We understand that personal circumstances can change from time to time and when you least expect it. Such circumstances can range from losing your job or illness to a marriage break down.
If your financial problems are mounting and you can’t see a way out, it is essential that you contact us immediately before the situation gets out of hand. We can work with you to find an appropriate solution no matter how hard your situation seems.
By contacting us at an early date we may be able to put in place arrangements that will assist you to recover from the change in your circumstances and leave your credit rating intact.
Early intervention is the secret to addressing your financial concerns when your financial circumstances change.
Should you be experiencing financial difficulty please contact us on 1800 806 645 or visit your nearest Rock branch.
Alternatively, you can download our Hardship - Repayment Variations & Checklist application form. Once this is completed you can post it to us at Reply Paid 83415 Hobart 7001 together with all required supporting documentation.
These are some of the options available to help you through the most difficult of times namely:
Yes. You will need to complete our Hardship - Repayment Variations & Checklist application form in full so that we can assess your current financial position and establish how to best provide assistance.
You will be required to provide a selection of the following documents depending on the reason for hardship:
There are many triggers for financial stress and every situation is different. It may be that you are finding it difficult to meet your regular financial commitments like bills, mortgage repayments or school fees. Or it may be that you unexpectedly experience a change in your personal circumstances like redundancy or divorce. These are just a few examples, but the simple answer is, if your financial situation is causing you worry, it’s probably a good enough reason to talk to us. Remember the earlier you approach us for help the better.
No, it won’t affect your credit rating. In fact it’s better to ask for assistance and restructure your finances early to ensure that you don’t affect your credit rating should you leave it too late and fall into unmanageable arrears.
No. We do not charge any fee or penalty when assisting you in times of hardship.
Bankruptcy is a legal declaration that you are insolvent, that is, you cannot repay your debts. Bankruptcy is listed on the Government Insolvency Register permanently and is also noted on your credit report for between 7 and 10 years which will hinder attempts to gain credit (i.e. a credit card or loan) in the future.
You should wherever possible avoid bankruptcy due to the long term effects that come with this action.
Again, contacting us early will in most cases negate the need for this course of action to be considered.
A debt agreement is an arrangement pursuant to Part IX of the Bankruptcy Act 1966. It is a formal agreement between a debtor’s creditors and a person who administers the debt agreement as a means of resolving debt problems of the debtor. This involves a proposal being put forward by the debtor to their creditors to repay debts owing over a period of time, with legal recovery action being suspended and debts being frozen along with interest and charges.
A Part IX debt agreement is a form of Bankruptcy and the agreement is made public and is recorded on your credit report for a similar term as Bankruptcy.