Financial Hardship

  1. Introduction
  2. Purpose of this Position Statement
  3. What is required of lenders under COSL's Rules?
  4. Agreement to vary between the parties
  5. Variation of regulated credit contracts
  6. Allowing the borrower time to refinance or sell the property
  7. If financial hardship is declined by lender
  8. Good faith consideration of a financial hardship application
  9. Our considerations when determining if a loan should be varied
  10. Direction by COSL to vary a credit contract
  11. Default fees, default interest and enforcement cost
  12. Enforcement action
  13. Remedies under COSL Rules
  14. What we expect from members
  15. Where only one of the joint-borrowers is in hardship
  16. Bankruptcy

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