Lost Your Job ? 

Losing your job can be very traumatic.
It throws your whole financial plan into chaos and
can create a lot of extra worry and stress upon yourself and your family. 

If you have debts they still have to be paid and this can be very difficult.
However under the Uniform Consumer Credit Code
(the law governing personal, non-business credit)
 you are entitled to approach your credit provider about a hardship variation. 

In many cases you will be able to come to an acceptable arrangement
with your creditors just by talking to them and explaining your situation. 

Should your creditor fail to respond you can make a formal application for an hardship variation.
In NSW this is under sect.66 of the Consumer Credit Code. 

Should you still not have success you can apply to the CTTT
(Consumer, Trader and Tenancy Tribunal) for a variation. 

If you don’t talk to your creditors they won’t know you are are sick
and they will treat any non-payment of the loan as a default.
This may result in legal action or repossession of the mortgaged goods, if it is a secured loan. 

If you Lose your job you should 

  •         Contact Centrelink about any benefit you may be entitled to. 

  •         Get legal advice if you think you have been unfairly dismissed or discriminated against by your employer 

  •         Talk to your creditor 

  •         Do a money plan or budget to work out what you can afford 

  •         Check that you have received all your entitlements, get advice if you believe you have not. 

  •         Consider making a formal hardship application or an application to the CTTT
        if your creditor refuses to negotiate  

  •         Talk to a financial counsellor if your creditor refuses to negotiate a realistic payment plan    

    •

    Working out my budget

    To work out what you can afford you should do a money plan or budget. Click here

    For Centrelink advice on Benefits 
    If you are having problems with Centrelink
    Contact the Welfare Rights Centre

     

    The Consumer Credit Legal Centre has produced a range of
    useful fact sheets on credit and debt issues.
     For Hardship Variations

     Employment rights
    For information contact

    Your Community Legal Centres in NSW

    To find your local Community Legal Centre

     CTTT (Consumer, Trader & Tenancy Tribunal)

    If your lender refuses your application for a hardship variation or does not respond you can apply
     to the Commercial Division of the Consumer, Trader & Tenancy Tribunal asking for an order that
    the lender agree to the variation you have asked for.      

    How to Apply for a Hardship Variation in the
    Consumer Tenancy and Trader Tribunal
    Click Here

     To get the application form for
    CTTT (Consumer, Trader and Tenancy Tribunal)
    Commercial Division application form

    Disclaimer: The information contained on this web site is of a general nature. It is intended as a guide and you must not rely
     on the information contained on this website for legal purposes. If you have a legal problem you must seek independent legal
     advice from a qualified legal practitioner. To the extent permissible by law, the Lismore and District Financial Counselling
    Service Inc. disclaims all liability for anything contained on or accessed via this site and any use you make of it.
    Please note that some of the information on this website applies to residents of NSW Australia only.

    Credits: Web content produced with funding from the Sugar Industry Reform Program.