Unforeseen Hardship

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  • 7, Tamariki Avenue, Orewa, Auckland
  • 09 930 6260
  • service@bizi.finance

What can you do if you suffer from unforeseen hardship?

For private, domestic borrowers, or Consumers, as defined by legislation (as opposed to business or commercial borrowers), if you are unable reasonably to keep up your payments on your loan because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to ask the Lender to vary the terms of your credit agreement (this is called a Hardship Variation).

To apply for a Hardship Variation, you need to:

Make an application in writing; and

Explain your reasons for the Hardship Variation; and

Request one of the following:

an extension of the term of your credit agreement – this means the Lender may agree to:

reduce the amount due on each payment date and increase the number of payments; or

a postponement of certain payments; or

both of the above – that is, postpone some payments and pay smaller amounts over a longer time period; and

give the application to the Lender.

Feel free to phone us to discuss on but we will ask you to follow up in writing by letter or email to us at service@bizi.finance

Do this as soon as possible. If you delay for too long in making an application or do not meet the Hardship Variation criteria, the Lender may not have to consider your request. If the Lender agrees to your requests, they may ask you to enter into a new agreement or they may change the terms of your existing credit agreement with them to help you meet your obligations. If the Lender agrees to a Hardship Variation, you will have to pay a “Refinance Fee” (as set out in the lenders Standard Charges and Fees schedule.

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