If you are struggling to pay your bank or lender, ASIC, the financial services regulator, says you should ask your lenders directly for help.
New research shows that 30% of Australians say they would not seek a hardship assistance arrangement from their bank or lender when struggling to make payments. In fact, more than 40% of Australians say they would rather sell off assets or get a second job before applying for assistance.
“The message for Australians experiencing financial stress is that banks or lenders have a responsibility to support customers. If you are worried about being able to make your repayments, you’re entitled to ask your bank or lender for help,” said ASIC commissioner Alan Kirkland.
You can find more information about asking for help at moneysmart.gov.au/justask.
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