No one plans to fall behind on their personal loan repayments, but sometimes life can get in the way. You might have to fork out for urgent dental work, or maybe you received a speeding fine in the mail..
Not everyone can apply for serious financial hardship. Not getting enough money to pay your bills or to meet your daily needs wouldn’t suffice. The law set specific circumstances where individuals can take refuge from this legal exception. Serious hardship is a situation in which you can no longer pay your debts and bills. It is a relief offered by creditors and the taxation office to release borrowers from certain types of financial obligations
Are you trying to negotiate a repayment arrangement using financial hardship? If so, here are some important things to consider. Financial hardship means you are having difficulty in repaying your loans and debts when they become due because of two main reasons:
Life happens, and sometimes it can take an unexpected turn. You are suffering from financial hardship if you are struggling to make ends meet, and finding it hard to pay your utility bills or to meet your loan repayments because of the following circumstances:
There has been significant changes to the laws surrounding financial hardship over the past twelve months. These laws talk about a credit providers legal obligation to assist a client that is experiencing financial difficulties.
