FINANCIAL HARDSHIP
Financial Hardship, you can claim hardship, if you are finding it hard to meet your creditors repayments.
(for example, because of illness, unemployment or changed financial circumstances, divorce).
What should I do if I’m in financial hardship?
You can apply for a 'hardship variation' which changes the terms of your loan.
The creditors may agree to:
You should make what payments you can in the meantime.
We are able to act for you and communicate with your creditors in regard to a Hardship Application and negotiations on a new repayment arrangement that suits you and the creditor.
(for example, because of illness, unemployment or changed financial circumstances, divorce).
What should I do if I’m in financial hardship?
You can apply for a 'hardship variation' which changes the terms of your loan.
The creditors may agree to:
- Postpone your payments for a period of time.
- Reduce the interest rate on your loan for a period of time.
- Extend the term of your loan and reduce your repayments.
- Convert your loan to an interest-only loan for a period of time.
- Extend the term of the loan and postpone some of the repayments.
- Any reasonable proposal that enables you to eventually repay the loan.
You should make what payments you can in the meantime.
We are able to act for you and communicate with your creditors in regard to a Hardship Application and negotiations on a new repayment arrangement that suits you and the creditor.
Contact one of our friendly consultants.
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