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Financial Hardship Policy 

We are committed to supporting Property Owners in the face of any challenges you may be experiencing and this policy sets out your rights, options and how we can help.   

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1. What is Financial Hardship?

 

If there has been a change in your circumstance and you are experiencing (or expect to experience) financial hardship, which may affect your ability to make the required repayments (or any other matter relating to your Elepay plan), then we strongly encourage you to contact our Credit Team to discuss whether you are eligible for relief under our financial hardship provisions.

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Financial hardship may arise due to circumstances relating to:

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  • change in employment status;

  • coronavirus, medical illness, injury or loss of a loved one;  

  • natural disasters;

  • business downturns;

  • domestic/family violence.

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Whether you are expecting to miss a payment or if you are already in default, our team at Elepay will work with you to find a solution tailored to your individual objectives, needs and financial circumstances. 

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2. Contact Details and Information

 

If you require support or advice, please notify us of your individual circumstances by contacting us via the following:​

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To assist us in assessing your situation, we may request the following from you:​

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  • the reason for your inability to make the required repayments;

  • your current income, expenses and employment status;

  • supporting documentation to substantiate your claim for financial hardship (such as bank statements, medical certificates, pay slips).

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All information provided by you will be kept confidential and assessed on a case-by-case basis.

 

 

3. The Process

 

Once we receive your request for financial hardship (Financial Hardship Request), we will respond to you within 21 days, either:​

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  • requesting further information to assist us in assessing your Financial Hardship Request; or

  • propose a variation to your contract (or payment plan).

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Should we not receive the requested information from you, then we may take up to 28 days (from the date we receive the Financial Hardship Request) to respond based on the information provided. Please note that your assessment for financial hardship may be affected if you refuse to provide us with the information reasonably requested by us.

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If we propose a payment plan (or variation to your contract), we will stipulate the terms of such proposal in writing for your review and acceptance.

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Whilst we assess your Financial Hardship Request, we will suspend all recovery action against you but we may enforce any security we hold against your secured property should we have reasons to believe that our security position is compromised.  

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You may nominate a third party to represent you in your discussions with Elepay (including your financial counsellor, appointed attorney, friend or family member). Please provide this nomination in writing. 

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4. What are your options?  

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Once we receive all information required from you, our Finance Team will work with you to understand your individual circumstances and develop a suitable solution. This may include:​

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  • a variation to your existing contract (or a payment plan);

  • an extension of time to repay the debt;

  • suspension or reduced payments for a period of time;

  • concessions or waivers of certain fees or charges; and

  • the option to make small instalment payments.

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Each Financial Hardship Request is determined on a case-by-case basis and as such, it is important that you contact our team to determine how we can best support you.

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5. Can we refuse your request?

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Elepay may, at its discretion, refuse to offer you financial assistance and may require you to make repayments in accordance with the terms of your original agreement with Elepay.

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If we decline your request for financial assistance, we will contact you and inform you of the reasons for our refusal. The reasons for our refusal may include the following: ​

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  • you have previously been in default under an agreement with Elepay or one of our Partners;

  • you have provided Elepay with misleading, incomplete or inaccurate information or representations;  

  • Elepay has reasons to believe you are (or may be) subject to an insolvency event or will have difficulties making future repayments to Elepay;

  • there is an existing dispute between you and our Partner or third-party supplier; or

  • you have failed to provide us with the information or supporting documentation required by us to assess your request for financial assistance.

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If you are not satisfied with our response or how we have handled your request, you can seek an independent review from the Australian Financial Complaints Authority (AFCA), details of which can be seen on our External Support section.

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