Hardship
What to do if you suffer an unforeseen hardship
Knowledge is power and power is about having choices.
If at any stage you struggle to meet the repayment amount as a result of illness/accident or redundancy and you have purchased ‘Repayment Protection’ please contact us to see if you are eligible for cover.
If you need further help? we connect people with www.moneytalks.co.nz (it’s free).
They assist in helping you contact local foodbanks, help you find your way through Work and Income processes / entitlements and support people to manage their money. Anybody can get in touch with our MoneyTalks team if they need help with day-to-day money matters like budgeting and debt management.
Contact them on 0800 345 123.
If you wish to apply for a hardship variation, with Friendly Loans, you need to:
- Send us an application in writing, in conjunction with an updated income and expense budget supported by a 90 day bank statement. We cannot process verbal applications; and
- Explain your reasons(s) for the application eg what in your situation has changed since the time you took the loan; and
- Request one of the following:
- an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or
- postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or
- both of the above:
Do this as soon as possible. It will save you money, stop pending repossession action and provide you with ‘peace of mind’ and a firm plan moving forward to resolve your financial situation.