Understanding Hardship
At Pioneer Finance, we understand that circumstances can change unexpectedly, making it difficult to meet your loan repayment obligations. If you're experiencing financial hardship, we're here to help.
What is a Hardship Variation?
A hardship variation is a change to your loan contract that can help you manage your repayments during times of financial difficulty. This may include:
- Extending the term of your loan to reduce the amount of each payment
- Postponing payments for a specified period (payment holiday)
- A combination of both of the above
When Can You Apply?
You may apply for a hardship variation if:
- You are unable to meet your obligations under your loan contract due to illness, injury, loss of employment, the end of a relationship, or other reasonable cause; and
- You reasonably expect to be able to meet your obligations if the contract terms were changed in one of the ways mentioned above; and
- You are not in default of the loan to the extent that you have been issued a default notice.
How to Apply
To apply for a hardship variation:
- Contact our Customer Support team as soon as you anticipate or experience financial difficulty
- Complete a Hardship Application Form (available upon request)
- Provide supporting documentation that demonstrates your financial hardship (e.g., medical certificates, termination letter, financial statements)
Our Process
Once we receive your hardship application:
- We will acknowledge receipt within 5 business days
- We may request additional information if necessary
- We will assess your application and provide a written response within 20 business days (or 30 days if we need more information)
If Your Application is Approved
If your hardship variation is approved, we will:
- Provide you with a written notice outlining the changes to your loan contract
- Explain any implications these changes may have on your loan (e.g., increased total interest payable)
- Implement the variation as agreed
If Your Application is Declined
If your application is declined, we will:
- Provide reasons for our decision
- Offer alternative options that may assist you
- Provide information about our complaints process if you are dissatisfied with our decision
Seek Financial Advice
We encourage you to seek assistance from a financial counselor if you are experiencing financial hardship. Free, independent financial counseling services are available from:
Contact Us
If you are experiencing financial hardship or have questions about hardship variations, please contact us:
Email: [email protected]
Phone: 0800 000 724
In person: Visit any of our branches