CREDIT

CAR LOANS

What’s changed?

In March 2020 the Australian Banking Association (ABA) has announced assistance from its member banks for people with personal loans which may include restructuring loans, waiving fees or other arrangements.  

This page last updated on 08/07/2020 

The Customer Owned Banking Association (COBA) has a list of assistance measures that its member banks are providing.

The Australian Finance Industry Association (AFIA) has not announced any specific assistance but has listed the financial hardship contact details of all its members.

The Australian Financial Complaints Authority (AFCA) has a significant event hotline Ph: 1800 337 444 for individuals financially impacted by the COVID-19 pandemic. 

There are additional protections from forced bankruptcy for debts. See Bankruptcy.

Lenders have not made any blanket undertakings about holding off on repossession or enforcement action.

 
 

CREDIT CARDS

What’s changed?

In March 2020 the Australian Banking Association (ABA) has announced assistance from its member banks for people with credit cards which may include waiving fees or other arrangements.  

This page last updated on 08/07/2020

The Customer Owned Banking Association (COBA) has a list of assistance measures that its member banks are providing.

The Australian Finance Industry Association (AFIA) has not announced any specific assistance but has listed the financial hardship contact details of all its members.

The Australian Financial Complaints Authority (AFCA) has a significant event hotline Ph: 1800 337 444 for individuals financially impacted by the COVID-19 pandemic. 

There are additional protections from forced bankruptcy for debts. See Bankruptcy.

Lenders have not made any blanket undertakings about holding off on repossession or enforcement action.

 

CONSUMER LEASES

What’s changed?

The consumer lease reforms
of 2017 still have not passed (but are currently before parliament).


This page last updated on 01/06/2020

There has been no announcement from the industry association (Consumer Household Equipment Rental Providers Association) around hardship during the COVID-19 pandemic.

Most consumer lease providers refer to existing hardship arrangements for customers affected by the pandemic.

The Australian Financial Complaints Authority (AFCA) has a significant event hotline 1800 337 444 for individuals financially affected by COVID-19.

 

There are additional protections from forced bankruptcy for debts. See Bankruptcy.

 

PAYDAY LOANS

What’s changed?

The payday lending reforms
of 2017 still have not passed (but are currently in parliament)
.

This page last updated on 01/06/2020 

There has been no announcement from the industry association (National Credit Providers Association) around hardship during the COVID-19 pandemic.

Most payday lenders refer to existing hardship arrangements for customers affected by the pandemic.

The Australian Financial Complaints Authority has a significant event hotline Ph: 1800 337 444 for individuals financially affected by COVID-19.

 

There are additional protections from forced bankruptcy for debts. See Bankruptcy.

 

PERSONAL LOANS

What’s changed?

In March 2020 the Australian Banking Association (ABA) has announced assistance from its member banks for people with personal loans which may include waiving fees or other arrangements.  

This page last updated on 08/07/2020 

The Customer Owned Banking Association (COBA) has a list of assistance measures that its member banks are providing.

The Australian Finance Industry Association (AFIA) has not announced any specific assistance but has listed the financial hardship contact details of all its members.

The Australian Financial Complaints Authority (AFCA) has a significant event hotline Ph: 1800 337 444 for individuals financially impacted by the COVID-19 pandemic.

 

There are additional protections from forced bankruptcy for debts. See Bankruptcy.

Lenders have not made any blanket undertakings about holding off on repossession or enforcement action.

 

DEBT COLLECTION

What’s changed?

The Australian Collectors and Debt Buyers Association has not announced any specific measures in response to financial hardship and the COVID-19 pandemic.

This page last updated on 01/06/2020 

Some debt collection companies have offered specific assistance.

There are additional protections from forced bankruptcy for debts. See Bankruptcy

 

CREDIT REPORTING

What’s changed?

The Australian Banking Association (ABA) has announced that deferring loan payments will not affect customers’ credit reports.

This page last updated on 01/06/2020

No other industry association has published details of its approach to credit reporting.

The Australian Financial Complaints Authority has a significant event hotline Ph: 1800 337 444 for individuals financially impacted by the COVID-19 pandemic. 

 

BUY NOW, PAY LATER

What’s changed?

Some buy now pay later providers have announced specific hardship assistance.

This page last updated on 01/06/2020 

Most buy now pay later providers are in the Australian Financial Complaints Authority (although membership is voluntary). Always check and consider lodging a complaint with AFCA if the dispute cannot be resolved.

There are additional protections from forced bankruptcy see Bankruptcy.

Disclaimer: The information on this website is for financial counsellors only. It is general information only. Financial counsellors must still tailor advice to their client’s individual circumstances. 

Copyright © 2020 Financial Counselling Australia. All rights reserved.​

FCA sincerely thanks Kat Lane. Liz Minter and Melinda Rene for their outstanding work in putting this site together.

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