CIO understands that financial hardship can be caused by such factors as increases in interest rates, significant life changes, workplace injury, unemployment and serious illness.
Consumers finding it difficult to meet repayments, or those who have received a default notice from their lender, should contact their lender as soon as possible to discuss the situation.
Financial counsellors and community legal centres also offer advice to assist with financial hardship matters, and CIO encourages consumers to speak firstly to their financial services providers and/or these community centres before lodging a complaint with CIO.
Should consumers be unable to resolve an issue with their financial services provider, CIO provides a fair and independent service to assist in reaching resolutions between financial services providers and consumers.
For further information about what to do if facing financial hardship and how CIO may be of assistance, see the complete Financial Hardship Guide below.
Follow this link for a full copy in PDF ► Financial Hardship Guide