How can my lender help me with my financial hardship?
A lender may agree to:
- a payment arrangement
- capitalise the arrears, which would increase your payments
- postpone your payments for some time
- extend the term of your loan and reduce your payments
- give you time to sell the security property
- any other reasonable proposal that enables you to eventually repay the loan.
If your loan is not a consumer loan (e.g. it is a commercial loan), it may be more difficult to negotiate a favourable outcome.