FINANCIAL HARDSHIP

WHAT IS FINANCIAL DIFFICULTY?

If you’re in financial difficulty and are struggling to pay your loans, we can help.

If you’re finding things tough, please reach out to us as soon as you can.

 

If you’re struggling to pay your loans you may be in financial difficulty. This can be caused by things such as:
  • COVID-19

  • Injury or Illness

  • losing your job or working fewer hours

  • reduced business income

  • relationship breakdowns, domestic violence or financial abuse

  • natural disasters

  • gambling.

     

DIFFICULTY MAKING BUSINESS LOANS REPAYMENTS

Find out what support options are available to your business.

Talking to us is the first step in managing business financial difficulties. To help us understand your circumstances, when you contact us we may ask you to provide your most recent financial information and other business details.

If your business is going through financial difficulty, get in touch with us as soon as you can. We will:
  • work with you to understand your circumstances

  • treat you and your business respectfully, fairly and individually

  • be open and clear about your options

  • consider ways we can help you find a way to continue with your business loans

  • consider any requests you make

  • be timely and proactive in our communications with you.

     

The type of help we offer will depend on your circumstances. Ways we can assist may include:
  • offering temporary relief from existing financial commitments

  • exploring business loan restructuring options

  • having frank and supportive conversations about your business and any changes you might be considering

  • giving you extra time to raise money to cover debt, through selling assets or by other means.

BUSINESS LOAN SUPPORT

Learn how we support businesses that are struggling with loan repayments.

If your business is in financial difficulty and is struggling to make payments on a Medfin business loan, we may be able to help.

We are here to help

It’s important that you get in touch as soon as you can, so we can quickly find the best option for you. The type of support we offer will be tailored to your situation, so a conversation is the best place to start.

If you think you might miss a payment and would like to talk to someone about your options, please call Medfin Customer Support on 1300 728 718 (available on regular business days, 8:30am – 5: 30pm, NSW EST)

HOW TO APPLY FOR FINANCIAL HARDSHIP ASSISTANCE

There are several ways to apply:

Contact your local Relationship Manager

Find a specialist

Once you’ve completed the form return it to your local Relationship Manager,
or Email to Medfin Customer support

Submit an Online Enquiry

Account Services

Alternatively, Email us

Call Customer Support

Call Medfin Customer Support on 1300 728 718 (available during standard NSW business days, 8:30 – 5:30 EST )
or Email us at Medfin Customer Support

INDEPENDANT FINANCIAL ADVICE

Besides speaking with Medfin, you can get independent advice about what’s best for your business and how to manage any debt.

This can help put you in the best position to find a solution that works for you.

To speak to a financial counsellor who provides free, independent, confidential information and advice visit: http://www.ndh.org.au/ or call 1800 007 007.

You can also contact the Australian Tax Office for support. If you prefer, you can consult a financial counsellor of your choice.

SUPPORT OPTIONS IF YOU'RE STRUGGLING TO MAKE PERSONAL LOAN PAYMENTS

If you’re having trouble making your personal loan payments, we want to work with you to find a solution.

It can feel overwhelming, but financial difficulty can be managed.

It’s important that you contact us as soon as you begin to struggle so we can discuss your options. We will:
  • treat every customer fairly and individually

  • show understanding that these repayments are not your only bills

  • be open and clear about your options

  • work to get you to the other side in the best possible position.

Having a discussion with us won’t affect your credit rating or credit score. Ways we can help you include:
  • providing you with a temporary reduced payment arrangement

  • giving you a temporary payment break.