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Section : 6QA Meanings of financial hardship arrangement and financial hardship information
Domain : Human Resource Management
Classification : Not Identified
Text Content
Financial hardship arrangement (1) If:
- (a) a credit provider provides consumer credit to an individual; and
- (b) the National Credit Code applies to the provision of the credit; and
- (c) the individual is or will be unable to meet the individual's obligations in relation to the consumer credit; and
- (d) as a result of the inability, an arrangement covered by subsection (3) affecting the monthly payment obligations of the individual is made between the credit provider and the individual which is either:
- (i) a permanent variation to the terms of the consumer credit; or
- (ii) a temporary relief from or deferral of the individual's obligations in relation to the consumer credit; then the arrangement is a financial hardship arrangement . Note: Financial hardship arrangements affect repayment history information: see subsection 6V(1A).