Short Term Assistance, Long Term Benefits
Our Temporary Hardship Plan is a simple 3-month repayment solution to provide temporary debt relief when you need it most! Say goodbye to financial stress and take back control of your life with our innovative plan that offers tailored guidance and a holistic approach.
Why Apply
Temporary Debt Relief
Experience fast and effective debt relief for your unsecured debts with our tailored 3-month solution, stop the harassing calls and letters.
Affordable and Personalised Solution
Benefit from an intuitive online application process, providing you with a holistic solution, affordably matched to your circumstances.
One Easy-To-Manage Payment
Our Temporary Hardship Plan allows you to consolidate your debt repayments into a single payment, so you no longer have to keep track of multiple due dates.
How It Works
Submit Application
1 day
Submit an online application to begin your Temporary Hardship Plan.
Implement Solution
< 21 days
Upon submission we will seek a solution from your creditors within 21 days.
Take Back Control
3 months
Enjoy one easy-to-manage affordable payment that fits your budget.
Our Customers Love Us
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You're In Safe Hands
Judgement-Free
At Revive Financial, we care about the stress and impact being in debt has on your wellbeing. We want to help you take back control with no judgement, just a helping hand.
Financial Professionals
Revive Financial is proudly Australian owned and lead by a team of Chartered Accountants. Our qualified team have been helping Australians become debt free since 2005.
Industry Leaders
Our dedicated team have been trusted by over 10,000 Australians to help take back control of their financial futures. It's what we do best so you can rest assured.
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Temporary Hardship Plan FAQs
How do you know if you are in financial hardship?
Recognizing financial hardship involves assessing your financial situation against certain indicators.
Signs of financial hardship include:
- Struggling to pay bills on time, such as rent, utilities, or credit card payments.
- Over-reliance on credit cards for basic expenses without being able to pay off the balance.
- Lack of emergency savings for unexpected expenses like medical emergencies or car repairs.
- A high debt-to-income ratio, where a significant portion of income goes toward debt repayment.
- Cutting back on essential expenses like food, healthcare, or heating.
- Experiencing stress, anxiety, or depression due to constant financial worry.
- Regularly borrowing money from friends, family, or payday lenders for everyday expenses.
- Selling personal belongings to make ends meet.
- Skipping medical treatments or prescriptions due to cost concerns.
- Juggling payments and deciding which bills to pay each month.
What does "temporary" mean in Temporary Hardship Plan? How long is temporary?
Our Temporary Hardship Plan currently have a term of 3 months. More flexible terms will be available in the future.
What happens after the Temporary Hardship Plan (THP) is completed?
You must resume normal payments with your Creditors. Alternatively, you may wish to contact Revive to discuss alternative options, such as one of our Debt Management Solutions.
Do I still have to communicate with creditors (companies I owe money to) during the THP?
In some cases, your creditors may wish to communicate with you. However, if you stick to your THP there should be little need for them to contact you.
Will applying for a Temporary Hardship Plan show on by credit report?
No. There is zero impact on your credit score by applying for a Temporary Hardship Plan.
Will applying for a Temporary Hardship Plan negatively affect my credit score?
No. There is zero impact on your credit score by applying for a Temporary Hardship Plan.
Will a Temporary Hardship Plan affect my Credit Score?
No. When the Temporary Hardship Plan is in place, your credit report may show an "A" for the arrangement. This will remain on your credit report for 12 months, however it does impact any form of adverse payment history and will not affect your Credit Score. This flag cannot be used for an automatic decline for future lending applications.
Will entering into a Temporary Hardship Plan effect me in applying or being accepted for finance?
No. Unless one of the lenders is part of your Temporary Hardship Plan, they may require you to complete or terminate the arrangement before being considered for further financing.
Is there a maximum amount of debt that can be included in a Temporary Hardship Plan?
No. We support all unsecured debts with our Temporary Hardship Plans.
Is there a maximum number of creditors (debts) that can be included in a Temporary Hardship Plan?
No.
What type of creditors can be included in a Temporary Hardship Plan?
A Temporary Hardship Plan covers most unsecured debts such as:
- Credit and store cards
- Personal loans and Payday loans
- Utility bills such as Gas, Electricity, Phone and Internet
- Buy Now Pay Later debts
Typically the following debts are not included:
- Secured loans such as Mortgages, Car Loans and Equipment finance
- ATO and Centrelink debts
- Fines and legal liabilities
- Child support debts
- Rates, Body Corporate and Insurance debts
- Overseas debts
What happens if I default (don't keep up with my payments) during a Temporary Hardship Plan?
If you fail to make your payment your Temporary Hardship Plan will be terminated and your debts will revert back to their prior state.
Can I complete a Temporary Hardship Plan early (e.g. if I receive a lump sum like a tax refund I can contribute)?
Yes. However, we suggest contacting us to negotiate a better outcome for you.
Can I add additional debts to a Temporary Hardship Plan when I am part-way through it?
No. You will need to commence a new Temporary Hardship Plan to include all creditors.
Can I go onto another Temporary Hardship Plan in the future, if I need to?
Yes. But, we recommend getting in touch with our team to discuss alternative solutions before doing so. We have a range of debt relief solutions that may be able to deliver longer lasting positive impact.
What happens if my application to enter into a Temporary Hardship Plan is rejected?
You must resume normal payments with your Creditors. Alternatively, you may wish to contact Revive to discuss alternative options, such as a Debt Management Solution.
Will other people know I am on a Temporary Hardship Plan?
No. Our Temporary Hardship Plan is designed to be between you and your creditors.
What is the Household Expenditure Measure (HEM)?
The HEM classifies more than 600 items in the Australian Bureau of Statistics’ Household Expenditure Survey as absolute basics, discretionary basics or non-basics. These items are then used to calculate modest expenditure for eight types of household.
Notes
- The HEM is defined as the median spend on absolute basics plus the 25th percentile spend on discretionary basics.
- Absolute basics are most food items, children’s clothing, utilities, transport costs and communications.
- Discretionary basics include take-away food, restaurants, confectionery, alcohol and tobacco, adult clothing, and entertainment.
- Non-basics include luxury services such as gardeners and overseas holidays.
- Rents and mortgage payments are not included, as the HEM is a net-of-housing costs measure.
Why do we use the HEM for determining Living Expenses?
The HEM is a common measure used by lenders to assess borrowing capacity and help determine if applicants can afford a loan.
We also used the HEM to determine fair and reasonable living expenses when assessing your Financial Hardship claim, which allows your Creditors to make a more informed decision.
What if my Living Expenses exceed the HEM which has been calculated for me?
We suggest you add Additional Expenses to your Household Expenses in the Budget section. Only add those expenses or the total of those expenses which exceed the total HEM amount.
How is the payment towards the Temporary Hardship Plan calculated?
Your Temporary Hardship Plan payment amount is based on your calculated Budget Surplus. If there is an insufficient amount to be paid to all creditors fairly, a moratorium will be suggested and no payment will be required by you for the next 3 months (subject to your creditors approval).