FINANCIAL HARDSHIP

South West Slopes Credit Union understands there may be times caused by extraordinary circumstances when a valued member may find it difficult to meet their loan commitments to the Credit Union. The Credit Union has therefore put in place a Financial Hardship Policy to help these members where we can reasonably do so.

Financial hardship means a situation where a member is unable to meet their financial obligations to the Credit Union under their loan agreement however reasonably expect they would to be able to continue to discharge those obligations if the repayment arrangements were restructured.

It is our policy to try to find workable solutions that are fair, equitable and effective for both the member and the Credit Union and to do so in a sensitive and courteous manner.

As always, we will treat members seeking this assistance with courtesy and respect, and will manage financial hardship cases in a timely and strictly confidential manner. In assessing a claim for Financial Hardship we will ensure that the member is aware of their rights and obligations under any agreement arising from restructured arrangements.

If a Member Needs to Make a Claim

If a member wishes to discuss their circumstances and other possible options, such as seeing an independent Financial Planner prior to making a formal claim, they should contact our Collections Department on 02 6384 1111.

If a member proceeds to making a request for Financial Hardship assistance, all such requests must be addressed as follows:

The General Manager

South West Slopes Credit Union

PO Box 84

Young, NSW, 2594.

Details of their current financial position along with any other supporting documentation will need to be provided when claiming for financial hardship.

The Credit Union will document and keep all information and supporting material in relation to a hardship application and confirm any decisions made to the borrower in writing within 21 days of receipt of a written submission from the member.

We encourage all members who are experiencing difficulty in meeting their repayments to contact the Credit Union as early as possible. The earlier a member lets us know they are having difficulties, the easier it is for us to help them.