If something unexpected has changed your financial situation and you can no longer make your loan repayments, you may be eligible for financial hardship assistance.
Below is a quick run-through of what financial hardship is and what to do if you're worried about repaying your Vield loan.
What is financial hardship?
Financial hardship means being unable — or finding it extremely difficult — to meet your financial obligations, such as your household bills or loan repayments. It's usually caused by a change in your personal circumstances, such as unemployment, injury, illness, or a relationship breakdown.
Our team can help if you've fallen behind or expect that you won't be able to meet an upcoming repayment. We'll take the time to work through your situation and develop a solution tailored to your needs.
Please keep in mind that interest continues to accrue and be charged during this period, so you'll need to catch up on it once you're back on your feet.
I have concerns about repaying my Vield loan. What should I do?
Get in touch and let us know your circumstances and why you need support. Call us on (02) 9157 9669 or email loans@vield.io, and include a detailed description of your situation as a declaration of your circumstances.
If you only need short-term help, we may be able to offer a prompt solution. If you're facing longer-term hardship, we'll ask you to complete an application form. We'll then assess your financial position and work with you on a tailored solution.
What documents do I need to apply?
Once you get in touch, we'll tell you exactly which documents we need. Generally, we'll ask for evidence that:
- you've become unemployed and have no primary source of income, or
- there's been a substantial reduction in your ability to repay your loan.
That evidence might include:
- a letter from your employer
- a letter from Centrelink
- bank statements showing a reduction in your income
- any other documents that help explain and support your circumstances.
What are my financial hardship options?
There are a number of options that may be available to help you get back on your feet. This may include a repayment pause, an extension of the term or reduction of the repayments. The right one depends on your circumstances, so please get in touch with our team on (02) 9157 9669 or at loans@vield.io to talk it through.
How long does it take to process a hardship request?
We'll respond to your request as soon as we can — we know peace of mind matters during a difficult period. We must respond to a hardship notice within 21 days after the day of receiving the hardship notice.
Can the government help me?
Yes. The National Debt Helpline is a free, confidential service that gives you direct access to financial counsellors. You can call them on 1800 007 007, Monday to Friday, 9.30am to 4.30pm.
How do I contact Vield's assistance team?
Email loans@vield.io or call us on (02) 9157 9669 between 9am and 5.30pm, Monday to Friday.