‘Hardship, hard to get help: Lenders fall short in financial hardship support’: a new report by ASIC has found large home lenders they should be doing more to support Australians struggling to meet their repayments.
“The lack of support and in some cases, failure to respond when customers flagged they were struggling, is unacceptable and greatly adds to the distress of customers already struggling with heightened levels of stress and anxiety,” said ASIC Commissioner Alan Kirkland.
The report highlights it can be exceptionally challenging to self-navigate hardship provisions.
Bravery Trust provides an expert financial counselling service, at no cost to ADF veterans. Our financial counsellors have specific knowledge about responsible lending and debt collection laws and are trained in negotiation and counselling.
We know who to ask for, what to say to ensure your call is triaged appropriately, and how to plan for the end of hardship provisions so people are less likely to fall back into arrears.
The report also highlights the top five reasons for hardship, common amongst the veteran we support:
1 Over commitment
2 Reduced income
3 Medical
4 Unemployment
5 Separation
Bravery Trust provides a safe and trusted space for veterans in financial hardship to seek the help they need and deserve, on a national scale.
70% of those we support are aged 50 years or younger. 74% have children to support.
Sometimes reaching out for help is the hardest step.
