What can you do if you suffer unforeseen hardship?

If you are unable to keep up your payments on your loan because of illness, injury, loss of employment, the end of a relationship, or any other reasonable cause, you may be able to ask us to vary the terms of your credit contract agreement (this is a Hardship Variation).

To apply for a Hardship Variation, you need to:

  1. make an application to us in writing; and

  2. explain your reasons for the Hardship Variation; and

  3. request one of the following:

    • increasing the term of your credit agreement - this means reducing the amount due on each payment date and increase the number of payments; or

    • a postponement of certain payments; or

    • both of the above - that is, postpone some payments and pay smaller amounts over a longer time period; and

  4. The application needs to be received in writing by letter, or email us at loans@abcloans.co.nz.

If you delay for too long in making an application, or do not meet the Hardship Variation criteria, we may not have to consider your request.

If we agree to your requests, you will need to sign a Hardship Variation acknowledging changes to your credit agreement and a "Hardship Variation Fee" will be added to your credit agreement (as set out in the fee schedule here).