You're about to apply for Financial Assistance
We know that anyone can experience financial difficulties at one time or another. In some cases, the difficulty is temporary, and you might just need some time to get back on your feet. While in others, the difficulty may be longer term. At NAB we are here to support you.
We’ll work out Financial Assistance that is individual to you, taking account of the information you are providing in this application, including the period you need the assistance for and whether or not you can make any payments to your loan during that period. In some cases Financial Assistance may not be appropriate and we may need to talk to you about other options.
The Financial Assistance will usually take the form of either a payment break or a payment arrangement.
A payment break means that you won’t receive calls from us during the payment break period (unless you have agreed to us checking in with you).
A payment arrangement means you won’t receive calls from us (unless you have agreed to us checking in with you) and will make a lower regular payment that you have nominated during the payment arrangement period.
While you’re on a payment arrangement or a payment break, your contracted repayments, interest and fees (excluding late payment fees) continue to be payable.
When you submit your Financial Assistance application, you’ll be unable to access redraw through self-serve options e.g. Internet Banking on your NAB home loan and personal loan accounts from the time of your application and for the duration of the Financial Assistance period, even if you have not applied for Financial Assistance with those accounts. If you apply for Financial Assistance in relation to your NAB credit card, the credit card may be blocked from use from the time of application and for the duration of the Financial Assistance period.
This application for Financial Assistance is not an application for the variation of your credit contract nor will any Financial Assistance provided be a formal hardship variation for the purposes of the National Credit Code. There will be no change to the way interest is calculated, or to the contracted repayments that you are obliged to make. If you are in arrears, unless you catch up all your outstanding amount, your account will continue to be overdue.
Financial Assistance doesn’t waive any rights we have to collect the debt you owe us and doesn’t override the terms of your contact or any default notices or other legal notices we may have sent you. We are not required to re-issue legal notices before continuing collections activity on the account after the end of the assistance period.
In addition to the Banking Code of Practice , the National Credit Code has provisions dealing with hardship assistance applying to National Credit Code regulated credit contracts. If you tell us that you are or will have difficulty in making payments under a regulated credit contract, we are required under the National Credit Code to tell you within certain time periods whether we will assist you by changing the terms of your credit contract and give you in writing either details of the changes that we have agreed or an explanation of why we do not agree.
Once you have submitted your application for Financial Assistance we’ll send you an email to confirm we have received it. We’ll be in touch with you again to either confirm you have Financial Assistance or to discuss other options if they seem more appropriate.
If you have a default on your account, we aren’t permitted to report it to the credit reporting body until we have sent you notices required by the Privacy Act relating to the default, and have given you adequate time to see if you can remedy the default.
If we send you the relevant notices before the Financial Assistance is granted, we’ll report the default after the assistance period ends (provided the relevant notice period has expired) unless you remedy it.
If we have not sent you the notices before the Financial Assistance period, we’ll send them to you after the Financial Assistance period and then report the default once the notice period expires, unless you remedy the default.
Information about your defaults that we report to credit reporting bodies can be accessed by credit providers to assess your credit worthiness, for instance when you apply for further lending.
RHI indicates whether due payment/s have been made in a particular month for your NAB credit contract/s and is provided to each of the credit reporting bodies we deal with (Equifax, Experian and Illion) on a monthly basis.
This information can be accessed by credit providers to assess your creditworthiness, for instance when you apply for further lending.
If you’re approved for a period of Financial Assistance, during the Financial Assistance period, we will not report RHI about your account to the credit reporting bodies we deal with.
When your Financial Assistance period ends, we will resume reporting RHI to the credit reporting bodies. When RHI reporting resumes, it will take account of all unpaid contractual repayments, including those repayments that you didn’t pay in full during the Financial Assistance period.
If you want to check your file with the credit reporting bodies we deal with, you visit their websites:
- Equifax, opens in new window
- , opens in new windowIllion, opens in new window
- Experian, opens in new window
You can also get more information about comprehensive credit reporting from Credit Smart, opens in new window.
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