Financial Difficulty Assistance

### CHAPTER 39: Financial Difficulty Assistance

#### Understanding Financial Difficulty

157. Financial difficulty arises when you cannot repay your debts and struggle to meet repayment commitments, often due to unexpected events or uncontrollable changes. We urge you to reach out if you're facing such challenges.

#### Contacting Us

158. If you're experiencing financial difficulty, contact us promptly, either personally or through a representative. We'll explore your situation and potential solutions. Early contact allows us to assist you more effectively.

#### Joint Accounts

159. For joint account holders facing financial difficulty, we can provide support and, if requested, do so without initially involving the other account holder.

#### Guarantors

160. If you're a guarantor facing financial difficulty after a payment demand, contact us immediately to discuss your options.

#### Open Communication

161. When reaching out, be transparent and realistic about your financial situation. We will approach your case with understanding and discuss possible assistance.

#### Working with Representatives

162. You may choose to have us communicate with your financial counsellor or representative by providing their written contact details.

163. We might still communicate with you directly if:

a) You request it.

b) We cannot reach your representative after reasonable attempts.

c) Your representative isn't a financial counsellor, and we believe they're not acting in your best interest, or it's otherwise reasonable.

We will inform you if we decide to deal with you directly and suggest alternative free options.

164. We will respond quickly to requests to discuss financial difficulties, adhering to the National Credit Code timelines if applicable.

### CHAPTER 40: Proactive Contact

#### Identifying Financial Difficulty

165. We use various methods to detect signs of financial difficulty. If we suspect you're struggling with loan repayments, we may reach out to discuss your situation and available assistance, considering each case individually.

166. If eligible, we will offer basic bank accounts during these discussions.

### CHAPTER 41: Assistance for Financial Difficulty

#### Collaborative Efforts

167. We aim to work with you towards a sustainable solution for your financial difficulties, with assistance tailored to your circumstances.

#### Information Availability

168. We provide public information on our processes for assisting customers in financial difficulty.

#### Assistance Evaluation

169. Assistance decisions consider available information, including your financial details.

#### Examples of Assistance

170. Examples of possible assistance are outlined on page 47.

#### Debt Waivers

171. In exceptional cases, we may deviate from standard processes to assist with long-term hardship due to significant life changes.

172. We may reduce or waive unsecured personal loan or credit card debts based on:

a) Your personal circumstances.

b) Inability to meet current and future repayments.

c) Genuine hardship beyond your control.

d) Our business considerations.

173. We will inform you about the National Credit Code's hardship provisions if applicable.

#### Restoring Financial Position

Options for recovery include:

- Short-term interest-only payments.

- Extending loan terms.

- Temporarily deferring payments.

#### Permanent Financial Change

If recovery seems unlikely, we might offer:

- Alternative arrangements or contracts.

- Loan term modifications.

- Time to sell assets.

- Information on bankruptcy or insolvency.

#### Additional Support

174. We'll inform you of your right to complain if we don't assist under the National Credit Code.

175. We won't require using superannuation for loan repayments unless it's for a self-managed fund. Consider discussing this with a financial counsellor or the Department of Human Services.

176. We can refer you to financial counselling organizations or suggest seeking independent advice.

177. Decisions regarding assistance will be communicated in writing, explaining our decision.

178. If we agree to amend your agreement, we'll provide written details of the new arrangement, including repayment terms and potential impacts on credit history.

### CHAPTER 42: Default Notification

#### Reporting Default

179. We'll notify you if we report a payment default to a credit reporting body. You can obtain your report from them directly.

#### Farmers' Default Interest

179A. Farmers won't incur default interest on farming operation loans during droughts or natural disasters, provided they inform us of the situation.

### CHAPTER 43: Debt Recovery

#### Compliance with Guidelines

180. We adhere to the ACCC's and ASIC's Debt Collection Guidelines.

181. We follow the Code of Operation for recovering debts from government payments.

182. If selling a debt, we choose parties that comply with these guidelines.

#### Debt Sale Notification

183. If we sell your debt, we'll inform you and provide details about the new creditor.

184. We won't sell your debt while considering your financial situation or if you're following an agreed arrangement.

185. Debt transfer may occur during funding arrangements or business sales.

### CHAPTER 44: Account Management

#### Account Combination

186. We'll notify you if we combine or set-off your accounts to repay a debt.

#### Restrictions on Combining Accounts

187. We won't combine accounts related to loans under the National Credit Code during financial reviews or while you're adhering to an arrangement.

188. We may require funds to remain in an account during financial assessments.

### CHAPTER 45: Deceased Estates

#### Handling Deceased Accounts

189. We treat deceased representatives with respect, providing clear guidance on managing accounts, including notifying us, verifying authority, and handling direct debits.

190. Upon notification of death, we'll:

a) Identify and stop fees for services no longer provided.

b) Refund any such fees charged posthumously.

c) Act on instructions from authorized individuals within 14 days.

191. Before probate, we provide account access and debt payment options to authorized individuals upon receiving necessary documentation.

#### Joint Account Operation

192. Joint account holders with a deceased partner may continue account operations per the account's terms and conditions.

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