Debt Negotiation

Financial stress can negatively impact your physical and emotional health and wellbeing. A financial counsellor can work with you and your creditors to negotiate better debt outcomes.

Financial Hardship


Debt Negotiation Steps:

1. Identify Your Debts

Make a list of who you owe money to and how much. Then, identify your priority debts – some are more important than others e.g. if you do not pay your mortgage, you may risk losing your home.

2. Review Your Budget

Review your income and expenses and decide on a sustainable amount to repay debts.

To see our Money Planning page, click here.

If you cannot afford to make any payments speak to a financial counsellor who will discuss further options with you.

3. Contact Your Creditors

Contact your creditors’ financial hardship team to discuss changes to your personal circumstances. The creditor may direct you to apply for hardship and provide proof including a Statement of Financial Position, support letters from doctors and proof of income.

If the prospect of dealing with your creditors is overwhelming, get in touch with one of our financial counsellors who can do this on your behalf.

4. Making Agreed Payments

Stick to the payments you have agreed, if you cannot, call the hardship department back to explain why.

5. Not Able to Reach an Agreement?

If you cannot agree on a repayment plan that you think is fair, you can dispute it with the organisation’s internal dispute resolution team.

If this still becomes an issue for you, you have the right to have an external dispute resolution service assist you.

6. Speak to One of Our Financial Counsellors

If you have taken the steps above and are still facing issues, please make contact with one of our financial counsellors to assist you.