What if the lender has agreed to my request for financial hardship assistance?

 

If your lender agrees to change your loan payments, it must write to you telling you about the new payment arrangement. Make sure you understand how the new arrangement will work. For example:
 

  • What is the new payment?
  • On what date do you have to start making the new payments?
  • What is the frequency of the new payments?
  • Do you need to change your direct debit authority because the date of payment has changed?
  • If the arrangement is temporary, on what date do you have to recommence your normal payments?
  • If you are not sure about whether or not you should accept the arrangement, make sure you seek advice before agreeing to it.
If your lender offers you a payment arrangement that you’re unsure you can afford, be very careful about accepting it. If you do and then can’t meet the new payments, it may be difficult to later ask your lender for another payment arrangement.