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Banks understand financial difficulty can happen to anyone and work to identify solutions appropriate to each customer’s circumstances.
Many customers may be worried about approaching their bank if they encounter difficulties, but banks encourage customers to contact them as soon as possible if they think they are unable to meet their financial obligations. This will allow banks to work with customers to find a solution and prevent the situation from deteriorating further.
There are many reasons why a customer may experience problems making repayments on their home loan or their credit card, including a loss of their job or reduction in working hours. Illness or injury, or a relationship breakdown can also cause money troubles.
The ABA's financial hardship package consists of:
The package not only assists banks meet their legal obligations and the provisions in the 2013 Code of Banking Practice, but also to go beyond these obligations and reflect industry commitments to promote best practice across the banking industry.