WHAT TO DO IF YOU SUFFER UNFORESEEN HARDSHIP
If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to the creditor for a hardship variation.
To apply for a hardship variation, you need to:
(a) make an application in writing; and
(b) explain your reason(s) for the application; and
(c) request one of the following:
- an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or
- a postponement of the dates on which payments are due under the contract (specify the period for which you want
this to apply); or
- both of the above; and
(d) give the application to the creditor.
Do this as soon as possible. If you leave it for too long, the creditor may not have to consider your application.
