Financial Difficulty Assistance FAQs
What are my assistance options?
This will depend on your personal circumstances and financial situation, and may include:
- tailoring a payment arrangement
- deferring or reducing loan payments for a defined period of time
- extending the loan term
- capitalising loan arrears
It is important to contact us early so that we can discuss your situation and provide the best options available to you.
What is the application process?
If you think you are, or will be, unable to meet your debt obligations please contact us as soon as possible.
Depending on your situation we may be able to provide assistance quickly and efficiently over the phone.
Alternatively we may require further information and documentation to help us understand your financial position and determine whether assistance is appropriate.
The Bank may require:
- a statement of financial position to be completed summarising your current income, expenditure, assets and liabilities
- employment contract and/or payslips
- account statements
- Centrelink statement and/or social security payment details
- medical certificate from a qualified medical practitioner
- employment separation statement
- contract of sale / sales agency agreement
- other documents which support your request
Once you have provided us with all the requested information necessary to review your financial situation we will provide you with a decision within 21 days.
How will we assess your application for financial difficulty assistance?
Our dedicated team will contact you. When assessing your request they will take into account factors including:
- reason for financial difficulty
- your current financial position
- your ability to meet the commitments under the proposed arrangement and future repayments under the contract
- the ability to rehabilitate your circumstances (based on whether the financial difficulty assistance will offer genuine relief to restore your financial situation)
How will we tell you about our decision
We will tell you in writing if we can assist you, the reason for our decision to provide assistance and the main details of the proposed new arrangements
You’ll need to ensure that you meet the terms of the new arrangement.
If you are subsequently unable to meet these terms, you should contact us as soon as possible to discuss your situation.
What happens if my application is declined?
There may be a number of reasons why we decide not to provide financial difficulty assistance. If this is the case the reason for this decision will be explained to you in writing. We will also seek to discuss the next steps we will take and other available options with you.
What if I am not satisfied with the outcome of the assessment?
Please contact us on 02 49261428 or at firstname.lastname@example.org We will promptly investigate your complaint and notify you of the outcome.
If you are not satisfied with the response provided, you have the option to refer your complaint to the relevant external dispute resolution scheme:
We are a member of the Australian Financial Complaints Authority (AFCA)
AFCA provides fair and independant financial services complaint resolution that is free to consumers. You can contact AFCA atwww.afca.orgcontact-us/
Time limits may apply to complain to AFCA and so you should act promptly or otherwise consult the AFCA website to find out if or when the time limit relevant to your circumstances expires.
Other useful resources
If you are experiencing financial difficulty, there are a range of useful resources available to you, including:
Contact Nova Alliance Bank
Phone: 02 49261428
Postal Address: PO Box 789 Newcastle NSW 2300