We're here to help.
Financial difficulty can come about quickly
Difficulty meeting your loan or credit card repayments can affect anybody – whether you’re an individual, a couple, joint account holder, small business, borrower or a guarantor. We understand that there are a wide range of circumstances that can result in a member experiencing financial difficulty, and that these situations can often arise quickly and unexpectedly, such as:
• Changes in income or expenses (cost of living pressure)
• Changes in employment and unemployment
• Significant life events (such as relationship breakdown, death in the family)
• Serious Injury or ill health
• Emergency event, pandemic, or natural disaster
• Domestic or family violence
• Financial abuse
Here for you
At People’s Choice, we pride ourselves on doing our best to support our members. Asking for help isn’t always easy, but it’s important to contact us early if your circumstances change (even if it’s only short term) so we can work through how best to support you.
When you feel ready to reach out, we assure you that we will:
• Treat you fairly and with respect
• Be open and honest about what options are available
• Be respectful of your situation and needs
• Keep your information confidential
• Work with you to form a plan of support
How hardship assistance can support you
We may be able to offer Financial Hardship Assistance to customers having trouble meeting their loan or credit card repayments.
If you're finding it hard to stay on top of your loan repayments, get in touch with us to see if we can help. Depending on your circumstances, some of the ways we may be able to help include:
1. Deferred payment arrangement
Providing you with a temporary payment break in your loan arrangement.
2. Reduced payment arrangement
Temporarily reducing your minimum repayments under your loan arrangement.
What happens next?
Once you feel ready and comfortable to talk to us, we will work with you to create a support plan. During this process we encourage you to be as open and honest as possible about your financial position.
If you do ask us for hardship assistance, we encourage you to keep making whatever payments you can while we consider your request.
If you have a joint account, we can assist you in the initial stages of your request without involving the other party, if needed.
After we receive a request for hardship assistance, we:
• Consider the request for assistance, taking into account the current situation.
• Consider the long-term and short-term financial issues where they are relevant.
• Pause collection activity whilst reviewing your request
• Respond to the request promptly.
How to contact us
If you’re experiencing financial difficulty and would like to discuss your options, please contact our dedicated team at (08) 8124 2146 or email cmanagementpccu@peopleschoice.com.au as soon as you can.
Alternatively, you can apply for Hardship relief by completing the Hardship Assistance Form and emailing it to People's Choice Credit Management. When the form is received, we will contact you to discuss your application further.
Please keep in mind that our staff may ask you about your income, expenses, assets, and supporting documents to assist with your application. Our friendly team has been specially trained for these situations and to help you with the next steps.
FAQs
What happens when I contact People’s Choice about experiencing financial difficulty?
The staff at People’s Choice treat each case with respect, empathy, and equality. To help us work out how we may be able to help you, our staff may ask you about your income, expenses, assets, and supporting documents to support your application.What hardship assistance is available?
Some of the types of Financial Difficulty Assistance from People’s Choice may include deferred payment or reduced payment arrangements on your loan. Depending on your circumstances additional options may also be availableWill a hardship arrangement affect my credit report?
If we’ve agreed to a hardship arrangement with you, this will be noted in your credit report for the duration of the arrangement.
Being in a financial hardship arrangement won’t impact your credit score. However, repayment history information can be included in the calculation of your credit score, so if you’re under a temporary financial hardship arrangement and you miss a payment under the arrangement, your credit score might be impacted. You can read more here.Will I be contacted by collections while under financial hardship?
No, Collection activity will cease during your approved hardship period.Can someone else apply for financial hardship on my behalf?
Yes, with your authorisation, we are happy to discuss your application with your friend, relative, partner, or counselling service.What happens if I don't qualify for financial hardship?
We will provide you with a reason in writing as to why you did not meet our hardship criteria. You may wish to seek hardship advice from a financial professional or external support service.What if I’m not happy with your response?
If you are not satisfied with our assessment, you can contact our Credit Management Team at (08) 8124 2146 or email cmanagementpccu@peopleschoice.com.au to discuss the reasons further, or you can make a complaint to our Complaints Resolution Team by contacting 1800 961 687 or via complaints@peopleschoice.com.au.
If you have contacted the above and are still not satisfied with our response, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA):
Online: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678 (free call)
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001What happens if my circumstances haven’t changed at the end of the hardship period?
If your hardship period is ending soon and you feel that your situation hasn’t changed, please contact us as soon as possible so that we can re-assess your case.
External support services
Financial hardship and credit reporting
From 1 July 2022, if we approve you for temporary financial hardship assistance, or permanently change your loan contract due to financial hardship, this will be reflected in your credit report.
This is an industry wide change which has been introduced through new legislation by the Australian government.
Click here to get more details about how hardship arrangements will be reflected on your credit report.