Financial Hardship Assistance
Recent media reports have highlighted steps that borrowers can take to deal with financial hardship.
At Queenslanders Credit Union, we have always offered help to members who may experience financial hardship. That’s what being “member-owned” is all about – putting our members’ interests first.
At Queenslanders, focusing on making sure we lend responsibly also means accepting that peoples’ circumstances can change, for example, their employment situation can change.
In these situations, we work with our members to make an assessment of how we can best assist them to meet their loan obligations. This is the high standard of service we have always provided to our members.
Financial hardship may include:
• Unemployment
• Illness
• Business failure
• Change/reduction in working hours
• Reduction in income
• Divorce or separation
• Natural disasters
Where you qualify for assistance, we will consider debt relief arrangements that may include:
• Contract variations
• Loan extensions
• Deferral of repayments
• Interest only repayments
In addition, where formal assistance arrangements are in place, all debt collection activity will be suspended as long as the revised arrangements are being met.
Any member experiencing difficulties meeting their loan repayments should contact our Member Assistance Officer during business hours (8:30am – 5:00pm Monday to Friday).
Member Assistance Officer contacts: