If you’re really struggling to make your debt repayments, there are plenty of resources available to help you out:
Your credit provider
Ask your lender what financial hardship options they have, such as a payment plan or the option to change the condition of your repayments to make them easier for you to keep up with. Lenders have hardship departments to help you manage your loan repayments so don’t be afraid to reach out.
National Debt Helpline
The National Debt Helpline is a not-for-profit service that offers free financial counselling to help you get back on track if you’re deep in debt. The financial counsellors can help you by assessing your financial situation, give advice on how to deal with your lender, and can help you work out a realistic payment plan for your debts. You can reach out to the National Debt Helpline on on 1800 007 007 or online on weekdays from 9:30am to 4:30pm.
Lifeline
Being in financial difficulty can also have an impact on your mental health. If you’re really struggling and need someone to talk to, you can reach out to Lifeline on 13 11 14 over the phone or online at any time of the day or night.