you decide to speak to someone by phone, keep notes on what you discussed.
You might be asked to provide information when you apply for financial hardship assistance. Be prepared to show:
When negotiating a payment plan, don't agree to an amount that is too high for you to pay. If you're not sure how much you can afford, use the budget planner.
It is in your best interest to keep paying what you can. You will keep chipping away at your debt, making it easier to resume normal payments when you can.
If you find you can't stick to the new arrangement, tell your lender or service provider straight away. Keep paying as much as you can afford, even if it is not as much as you agreed to.
If you have multiple debts to juggle, or would like help applying for financial hardship, contact a financial counsellor. Call the National Debt Helpline on 1800 007 007 to talk to a free financial counsellor.
Your bank will have a range of options to help you. Contact your banks hardship team and understand what options are available.
Your insurer will have a range of options to help you. Contact your insurer directly to find out what options are available.
Experiencing financial stress can impact your mental health.
If you're concerned about your mental wellbeing, help is available. Contact Beyond Blue on 1300 22 46 36 (24 hours a day).
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