Financial hardship is an isolating experience that has left many Australians in doubt of themselves. This is further amplified when people struggling with their debts are bombarded with inconsistent information from creditors about their legal rights. This is where Just Budget can help. The experienced team at Just Budget are experts in financial law and know your rights when it comes to financial hardship.
Need proof? Let’s take an example that happened this week.
When calling up one of our client’s creditors, our expert financial adviser was told that the company wouldn’t consider extending the loan term. The creditor said that they had already given our client a three month moratorium and that after this time period the client had still been unable to pay back her arrears payments. The creditor further explained that the company had no other financial hardship policy. Our financial adviser respectfully listened and waited for his turn to speak.
As an expert in regulatory compliance, our financial adviser knew the law and explained his client’s rights to the creditor clearly. While a moratorium may not have sufficiently helped the client in the past, the law dictates that the creditor has to offer more consideration to financial hardship. Our financial adviser clearly explained his client’s case, the laws that mandate the creditor’s responsibilities and the debt management system that would ensure his client pays back her debts over time. Now understanding their legal obligations, the creditor agreed that giving our client more time to pay back her loan without increasing the interest rate seemed a suitable option.
This simple act of communication could save our client thousands of dollars in overdue fees and help her get back in control of her debts. Without knowing the law and without proof of a strong repayment plan, many people struggle through financial hardship unnecessarily. Just Budget is passionate about helping Australians get back in control of their lives. Let Just Budget help you.