We understand that personal circumstances can change from time to time and when you least expect it. Such circumstances can range from losing your job or illness to a marriage break down.
Talk to someone. Today. 138 001
If your financial problems are mounting and you can’t see a way out, it is essential that you contact us immediately before the situation gets out of hand. We can work with you to find an appropriate solution no matter how hard your situation seems.
By contacting us at an early date we may be able to put in place arrangements that will assist you to recover from the change in your circumstances and leave your credit rating intact.
Early intervention is the secret to addressing your financial concerns when your financial circumstances change.
Should you be experiencing financial difficulty please contact our Consultants on 138 001 selecting Options 2 then 4 or visit your nearest MyState branch.
You can also download our Hardship Repayment Variation Application, once this is completed you can arrange an appointment to see any of our Lending and Insurance Specialists at your nearest MyState Branch, please ensure that you take along all necessary supporting documentation. Should you reside interstate you can post the completed Hardship Repayment Variation Application to P.O. Box 1274 Hobart 7001 together with all required supporting documentation.
What we can do to help?
These are some of the options available to help you through the most difficult of times namely:
- Deferring loan or interest repayments for an agreed period of time
- Reducing repayment amounts
- Making only interest payments
- Debt consolidation. Loan applications are subject to MyState’s credit approval criteria
- Consumer Credit Insurance claim if the correct cover depending on your circumstances was taken when your loan was approved
Frequently asked questions
Do I have to show evidence of financial hardship to receive help?
Yes. You will need to complete our Hardship - Repayment Variation application in full so that we can assess your current financial position and establish how to best provide assistance.
You will be required to provide a selection of the following documents depending on the reason for hardship:
- Doctors certificate where reason for hardship is due to illness
- Separation certificate or Centrelink confirmation where reason for hardship is unemployment
- Other documentation to support hardship application such a confirmation of reduced work hours, medical bills, other unexpected bills etc.
- Copy of any arrangements that have been made with other credit providers
- Latest statements for all liabilities including those with MyState
- Evidence of all income such as latest payslips, Centrelink statements rent statements and bank statements
How do I know if I’m in financial difficulty?
There are many triggers for financial stress and every situation is different. It may be that you are finding it difficult to meet your regular financial commitments like bills, mortgage repayments or school fees. Or it may be that you unexpectedly experience a change in your personal circumstances like redundancy or divorce. These are just a few examples, but the simple answer is, if your financial situation is causing you worry, it’s probably a good enough reason to talk to us. Remember the earlier you approach us for help the better.
Will I be penalised for accepting assistance, such as a repayment holiday or reduced repayments? Doesn’t that affect my credit rating?
No, it won’t affect your credit rating. In fact it’s better to ask for assistance and restructure your finances early to ensure that you don’t affect your credit rating should you leave it too late and fall into unmanageable arrears.
Does it cost anything to get financial advice from MyState?
No. We do not charge any fee or penalty when assisting you in times of hardship.
What is bankruptcy? Could it happen to me? What effect will this have on the rest of my life?
Bankruptcy is a legal declaration that you are insolvent, that is, you cannot repay your debts. Bankruptcy is listed on the Government Insolvency Register permanently and is also noted on your credit report for between 7 and 10 years which will hinder attempts to gain credit (i.e. a credit card or loan) in the future.
You should wherever possible avoid bankruptcy due to the long term effects that come with this action.
Again, contacting us early will in most cases negate the need for this course of action to be considered.
What is A Part IX Debt Agreement?
A debt agreement is an arrangement pursuant to Part IX of the Bankruptcy Act 1966. It is a formal agreement between a debtor creditors and a person who administers the debt agreement as a means of resolving debt problems of the debtor. This involves a proposal being put forward by the debtor to their creditors to repay debts owing over a period of time, with legal recovery action being suspended and debts being frozen along with interest and charges.
A Part IX debt agreement is a form of Bankruptcy and the agreement is made public and is recorded on your credit report for a similar term as Bankruptcy.