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When you experience hardship, financial difficulties can set in fast. The bills don’t stop, even though your income has.
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Improve your financial situation with financial hardship solutions that can include:
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How Amy secured hardship relief on her debts while navigating homelessness
How Tracey managed 20 accounts on one affordable fortnightly payment
How Dom wiped $52,000 in debt and kept his motor vehicle
Avoid financial hardship after difficult periods
Learn what to do and what to avoid when dealing with hardship during unemployment or illness.
Financial hardship happens when a person can’t meet their financial obligations, including loan repayments, utility bills, and card payments, usually following an unexpected event like job loss or illness. Financial hardship can be temporary or long-term, and affected people can request manageable payment arrangements from creditors and their bank.
Yes, if you are experiencing severe financial hardship, can’t pay your rent, mortgage, utility payments, and other basic living expenses, and meet certain other criteria (including age and income support), you can usually apply directly to your super fund.
Information about any financial hardship assistance services will stay on your credit report for up to 12 months from the end of your hardship arrangement.
No, financial hardship assistance does not directly impact your credit score, although it will be noted on your credit report. In some cases, it can protect your credit score because it prevents you from missing credit card and loan repayments.
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