Financial Hardship - Police Credit Union

We know there may be times when your personal circumstances can change. Sometimes life can throw you a curve ball, so if that unplanned life event, change of income, illness or emergency event has put stress on your finances, we are only a phone call away. Contact us if you are experiencing financial difficulty and require assistance.

How we can help

Our experienced Credit Management team will take an individualised approach, working with you to ensure that we find the best solution for your circumstances. We aim to make the process of applying for hardship as easy as possible and will work with you respectfully, including providing assistance to those in vulnerable circumstances.

You may be offered options such as repayment pauses, interest only repayments, reduced repayments or a variation to your credit contract to help you through your period of financial difficulty. We will provide you with sufficient information to allow you to make an informed decision about the assistance available.

What you need to do

It’s vital that you let us know about your circumstances and maintain regular open communication. Here are some steps to take:

Please make contact with us as soon as possible. Even if you haven’t missed a repayment, you can speak to us about any upcoming changes to your circumstances and we can discuss your options with you, which may include applying for a period of hardship.
After this initial conversation with our team, if you wish to progress an application for hardship, we will ask you to complete a Statement of Financial Position (SOFP), so that we can gain an understanding of your current financial situation. Depending on your circumstances, we may also ask for additional documentation, such as a medical certificate.
Once we have received your SOFP and any requested supporting documentation, we can assess your application for hardship. We will provide you with a response within five business days. We will phone you with the outcome, and also provide you with the decision in writing.
Our team is available for you to contact via phone, email and secure message via the Inbox in Online Banking or the Police Credit Union Banking App throughout your hardship period. They will also make contact with you towards the end of your hardship period to check on your situation and to see whether you may require further assistance beyond your hardship end date.

Things you should know

It is important to note, accepting a period of hardship may increase your total indebtedness due to capitalising interest and any increased interest payments. This, and other potential outcomes of receiving assistance in the short and long term will be discussed with you, and also included in the Hardship Acceptance Letter. If you do not understand or agree with this, or anything else outlined in the Hardship Acceptance Letter, please contact our team to discuss.

Contacting us

Don’t wait for us to contact you, get in touch with us and we will talk you through your options.

You can call us on 1300 131 844 or 08 8208 5640 or email us at [email protected].

You can also send us a confidential Secure Message via the Inbox in Online Banking or the Police Credit Union Banking App. We can send replies to this same Inbox. If you send us a message, we will try to respond to you within two business days.

It always helps to have all your information ready, that way we can accurately assess the best course of action for your current financial position.

We may ask you about your income, expenses and for other documents, such as a medical certificate. From here we can work together to create an action plan to get you back on track.

Financial Statement Form

So, we can best determine how to help with your specific situation, you may need to complete our online SOFP Financial Statement Form.

Getting back on track

Don’t forget to use the free resources that are available to you. An example of this is the free advice and counselling available from Financial Counselling Australia. You can call them on 1800 007 007.