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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 hardship claim, they should contact our Collections Department on 02 6384 1111.

If a member proceeds to making a request for Financial Hardship assistance, a request can be made verbally by contacting the Collections Department on 02 6384 1111 or by writing to:

The Collections Officer
South West Slopes Credit Union
PO Box 84
Young, NSW, 2594.

We may need to ask for details of the applicant’s financial position. The Credit Union will document and keep all information and supporting material in relation to a hardship application and confirm any decisions made with the borrower in accordance with the following time frames:

Condition Timeframe for providingwritten notice
For contracts entered into before 01/03/2013 Within 21 days after receiving the hardship application
For contracts entered into on or after 01/03/2013 If the Credit Union does not request further information Within 21 days after receiving the hardship notice
If the Credit Union requests further information but does not receive it Within 28 days after the date of requesting the information
If the Credit Union requests further information and receives it Within 21 days after receiving the information

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.