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Financial Hardship

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Helping Members in Financial Hardship

We understand there may be times when your personal circumstances change. Perhaps you have lost your job, suffered an illness or injury or have been impacted by a natural disaster.

If as a result you cannot afford the minimum repayment on your home loan, personal loan or credit card, and you would like us to consider if we can provide you with financial difficulty assistance, then please contact us immediately.

In many instances a temporary arrangement can be made quickly and efficiently over the phone.

Alternatively we may need to complete a more detailed assessment of your personal and financial circumstances to identify how we may be able to help you.

If you would like to apply for assistance, please contact our dedicated team.


Contact the BDCU Alliance Bank financial hardship team:

Phone: 02 4860 4000
Email: memberservice@bdcualliancebank.com.au
Postal address: PO Box 2215 Bowral NSW 2576

FAQs

  What are some assistance options?
The options available will depend on your personal circumstances and financial situation. Some of these may include:
  • tailoring a payment arrangement
  • deferring or reducing loan payments for a defined period of time
  • extending the loan term
  • capitalising loan arrears

 

  What is the application process?

If you think you are, or will be, unable to meet your debt obligations please contact us as soon as possible. Depending on your situation we may be able to enter into a temporary arrangement quickly and efficiently over the phone.


Alternatively we may require further information and documentation to help us understand your financial position and determine whether assistance is appropriate.


The Bank may require:

  • a statement of financial position to be completed summarising your current income, expenditure, assets and liabilities
  • employment contract and/or payslips
  • account statements
  • Centrelink statement and/or social security payment details
  • medical certificate from a qualified medical practitioner
  • employment separation statement
  • contract of sale / sales agency agreement
  • other documents which support your request

 

  How will we assess your application for financial difficulty assistance?
Our dedicated team will contact you and will take into account the following types of factors when assessing your request:
  • reason for financial difficulty
  • your current financial position
  • your ability to meet the commitments under the proposed arrangement and future repayments under the contract
  • the ability to rehabilitate your circumstances (based on whether the financial difficulty assistance will offer genuine relief to restore your financial situation)

  How will we confirm the arrangement?

We will confirm the details with you verbally and/or in writing. You will need to ensure that you meet the terms of the arrangement. If you are subsequently unable to meet these terms, you should contact us as soon as possible to discuss your situation.


  What happens if my application is declined?
There may be a number of reasons why we decide not to provide financial difficulty assistance. If this is the case the reason for this decision will be explained to you in writing. We will also seek to discuss the next steps we will take and other available options with you.

  Other useful resources
If you are experiencing financial difficulty, there are a range of useful resources available to you, including:
  • The ABA’s ‘DoingItTough’ website provides information about financial hardship, including how to identify if you’re experiencing financial hardship, how to apply for hardship assistance, and tips to help you manage your money. See www.doingittough.info
  • ASIC’s ‘MoneySmart’ website provides information and tools to help you make the most of your money. See www.moneysmart.gov.au
  • You may wish to seek advice from an independent financial counsellor about your options. For more information about financial counselling services phone the toll-free number on 1800 007 007 or go to Financial Counselling Australia’s website at www.financialcounsellingaustralia.org.au

 

Questions?

contact us

 


 

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