Document ID: chunk:federal_register_of_legislation:F2024L01251:clause:2_8a:p5
Version: federal_register_of_legislation:F2024L01251
Segment Type: clause
Provision Reference: sch 2 cl 8A (pt 5/6)
Character Range: 52217–54966

and FHI to be disclosed
 (12) If an overdue payment arrangement or variation FHA is put in place, a credit provider must take reasonable steps to provide the individual with information that describes the repayment history information and, if relevant, the financial hardship information that may be disclosed to a credit reporting body as a result of the arrangement. This information:
 (a) must relate to the specific type of arrangement that is put in place (i.e. temporary FHA, variation FHA or other type of arrangement that is not a financial hardship arrangement);
 (b) is not otherwise required to be tailored to the specific circumstances of the individual;
 (c) may be given verbally or in writing;
 (d) if given in writing, may be given by provision of an electronic link to a website that includes the information that relates to the specific type of arrangement that is put in place;
 (e) must be given at the time the arrangement is put in place or as soon as practicable afterwards;
 (f) if the arrangement is an overdue payment arrangement, is not required to be given if the payment or payments subject to the arrangement are due to be made within the grace period that applies to the overdue payments under subsection (3); and
 (g) if the arrangement is a variation FHA and is to be the last step to finalise the individual's hardship arrangements following an earlier temporary FHA, may be provided when that temporary FHA was made (and in conjunction with the information given about that temporary FHA).

Expression of financial hardship information
 (13) Where a credit provider discloses financial hardship information about consumer credit provided to an individual, the provider must take reasonable steps to ensure that the disclosure is expressed using one of the following codes:
 (a) "V" — representing financial hardship information relating to a variation FHA; or
 (b) "A" — representing financial hardship information relating to a temporary FHA.

Transitional matters
 (14) If an arrangement is made on or after 1 July 2022 in response to a hardship request made before that date (and where the arrangement would otherwise be a financial hardship arrangement), the credit provider may treat that arrangement as not being a financial hardship arrangement;
 (15) If an individual and a credit provider have prior to 1 July 2022 agreed to an arrangement affecting the monthly payment obligations of the individual which is a temporary relief or deferral of the individual's obligations in relation to consumer credit and, on or after 1 July 2022 the individual and the provider agree to:
 (a) an extension of that temporary relief or deferral – the credit provider may treat that further period as not being a financial