Hardship Policy

Courtesy Investments Pty Ltd T/AS Customised Car Finance - Hardship Policy

If there are outstanding circumstances where the loan cannot be repaid on its conditions the borrower can notify for Financial Hardship Assistance.  Customers generally can only notify for assistance if they have experienced some sort of event that has caused their hardship. It is not designed for people who have just decided not to pay their debts.  Some of the circumstances that could be eligible for assistance are:

 Injury or illness 
 Unemployment 
 Divorce or relationship separation 
 Death of a spouse 
 Natural Disasters 
 Unexpected reduction in income 

The types of assistance available will vary depending on individual circumstances. For eligible customers, assistance may include: 
 Repayment arrangements based on what the borrower can afford to pay at the time 
 Reduced repayments 
 Interest adjustments 
 Repayment extension periods 

We would ask a customer to fill out an income versus expenditure table and the reasons and cause of their applying for hardship assistance.

We would look to come to an agreement of reduced payments with a longer term for example in these circumstances.

We would ask for 90 days bank account statements to do our assessment. 

Hardship applications will be processed within 21 days if no additional information is needed from the customer. If additional information is required Courtesy Investments will provide a notice to the borrower within 21 days requiring the debtor to provide within (a further) 21 days, specified information relevant to the hardship application.

If the information was asked for not provided Hardship application would be processed 28 days after the additional information was requested.  A notice will be provided to the customer to agree/disagree with the change as per the timeframes above.