Skip to contentAt AMPAC, our policy to provide all customers who are suffering hardship with assistance to meet their contractual obligations. The purpose of our Hardship Policy is to ensure the wellbeing of each customer entrusted to us, regardless of whether or not they are covered by the National Consumer Credit Protection Act.
AMPAC’s Hardship Policy provides a framework to identify and respond to customers that are unable to meet their repayment obligations, and provides a mechanism to help us make decisions that are fair and consistent, taking into account the unique circumstances of each hardship application.
In many cases, the hardship assessment process leads to some form of temporary financial relief, and is particularly relevant as cost of living pressures are impacting more and more Australians.
Financial Hardship is an inability rather than an unwillingness, to pay a debt. The causes of financial hardship are usually as a result of an unexpected change in circumstances, which can be many and varied. In most cases a customer is identified as being in financial hardship by one of the following:
In the coming months, it is expected that the number of hardship cases will continue to increase.
The first step in assessing financial hardship involves completing a Statement of Financial Position and submitting this for review along with supporting documentation which verifies the customer’s current financial position. Generally, until the Statement of Financial Position is received and verified, the hardship support process cannot commence.
AMPAC deals with all hardship applications on a case by case basis, as no two applications are ever the same. Throughout the process, it is normal for people to feel hesitant or embarrassed about discussing their financial position, but rest assured, this is something we respond to often, and are always willing to listen and support each application.
Click Here for a link to the Federal Government website Moneysmart. This website contains lots of useful information about financial counsellors, budgeting and how to deal with a sudden changes in financial circumstances. It also contains useful links to information about money management, how to reduce debt, surviving on a low income and what to do if you have a problem paying day to day bills.
If you or your business are experiencing financial hardship and you are contacted by a financial counsellor, always check their credentials to ensure they are a legitimate organisation established to assist customers experiencing financial difficulty, not simply a credit repair or debt consolidation business that charges a big fee for their service. A real financial counsellor is properly qualified to assist their clients. They are accredited, and undergo annual continuing education and supervised professional development to ensure they are up to date with all aspects of financial counselling. They are well qualified to provide support and advice to you. Most importantly, financial counselling is a free and confidential service offered by community organisations, community legal centres and some government agencies – they will never ask you for money up front.
Once the hardship assessment process is completed and approved, and in consultation with our client, AMPAC will more than likely offer the customer a payment arrangement which is fair and reasonable, and designed to accommodate the unique circumstances of each customer.
Once the payment arrangement is established, AMPAC will provide written confirmation of the arrangement including:
If for any reason a customer cannot make a scheduled payment, we strongly recommend they telephone or email their AMPAC account manager and let them know about the situation so that a revised payment date can be set up in the system.
For more information about how AMPAC manages issues of financial hardship or payment arrangements, please contact us on 1300 426 722 or by email at info@4ampac.com.au
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