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Home / Latest News / Illness and financial hardship

Illness and financial hardship

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We’re here to help our Members find smart financial solutions, and this includes assisting you with your Northern Inland loans and credit facilities when you are impacted by hardship, such as illness or job loss. Please let us know if you are under any financial duress, and keep in touch with us. If we are aware of your situation, we can be of assistance.

Missed repayments: If you have missed repayments and we do not hear from you, a default notice may be served on you. A default notice sets out what payments you owe, the amount owed and give you a notice period in which to catch up the payments you owe. These payments are known as arrears. To keep the contract going, you must pay the arrears and meet any other payments which fall due during the default notice period, or make other arrangements with Northern Inland by the date set out in the notice. We can help you consider your options if you contact us at your earliest opportunity. Call us on (02) 6763 5111 and ask to speak to our Credit Control team.
Reaching an agreement with Northern Inland: If you are experiencing financial difficulties due to illness or unemployment and your loan or overdraft is for the ASIC hardship threshold amount or less, you are entitled to apply to Northern Inland to make arrangements to vary your contract on a temporary basis.

The Hardship Threshold can be found on ASIC's smart money website:

We can work with you in a number of ways:
. We treat your request confidentially and we treat you with respect
. We may ask you to provide us with financial information, so we can assess your situation to help find a workable solution
. We always encourage you to keep making whatever payments you can, whilst we are considering your request
. We help you determine your short term as well as your long term plans
. If we agree on a plan to assist you, we confirm this in writing to you
. If we are unable to assist you, we advise you promptly in writing.

Options that might be available include:
. Extending the period of the contract and reducing the amount of each payment due,
. Postponing for a period, the due payments
. Extending the period of the contract and postponing for a period, the due payments
. Reducing the limit available on credit contracts,
. Offering different banking or repayment arrangements which may better suit your needs.

We take the time to explain the options to you, so you can determine what best suits your current circumstances and meets your medium and long term financial goals. Such an agreement does not change the interest rates that affect your contract.
What if an agreement cannot be reached? If Northern Inland does not agree to vary the credit contract, you may be entitled to have the decision reviewed by Northern Inland’s complaints officer.

Financial counselling services: Financial counsellors can help you get back on track in terms of your financial commitments and can guide you in dealing with lenders. For access to financial counselling services in all States and Territories, go to:
. Australian Financial Counselling and Credit Reform Association
. Financial Counselling Services factsheet