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Financial Trouble? We can help you

Our lives, our families, our society can be affected so rapidly.

It could be a global pandemic, it could be a life-changing event, it could be an unexpected expense, whatever it is, COVID-19 has been such a big reminder that everyday life can be affected in the blink of an eye.

When life changes, it’s important to remember that we offer financial assistance solutions to our customers. Our mission is to give everyone a fair go, financially. And to achieve this mission we’ve put solutions in place to help our customers protect and improve their credit scores.

image of a hand writing with chalk saying "financial trouble, we can help you" referring to financial hardship

Below we break down how we help our customers who have hit a rough patch and explore the frequently asked questions people have that they’re often too afraid to ask.

Firstly, Make Sure You Contact Us

Please contact us when you think you need help. We are a business who really wants to be there for our customers. We understand it can be hard to reach out when you’re feeling overwhelmed, but the sooner you can contact us, the sooner we can begin to find the best solutions for you.

And we promise there are always solutions.

Our flexible solutions are designed to give you the best possible chance to prevent your credit score being affected and to get you back on track, so the earlier you talk to us, the faster we can help you.

How Financial Lenders Can Help

There are a number of ways lenders can help you if you’re facing some financial trouble.

Here at Fair Go Finance, we start by having a dedicated Customer Care team who specialise in working with you to discuss your current situation and finding you the best solution.

A few ways we can help include looking into restructuring your loan to reduce your repayments, pausing your repayments temporarily or reducing repayments for a set period.

Don’t Declare Bankruptcy or Insolvency Yet

Before you declare bankruptcy or personal insolvency, make sure you thoroughly understand what they involve, especially the consequences of doing so.

For example, there are implications when you declare bankruptcy, such as;

    • You will be permanently listed on a register that can be accessed by anyone, including banks and other lenders.
    • You may be required to pay additional bonds for services like your utilities.
    • There will be a period where banks, service providers and other lending institutions won’t be willing to lend you money or provide you a service.

You cannot reverse being declared bankrupt, and whilst it may be the right option for some, it isn’t a one-size-fits-all solution.

When we talk to our customers, we will generally explore financial hardship as the first step.

What is Financial Hardship?

Financial hardship can be defined as having difficulty repaying debts and loan repayments when they are due.

Financial hardship generally happens to people when they are given a loan they can’t afford, or a change of circumstances has occurred which means they now can no longer afford their loan.

You are entitled to request financial hardship as per the law.

How do I Request for Financial Hardship?

To request financial hardship from us, we would need to see some supporting documents to prove that you are facing financial difficulty.

This includes:

    • Income Documents
    • Pay slips
    • Centrelink statement
    • Business activity statement
    • Employment separation certificate
    • Family assistance payments
    • Expenditure Documents
    • Rental receipts or mortgage statements
    • Child support payments
    • Utility bills
    • Fines
    • Other creditor statements
    • Medical Documents
    • Medical certificates stating duration of condition and ability to return to work
    • Medical bills
    • Workers’ compensation claim
    • Request to access superannuation

Does Financial Hardship Affect Your Credit Rating?

The act of applying for financial hardship doesn’t come up on your credit report or affect your credit score.

The act of missing repayments because you’re in hardship does affect your credit rating.

When you apply for hardship, you work with the lender to put solutions in place to help you get back on your financial feet. It’s not a state of being that ends up on your credit report, and there is no fixed amount of time that can you sit in financial hardship.

How to Get Out of Financial Hardship

Once you stop having difficulty repaying loans and payments that are due, you are deemed to be out of financial hardship.

How you get there is likely to be unique to you. You could look at all of your debts and put your energy to the ones that need the most attention. You could list out all of your income and expenses, so everything’s laid out in front of you. Whatever you do to take control of your finances and have a positive money mindset is unique to you and can help pull you out of hardship.

Often, financial hardship occurs after a major, life-changing event. We know those events aren’t easy to pull yourself out of and they’re often very unique. But we want you to know that you aren’t alone and we will do what we can to assist you financially.

Resources You Can Use:

Here are some available resources for you:

    1. Free independent information and booklets on the Australian Financial Security Authority website.
    2. Informative and free YouTube videos such as:
      –  Unmanageable Debt – “Where to Find Help”
      –  Unmanageable Debt – “Compare Your Options”
      –  Consequences of Bankruptcy
    3. Access to free financial counsellors.

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Are you eligible to apply?

  • I am 18 years or older
  • I have not entered into bankruptcy or part 9 agreement within the last 6 months
  • I am willing to provide my Bank Statements online
  • My income is not solely from Centrelink
Please note: Bank statements can only be submitted via our secure online service.