This policy is applicable to all employees and representatives of Speedy Finance Pty Ltd ACN 107 822 766.

1. BACKGROUND

Speedy Finance Pty Ltd recognises and understands that some of its customers may experience financial hardship from time to time.  Financial hardship may affect a customer’s ability to meet its financial obligations.

This Financial Hardship Policy outlines the minimum standards Speedy Finance Pty Ltd will adopt where a customer is experiencing financial hardship in accordance with the provisions of the National Consumer Credit Protection legislation.

2. RESPONSIBILITY FOR POLICY

The person identified on the first page of this policy is responsible for this financial hardship policy and its day to day management. 

3. DEFINITION

Speedy Finance Pty Ltd defines financial hardship to include:

A situation where a customer is unable, reasonably, because of illness, unemployment or other reasonable cause, to discharge their financial obligations under their financial obligations under their contract with Speedy Finance Pty Ltd and the customer reasonably expects to be able to discharge those obligations if payment arrangements were changed. Financial hardship can be have a short or long term duration.

4. OUR APPROACH

Our approach is to treat all of our customers suffering financial hardship with the utmost respect in an efficient, honest and fair manner. This includes maintaining strict confidentiality. Accordingly our processes are managed by senior management who will liaise with customers directly. Speedy Finance assesses all applications for financial hardship in accordance with regulations NCCP Act. 

5. OUR PROCESS

5.1 Financial Hardship Assessment

1. Once contacted by a customer seeking relief from financial hardship we will assess the customer’s eligibility for assistance in accordance with this Policy.
2. The first stage of the assessment process is requesting relevant evidence from the customer supporting the claim of financial hardship.
3. We will not seek documentary evidence of financial hardship where:
   1. any potential arrangement with the customer will be short-term;
   2. the monetary amount, the subject of the hardship is small or insignificant;
   3. the customer is a long standing customer with a problem free history with us;  or
   4. where we do not reasonably suspect the customer us acting in a fraudulent manner.

5.2 Financial Arrangements

1. All financial arrangements must take into consideration the customer’s current financial situation.
2. Once agreed, all financial arrangements and amendments to current or previous financial arrangements must be documented by us.
3. All financial arrangements must be agreed to and accepted by the customer.
4. Whilst a financial arrangement is in its duration, a senior manager must:
   1. ensure the customer is fully aware of their obligations under the financial arrangement;
   2. make regular contact with the customer to ensure the financial arrangement is adequate throughout the term of the arrangements’ existence;
   3. remain able to review financial arrangements where a customer notifies us that the current financial arrangement is not adequate or their circumstances have changed;  and
   4. refrain from taking adverse action against the customer, including making a report to a credit agency, while a financial arrangement is in place and:
5. the customer does not breach the terms of the financial arrangement; and
6. where taking further action would be unreasonable in the circumstances.

6. PRIVACY

All information held by us will remain strictly confidential.