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What Does 'Financial Hardship' Mean?
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Credit Liberation Foundation
Published 2 months ago |
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What Does Financial Hardship Mean?

Financial Hardship. What is it?
What does it mean?
What can anyone do about it?

HI. Phil from Credit Liberation Australia.
Thanks for taking the time to follow the link. You may learn something about debt you didn’t know, that might help you, or someone you know, now or in the future.

This short video is all about the words ‘Financial Hardship’ that appears is being used by every man and his dog!!

Given all that wonderful input, what does ‘Financial Hardship’ REALLY mean?

Depending on which dictionary you look at, there are several slight variations, but they all agree that:

Financial hardship is difficulty in paying repayments on your loans and debts when. they are due.

Simple sentence. Not hard too understand. Self explanatory really.

However, Financial Institutions can have a slightly different take on that.

There are two types of loans. The first being the one people get when their income is great, and they can meet all the repayments.

The second is one investigated by the Banking Royal Commission of 2019, where they discovered that some loans had been granted to people who could not possibly afford the repayments!! These were called ‘Irresponsible Lending.’

If anyone watching thinks they have the second type, we at Credit Liberation Foundation recommend that you immediately contact the National Debt Helpline on 1800 007 007 and tell them that you believe you have a ‘Irresponsible Lending’ matter.

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For everyone else who’s loan comes under the type 1, GREAT NEWS. YOU HAVE THE POWER!!!
If you have a credit card, personal loan, car loan or home loan the credit law will apply if the loan was taken out for personal purposes.

Contrary to popular common belief, what you have been told all your life about loans, debt, repayments etc, is possibly 50% correct, BUT, has anybody told you that under certain circumstances, Financial Institutions HAVE too do things that favour you, and not them!! Shocker eh!
When the debt is a genuine Financial Hardship matter, Financial Institutions have too follow the Nation Consumer Credit Protection Act ( NCCPA 2009 ) and the National Credit Code ( NCC ) known as ‘The Code!’
Section 72 of the Code covers the circumstances where you can request a repayment arrangement on the grounds of Financial Hardship. ( Go check it out ) This is called a hardship variation.

For any chance of making a successful application, one MUST HAVE, – A REASONABLE CAUSE.

So one must be having, (or will have in the near future) trouble making repayments.

Examples would be, loss of income, illness. Family issues, covid etc.

Having lost everything in Vegas, or having bad spending habits IS NOT a reasonable cause!!

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This is the moment when one has to make a decision. Do I take on the Financial Institution (FI), or do I ask for help?

This is where the ‘Definition’ of Financial Hardship becomes a little blurry. As the FIs try anything to keep their loses down as much as possible, they can blur the boundaries with ‘legalise,’ and if one is not aware of what they are doing, ones rights as per the NCCPA and the NCC can disappear in a flurry of emails and letters, and one finds it’s just easier to give up than push back!

However, if the thought of doing any of that makes one feel uneasy, drop us a line here, and one of the team will be in touch to arrange a no obligation phone chat.

Credit Liberation Foundation has over 10 years experience working with FIs and people in Financial Hardship to reach mutually agreeable settlements.
Our team members have the knowledge, and sometimes the contacts, that can speed a process along to a quicker and smoother end.

Suffering financial hardship is not something that anyone can do for too long with severe repercussions.

Taking action is not something that can be delayed.

Ones self, or ones family future could depend on what you do right now.


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Drop us a quick email right now, and within 2 days, one of our team will call to either have a chat, or arrange a better time.

Credit Liberation Foundation is a Non For Profit organisation with team members who have gone through Financial Hardship. They have gone through what some of you might be going through right now. They know the emotional highs and lows that one goes through during this process.

We survived. We created new financial goals. Now, we want to educate and help others who may be struggling to deal with their financial issues.




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