At Volkswagen Financial Services Australia we understand that life can take unexpected turns and anyone can experience financial hardship, due to unforeseen circumstances. We are committed to assisting you with finding a suitable solution to manage your repayments, whilst you get back on your feet.
- Email: firstname.lastname@example.org
- Phone: 1300 734 567
Monday – Friday, 9am – 5pm (AEST)
If you are overseas, please call: +61 2 9695 6311
- Fax: +61 (2) 9695 6399
- Mail: Hardship Locked Bag 4002, Chullora NSW 2190
What is Financial Hardship?
Financial Hardship is when a customer is willing and has the intention to pay, but due to a change in their circumstances, is now unable to meet their repayments or existing financial obligations. With formal hardship assistance, their financial situation will be restored.
Reasons which may qualify you for Financial Hardship
Common events contributing to financial difficulty may include:
- Changes in income and/or expenses
- Changes in employment (such as reduced hours, loss of job, reduced pay)
- Significant life events (such as illness, injury, relationship break down, death or disability)
- Natural disaster
- Legal matters such as court actions, judgement or court orders
- Company failure or some other event such as insolvency or administration.
Financial Hardship FAQ's
How long is the assistance period?
Our Hardship department will look at your individual situation and provide options. This may be short term and in some cases long periods of time dependent on your situation.
What kind of support documents do I need?
Each situation is assessed on its own merits. You may need to provide further information such as proof of income, liabilities, expenditure and anything that is applicable to your circumstances.
How long will it take to receive a response?
We are required to provide you with an outcome or next steps within 21 days of you submitting your application. However, in most cases you will receive a response sooner.
Will I still be contacted by Collections whilst assistance is in place?
No, there will be no collections activity during this period as long as you comply with your hardship arrangement.
What happens if Volkswagen Financial Services Australia doesn’t support my request for Financial Hardship?
We will advise you in writing of the reason. You may wish to seek further financial advice from a financial advisor or a third party in regards to the alternate options that may be available to you.
What happens if I am not satisfied with the outcome?
If you are unsatisfied with our response, you can contact our Financial Hardship Department on 1300 734 567 (Option 1) to discuss our decision. If your concern is still not resolved, you may lodge a complaint via our internal disputes resolutions scheme by emailing email@example.com.
If you do not agree with our decision or suggested resolution, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA):
M: Australian Financial Complaints Authority GPO BOX 3, Melbourne VIC 3001
P: 1800 931 678 (Free call)
We are a member of AFCA who provides fair and independent financial services complaint resolution that is free to consumers.
What is a financial hardship arrangement?
A financial hardship arrangement is the assistance we agree to provide to help you with your loan repayment obligations where you have a change in circumstances that impacts your ability to repay. A payment deferral or payment holiday is an example of the assistance we can provide to help you if you’re experiencing a natural disaster, illness or relationship breakdown.
A financial hardship arrangement can be for a short period of time, e.g. reduced payments for a couple of months. However, in some cases, it can be longer, e.g. an extension of the remaining term of the loan to permanently reduce your monthly payments.
What is a Temporary Hardship Arrangement?
A Temporary Hardship Arrangement (THA) is a where you have a short term financial change. This type of arrangement doesn’t change your contract terms but will give you some short term payment arrangement assistance while you are experiencing this short term financial circumstance.
What happens to reporting of repayment history information when you have a financial hardship arrangement?
Your credit report includes your Reporting History Information of ‘RHI’ for credit accounts like home loans, personal loans, personal overdrafts and personal credit cards. During a financial hardship arrangement, your RHI will show whether or not you met the requirements of the financial hardship arrangement (instead of your usual payment obligations).
Your credit report will also show that those payment obligations have been impacted by a financial hardship arrangement. This will be shown by a letter code of ‘A’ or ‘V’ (depending on the type of hardship assistance) that will go next to your RHI and will remain on your credit report for 12 months. However, your credit report won’t include the reason for the hardship arrangement, or the details of the arrangement.
Visit Credit Smart for more information on financial hardship arrangements
What happens if don’t fulfil my financial hardship arrangement?
If you are unable to make your agreed payment amount to us, under your financial hardship arrangement, you must notify us immediately. If you do not notify us, your financial hardship arrangement will cease, and your credit report may be impacted. You will also be required to pay your usual contractual loan amount to us.
What other assistance can Volkswagen Financial Services Australia assist with?
If you’re experiencing domestic abuse, family violence or elder financial abuse, we can provide support to help you with your loan account with us. Contact us for further information.
How to Apply
In order to assess your eligibility for financial hardship assistance, we require you to complete the Financial Assistance Application online first and then one of our representatives will be in touch with next steps.
What Happens Next?
Once your application has been completed and returned to us, your circumstances will then be assessed to see what arrangements or options may be suitable for you. We will notify you of the outcome within 21 days. Should we require additional information, one of our Hardship specialists will be in contact with you to discuss the matter further.
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