case-by-case basis. 174. If we are able to contact you and discuss your situation under paragraph 173 and we offer basic bank accounts that you are eligible for, we will offer this product to you. We will try to help you if you are experiencing Financial Difficulty We will work with you to help you respond to Financial Difficulty 175. With your co-operation, we will work with you to help you find a sustainable solution to your Financial Difficulties. Any help we can give will depend on your individual circumstances. We provide help to customers on a case-by-case basis. We will give you information about our Financial Difficulty processes 176. We will make information publicly available about our processes for working with customers in Financial Difficulty. What we will consider when deciding on assistance options 177. When we are deciding whether, and how, to help you with Financial Difficulty, we will take into account the information available to us, including information you give us about your financial situation. Examples of how we may help you if you are experiencing Financial Difficulty 178. The table to the right sets out examples of steps we may be able to take to help you in particular situations. When we may waive your debt 179. In exceptional circumstances, we may look outside normal processes to find a way to assist you if you are experiencing long term hardship as a result of a material change in circumstances. 180. If you are an individual, we may, at our discretion, reduce or waive your debt if it is an unsecured personal Loan or credit card, on a case-by-case basis and on compassionate grounds, having regard to the following: a) your individual circumstances; Restoring your financial position is possible Our financial hardship arrangements focus on situations from which you can recover your financial position. In these situations, we may be able to help you by: • agreeing to interest only payments for a short period; • extending the term of your Loan to reduce your repayments; or • temporarily postponing or deferring payments. These arrangements may require you to pay more interest over the Loan term. What you can do In these circumstances, contact us and we will help you work out what you need to do. Restoring your financial position is unlikely A permanent change to your financial situation may mean it is now unlikely that your financial position can be recovered — even if your existing Loan were to be changed. In that case, it may not be appropriate, for us to offer you changes to any payment arrangements under the National Credit Code’s financial hardship process. However, even in these circumstances, we may be able to offer you help — for example, options may include: • agreeing on an alternative arrangement, plan or contract; • changing the terms of your Loan; • giving you time to sell your property; or • giving information about bankruptcy or insolvency arrangements. What you can do In these circumstances, contact us and we will help you work out what you need to do. We may refer you to people who can help you find a financial adviser or financial counsellor. Banking Code of Practice | 33
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