Financial Hardship

BHCCU is committed to assisting and supporting any of our members who are facing financial difficulty or financial stress

Occasionally, some of our members will find themselves facing financial difficulty.  BHCCU is committed to assisting and supporting any of our members who are facing difficulty or financial stress.  If you have a loan with BHCCU and are experiencing difficulty meeting your repayment obligations or if you are a Guarantor experiencing difficulties under a guarantee, you are entitled to financial assistance.

What is Financial Hardship?

Financial hardship is when you are temporarily unable to make a repayment on a debt, such as a credit card, home loan or personal loan.

The causes of hardship can include sickness, natural disaster, unemployment or over-commitment to credit arrangements.

What to do when you are in financial hardship

If you are in financial hardship, keep paying what you can afford, you should contact us as soon as possible on 08 8088 2199, to discuss your situation.  We will need to know about your income and expenses, when you think your situation will improve, the type of help you think you will need and for how long and what you can afford to pay.  Making any repayments you can afford will reduce the amount of interest accruing on the loan.

You can provide this information to us either over the phone, or by completing the Financial Assistance Application Form and returning it to admin@bhccu.com.au.

What sort of help can you ask for

You can ask for any reasonable change to your credit contract that may help you to repay your loan.  This may include:

  • Extending the period of the loan and reducing the amount of regular payments

  • Delaying payments due on a specific date

  •  Stopping payments for a period of time

  • Making interest only payments for a period of time

Prepare a budget

A budget is the best tool to find a suitable solution and will help you understand your financial position and the repayments you are able to make.  

You can find free resources at AFCA -- afca.org.au/financial position and ASIC’s MoneySmart – moneysmart.gov.au/managing-debt/financial-hardship and moneysmart.gov.au/budgeting/budget-planner.  These resources will help you identify what you can afford.

Talk to a financial counsellor

Financial counsellors provide their services free of charge and can talk with you about what options might be available to you.  You can call the National Debt Helpline on 1800 007 007 to speak to a financial counsellor. 

When we receive a request for financial assistance

When we receive a request for financial assistance, we will ask for information about your income and expenses, when you think your situation will improve, the type of help you think you will need and for how long and what you can afford to pay.  Once we have the information, we will promptly consider your request and respond to you within 21 days of receiving the information required to assess your situation.

When an agreement about assistance is reached

When we reach an agreement about the assistance, we will provide confirmation in writing of what has been agreed and include your obligations when the period of assistance ends.  We will let you know if we offer a product with terms that are more favourable to you and provide you with information on how to transfer. 

When we are unable to assist you

If we are unable to assist you, we will suggest other options or avenues that may be available to you and notify you promptly in writing, advising you of the reasons we are unable to assist you.

You may make a complaint to AFCA if you are unhappy with our decision.  You can contact AFCA on 1800 931 678 or visit www.afca.org.au/make-a-complaint.

Acting responsibly

BHCCU will continue to act as responsible lenders, basing our lending decisions on a careful and prudent assessment of a borrower’s financial position

Other financial hardship resources