Financial difficulties can be caused by a number of situations
We know that life can take unexpected turns and unplanned events can happen. At People's Choice, we pride ourselves on doing our best to take care of our members.
Some members may find themselves in financial difficulty, which can be caused by a number of situations:
- Changes in income or expenditure (cost of living pressure)
- Changes in employment
- Significant life events (such as relationship breakdown, death in the family)
- Injury or illness
- Emergency event, pandemic, or natural disaster
- Domestic violence or family violence
We’re here to help
We understand that reaching out isn’t always easy, but it’s important that we’re made aware of your situation as soon as possible to give us the best chance of assisting you.
When you feel ready to reach out, we assure you that we will:
- Treat every member with respect and equality
- Be open and honest about your options
- Show empathy for your situation
- Keep your information confidential
- Work with you to form a plan of support
How we can support you
People's Choice may be able to offer Financial Hardship Assistance to those in need.
If you're finding it hard to stay on top of your finances, get in touch with us to see if we can help. Ways that we may be able to help include:
- Paused payment arrangement
Providing you with a temporary payment break in your loan arrangement.
- Reduced payment arrangement
Temporarily reducing your payment amount in your loan arrangement.
How to contact us
If you’re experiencing financial difficulty and would like to discuss your options, please contact our dedicated team at (08) 8124 2146 or email firstname.lastname@example.org as soon as you can.
Please keep in mind that our staff may ask you about your income, expenses, assets, and supporting documents to assist with your application. Our friendly team has been specially trained for these situations and to help you with the next steps.
- The staff at People’s Choice treat each case with respect, empathy, and equality. To help us work out how we may be able to help you, our staff may ask you about your income, expenses, assets, and supporting documents to support your application.
- Some of the types of Financial Difficulty Assistance from People’s Choice may include deferred payment or reduced payment arrangements on your loan. Depending on your circumstances additional options may also be available
- If we’ve agreed to a hardship arrangement with you, this will be noted in your credit report for the duration of the arrangement.
Being in a financial hardship arrangement won’t impact your credit score. However, repayment history information can be included in the calculation of your credit score, so if you’re under a temporary financial hardship arrangement and you miss a payment under the arrangement, your credit score might be impacted. You can read more here.
- No, Collection activity will cease during your approved hardship period.
- Yes, with your authorisation, we are happy to discuss your application with your friend, relative, partner, or counselling service.
- We will provide you with a reason in writing as to why you did not meet our hardship criteria. You may wish to seek hardship advice from a financial professional or external support service.
- If you are not satisfied with our assessment, you can contact our Credit Management Team at (08) 8124 2146 or email email@example.com to discuss the reasons further, or you can make a complaint to our Complaints Resolution Team by contacting 1800 961 687 or via firstname.lastname@example.org.
If you have contacted the above and are still not satisfied with our response, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA):
Phone: 1800 931 678 (free call)
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001
- If your hardship period is ending soon and you feel that your situation hasn’t changed, please contact us as soon as possible so that we can re-assess your case.
External support services
Financial hardship and credit reporting
From 1 July 2022, if we approve you for temporary financial hardship assistance, or permanently change your loan contract due to financial hardship, this will be reflected in your credit report.
This is an industry wide change which has been introduced through new legislation by the Australian government.
Click here to get more details about how hardship arrangements will be reflected on your credit report.