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7 Common Problems

If you’re having financial problems right now, have a look at the list below in order to get the right help, fast:

1. I’ve missed a credit card, loan or mortgage payment...?

If you have missed a repayment it is important to call your bank straight away. If you are in arrears a bank can commence enforcement proceedings. More information on enforcement proceedings is here. A list of contact numbers for the banks’ hardship teams is here.

2. I don’t think I’m going to be able to make my next payment...?arrowg

3. I’ve lost my job and/or had a change in my circumstances...?arrowg

4. I’m in financial hardship but I haven’t called my bank yet to discuss my situation...?arrowg

5. I’ve received a default notice or have been contacted by debt collectors? arrowg

6. I don’t have a problem with my bank loan I have a different kind of financial problem...? (i.e. gambling, credit card fraud, etc)arrowg

7. I don’t feel I can contact my bank at all and want to speak to someone else...?

Even though you may not want to contact your bank, it is important to know that there are specialised hardship staff to help assist you with your financial difficulties. The sooner you contact your bank the more likely it is they can help you, rather than you getting into arrears and debt collection action being taken by the bank. Try and at least let your bank know that your situation has changed. You can then tell your bank you would prefer to deal with a financial counsellor or someone else on your behalf.

The Financial Counselling Australia (FCA) website contains a service locator for organisations in each State or Territory that provides financial counselling. The service locater is available here.

For more information, go to the Financial Counselling Australia website or freecall 1800 007 007 (available 9:30am to 4pm, Monday to Friday. You will be automatically transferred to the phone service in your state.)

For other useful contacts including free counselling services, legal aid, credit and debt services click here.