Legal Stuff

Unforeseen Hardship

You can make a hardship application where, due to an unforeseen hardship, you are facing difficulties meeting your loan obligations. If approved, the company may agree to a change to the terms of your loan. To make an application for Unforeseen Hardship, which may include, suspension of payments, reduction of payment amount, change in payment cycle, suspension of default fees or other payment arrangements during the period of Unforeseen Hardship. Please refer to the list below:

             1)         The application for Unforeseen Hardship must be made in writing by the borrower.

             2)         The borrower must not be more than 2 months in arrears in their payments, or have missed more than 4 consecutive payments.

             3)         Further applications for Unforeseen Hardship cannot be made within 4 months of a previous application for Unforeseen Hardship in respect of the same event.

             4)         The lender must acknowledge in writing the Unforeseen Hardship application within 5 working days, or request further information within 10 working days, and provide a written decision within 20 working days.

             5)         The borrower may appeal a declined decision for Unforeseen Hardship though the lenders dispute resolution provider FSCL, by emailing info@fscl.org.nz or calling FSCL on 0800 347 257. Full details of how to access the FSCL scheme can be obtained on their web site www.fscl.org.nz.  There is no cost to you to use the services of FSCL

It is the company’s policy to provide whatever assistance is reasonable to assist you through an Unforeseen Hardship so your loan remains manageable though a difficult period. We may also recommend you contact a free community advisor if you need assistance with your application for Unforeseen Hardship.

In the event of a successful Unforeseen Hardship application the lender may charge an administration fee to cover the time and any other costs in processing the Unforeseen Hardship application, no fee may be charged for an unsuccessful application.

Contacting the company as soon as you become aware that you may have trouble meeting your loan payments will mean an arrangement can be made quickly and avoid any default interest or fees if you miss a payment the company will contact you, and this is a good time to discuss an Unforeseen Hardship application if this is necessary.

 

Complaints Procedure


NZ Finance Ltd is a member of the
Financial Dispute Resolution Scheme

If you are not satisfied with the service you have received from us you should contact us. We have an internal compliance process and undertake to investigate your concerns promptly and fairly. You may contact us to make a complaint by telephone, by email or in writing.

It is the company’s policy to address any complaints as quickly as possible and acknowledge the complaint within 5 working days. The first step to making a complaint is to contact the company and discuss whether you have a complaint, or if you simply would like some further information or assistance either with regards to your account or any other service.

On making a complaint our first consideration is to discus with you the problem, and what sort of outcome you would like so we can find a quick and easy resolution. In the event the complaint is more complex or requires further investigation the company will undertake this without delay, and communicate and keep you informed of any progress or outcome.

In the event we are unable to fully resolve your dispute satisfactorily we will recommend you contact our disputes resolution provider FSCL who will then require the company to provide an explanation of the  complaint, and steps the company has done to resolve the complaint to date.

The disputes resolution provider after investigation will take any action it deems necessary on your behalf where it believes your complaint is justified and has not been resolved satisfactorily and may make an order which is binding on the company.

We are a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited (“FSCL”) and approved by the Ministry of Consumer Affairs. We have 40 days to respond to your complaint. If you are not satisfied by our response, you may refer the matter to FSCL by emailing info@fscl.org.nz or calling FSCL on 0800 347 257. Full details of how to access the FSCL scheme can be obtained on their web site www.fscl.org.nz. There is no cost to you to use the services of FSCL.

 

 

  

 

Documents
To see our terms and conditions, please click here

To see our Waiver Agreement, please click here