TROUBLESHOOTING TIPS AND INFORMATION

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1 TROUBLESHOOTING TIPS AND INFORMATION This document provides information about how to manage financial issues in a variety of areas and lists additional useful websites where you can obtain further assistance. If you are not able to solve the issue through these channels or need further assistance our Financial Counsellors can help you. Difficulty paying your mortgage If you have had a change of circumstances resulting in reduced income, and you are now having difficulty with making mortgage payments the National Consumer Credit Act contains hardship provisions designed to assist. It is important to speak to your Bank as soon as you are aware you will struggle to meet repayments. If you need assistance to talk to your Bank call a financial counsellor as soon as possible. Money Smart Problems paying your mortgage Money Help Tools and advice to help manage money and debt Doing it Tough? Car loan problems If an unexpected event has reduced your income and you are now having difficulty with making car loan payments the National Consumer Credit Act contains hardship provisions designed to assist. It is important to speak to your Bank as soon as you are aware you will struggle to meet repayments. If you need assistance to talk to your Bank call a financial counsellor. Money Help Trouble with credit cards If you find yourself unable to make credit card payments talk to your creditors, let them know you are struggling to pay, and arrange to pay what you can afford. Hardship provisions of the National Consumer Credit Act apply to credit cards, but be aware that if you apply for hardship it is likely your credit card will be cancelled. While payment of credit cards may be important to you, prioritising rent/mortgage, household bills and food is vital. You could try reviewing your budget to see if there are any expenses that can be reduced or look to increase household income. If you need help to work out what you can do call a financial counsellor. Doing it tough? Dealing with Debt

2 Banking disputes If you find yourself in a dispute with your Bank or credit provider there is something you can do. The internal dispute resolution area, often called customer feedback or customer complaints, can be reached by phone or via the Company website online form. When lodging a complaint it is important to record your actions and those of the Bank or credit provider, including the name of the person assisting you and the agreed response to resolve your problem. Should you be unable to resolve the dispute directly with the Bank you have the option of taking the matter to external dispute resolution, or the relevant Ombudsman. All Banks must be a member of an Ombudsman Scheme, and for the financial sector it may be either Financial Ombudsman Service or Credit Ombudsman Service Limited. Your Bank or credit provider can tell you which scheme they are members of. Financial Counsellors can also assist you to resolve disputes with your Bank or credit provider.. For more information, or to lodge disputes go to: Financial Ombudsman Service Credit Ombudsman Service Short term (pay day) loans Short term, or pay day loans can be easy to get but difficult to repay. It s easy to fall into a cycle of borrowing, repaying and borrowing again when you re short for the fortnight. If you are trying to break the cycle a financial counsellor can assist with a plan and help you explore your options. Utility (gas, electricity or water) payment plans and/or disputes If you are having trouble paying your utility bills (gas, electricity or water) contact your service provider (the company you have the account with) to discuss your options. All service providers must have staff trained to deal with financial hardship, so ask to speak to the hardship area. You may be eligible for a Utility Relief Grant (URG) and if you re on Centrelink check to make sure you are getting concessions. Payment plans can be arranged fortnightly or monthly to assist with building the cost into your budget; and payments can be less than your usage for a short period to assist with managing your bills. If you are unable to get a payment plan you can afford you have the right to make a complaint with the company or with the Energy and Water Ombudsman Victoria (EWOV). To make a complaint call EWOV on or visit their website. EWOV have a range of fact sheets and information videos on what they do, and how to resolve problems with Energy available on their website. Information on concessions can be found on the Department of Human Services website.

3 Energy and Water Ombudsman Department of Human Services The financial impact of gambling Gambling can become an issue when people spend more than they can afford to lose and are unable to meet their regular expenses. The strain this places on the individual and those around them is enormous, and the financial impacts serious. SCAAB have a financial counsellor specially qualified to work with the financial impacts of gambling. Other services that can assist: Gamblers Help Southern can also provide specialist assistance with Gambling Counselling and Financial Counselling. For immediate counselling assistance Gamblers Helpline hours 7 days (note: financial counselling not available on Gamblers Helpline). Gamblers Help Southern Phone debts and/or disputes If you are having difficulty with your phone or internet bills and require more time to pay your service provider (company you hold the account with) may be able to assist with an extension of time to pay, acceptance of part payments. To make a complaint about your service provider on billing or service quality issues first lodge a complaint with the provider. If you are not satisfied with their response you have the right to have your complaint heard by the Telecommunications Industry Ombudsman (TIO) to have your complaint reviewed. If you have had a disconnection warning, or you are unhappy with the contract terms or the service provided and need assistance to understand your rights and options a financial counsellor can assist. Telecommunications Industry Ombudsman Money Help Letters and phone calls from debt collectors If you have received letters from debt collectors it is important to act, especially if you are working or have assets. Debt collectors are entitled to make contact to ask about payment of the debt, but before you agree to any payment plan you should ensure that:

4 1. You are comfortable the debt is yours. It s OK to ask the debt collector for evidence the debt is yours. 2. Agree with the amount claimed 3. Offer an amount you can afford to pay Your rights in dealing with debt collectors are available at the Australian Securities and Investment Commission (ASIC) website. Australian Securities and Investment Commission Taxation debt Tax debt can be difficult to manage. Try to negotiate an affordable payment arrangement with the Australian Taxation Office (ATO). If you have an accountant they may be able to assist. The ATO have a hardship policy that you can view on their website. While financial counsellors are not accountants they are qualified to help you understand your options around dealing with taxation debt. Australian Taxation Office Hardship Policy Accessing superannuation Many people ask about accessing their superannuation when under financial stress. Access to superannuation is heavily regulated. You can only apply for your superannuation to be released before retirement preservation age on specific compassionate grounds or on grounds of severe financial hardship. Information on when superannuation can be accessed can be found at the Human Services Website Should you want to keep your superannuation, or are unable to access it there may be other options. Human Services Website Superannuation information Budgeting and financial management Making money stretch can be difficult with the cost of living, especially for those on a fixed or low income. Budgeting tools can be helpful to know where money is going. They give back information so decisions can be made to prioritise what you consider to be your essential expenses.

5 If you are struggling to make ends meet a financial counsellor will not tell you how to spend your money, but can assist you to identify needs versus wants and ways to prioritise essential expenses, such as rent and utility bills. If you need assistance contact a financial counsellor. See How do I access a Financial Counsellor? below. Money Smart Budget Planner Free Track my spend app