Financial Hardship
We understand that unforeseen circumstances can lead to difficulty making scheduled Plenti payments.
We’re committed to helping our customers who are experiencing financial hardship, and we encourage you to talk to us directly to explore available options. Remember, the sooner you talk to us, the sooner we can work with you to help you get back on track.
What is financial hardship?
There are many reasons you might find it difficult to make your repayments, including:
- Loss of income: such as the loss of a job, a reduction in pay or a downturn in business
- Natural disasters: such as bushfire, flooding, cyclone or drought
- Family matters: such as separation, divorce, loss, domestic violence or carer obligations
- Medical reasons: such as illness or a permanent disability
- Financial reasons: such as a large, unexpected expense becoming due
- An unexpected situation: another reason that has contributed to your hardship
If you are having difficulty making your scheduled Plenti payments due to these or any other reasons, please contact us as soon as possible to discuss how we may be able to assist.
How can Plenti assist if you are in hardship?
There are a number of ways we may be able to assist you during a period of financial hardship, including:
- Reducing your scheduled Plenti payments
- Temporarily pausing your scheduled Plenti payments
- Amending your scheduled payment dates, and/or
- Waiving any fees owing
After receiving your financial hardship application we will consider the assistance we could provide based on the information you have provided.
Applying for financial hardship assistance
We’re committed to helping our customers who are experiencing financial hardship, and we encourage you to work with us directly to explore available options.
You can apply for financial hardship assistance online. We’ll ask for information about your circumstances and your finances - you should have the following information to hand:
- Your Plenti loan number (available from your Plenti account)
- Your employment status
- Your income and expenses
- Any other financial liabilities you’re servicing (including mortgages, credit cards and other loans)
We appreciate it may be frustrating to provide this information, but the more we know about your circumstances the better we can assist you during this time.
What to expect when applying for financial hardship assistance
Prepare
Carefully review the details on this page and the financial hardship assistance application.
Apply
Set aside enough time to complete the hardship assistance application (we recommend allowing 15-20 minutes). Remember, the more detail you can provide, the better we can assist.
Review
We will review your application, and may contact you for additional information.
Outcome
We’re required to provide a response to you typically within 21 days (but ordinarily we’ll be in contact much sooner!).
Frequently asked questions
You can apply for financial hardship assistance online.
If you are unable to complete the online application, contact us on 02 8349 2276 or hardship@plenti.com.au.
We will ask you to provide details of your change in circumstances and the support you would like from Plenti during this time. As each application is assessed individually, in some circumstances we may contact you to request additional information to complete our assessment.
Your application will be processed within 21 days (and ordinarily much sooner) if no further information is required. However, we may still contact you if further information is required to assess your application. If we do require more information, please try to provide this as soon as possible.
If you are not happy with our decision or the type of support we have offered, please contact our hardship team to discuss it further. You may also wish to seek independent hardship advice from a financial counsellor.
If you are still not happy you can make a complaint by calling us on 02 8349 2276 or email at complaints@plenti.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
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001
Yes, with your approval we can discuss your request with a person you nominate, such as a financial counsellor or partner.
Things to consider
Loan balance and interest
If your repayments are paused as part of a financial hardship application, the outstanding balance may continue to accrue interest, adding to the total amount of interest that will need to be paid.
Restarting repayments sooner
Should your circumstances improve and it becomes possible to start your repayments before your hardship period ends, you should consider doing so. Repaying a loan quicker can cost less and means avoid paying more interest.
Financial hardship and your credit file
If you’re experiencing financial hardship and having trouble making repayments on your loan, you may qualify for a financial hardship arrangement.
A financial hardship arrangement will appear on your credit report as ‘hardship information’, together with your repayment history for 12 months from the date the arrangement concludes.
Depending on the type of assistance we provide we may provide one of two details to credit reporting agencies to whom we report:
A - reflects a temporary arrangement or deferral of your loan payments
V - reflects a permanent change to the loan (the loan has been varied)
In both cases, your repayment history on your credit file is based on the new agreed repayments. If you agree to a temporary arrangement or deferral with us, as long as you make the agreed repayments on time, your history will show you are up to date.
Seeking financial hardship assistance does not exclude you from applying for credit in the future. If your credit report has financial hardship information, lenders (including Plenti) may ask you for more information about your current situation to ensure that a new loan is manageable.
No matter what has happened over the last 12 or 24 months, making your payments on time now is the best way to reduce the impact on your ability to access credit.
Ways to contact us
If you’re hearing-impaired or speech-impaired, you might wish to contact the National Relay Service.
- TTY users: phone 133 677 then ask for 1300 768 710
- Speak and Listen (speech-to-speech relay) users: phone 1300 555 727 then ask for 1300 768 710
- Internet relay users: visit the National Relay Service website and ask for 1300 768 710
Additional resources that may help you
MoneySmart, provides free tools, tips and guidance to help Australians take control of their money.
National Debt Helpline, provides free, independent and confidential financial counselling to help people tackle their debt problems.
Credit smart - Helps you to understand how your credit choices affect the information that credit providers can access, and how you can view and control that information.
Lifeline - 24-hour Crisis Support and Suicide Prevention Services.
1800 RESPECT - 24-hour hotline that provides help for any Australian who has experienced, or is at risk of, family and domestic violence and/or sexual assault.
Beyond Blue provides information and support to help everyone in Australia achieve their best possible mental health, whatever their age and wherever they live.
MIND Australia provides information and practical support for people living with mental illness and their families and/ or carers.