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Loans & Credit

Whether it is a credit card, car loan or mortgage, there is help available if you are stressed about how to make your next payment or are having a dispute with a lender. On this page you will find factsheets and sample letters to help get you back on track. If you need more assistance you can call the National Debt Helpline.
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Shane’s Story: Persistent Debt

Shane lives on the age pension. 20 years ago, when he was working, he took out a credit card for $30,000 and paid the monthly balances until 2015, when his mother became ill and he had to stop work. Usage of the account increased, and in 2016 the debt of $22,000 was assigned to a debt collector. Shane was in financial hardship and making payments of $50 a fortnight, but because of interest by 2018, the debt had increased to $27,000.

In 2022, Shane spoke to one of our financial counsellors who identified the persistent debt issue. Shane’s statements revealed a current balance of $18,000. Shane had paid over $17,000 since 2016 but the debt had only decreased by about $4,000. We lodged complaints with the debt collector, ASIC and the Australian Collectors and Debt Buyers Association. We also sought and obtained a waiver of the outstanding balance of $18,000. Shane was extremely relieved.

financial stress loan

When to get help

Read through the fact sheets below and use the sample letters selected. Give us a call if you don’t know where to start or can’t find a solution for your problem. You may have lots of different Loans & Credit issues, which might include:

  • Financial stress and financial hardship, you are struggling to make ends meet.
  • Interest rates are going up and you are not sure how you will continue to pay your mortgage.
  • Your loan payments were unaffordable from the start.
  • You have issues with a joint loan you have with someone else.
  • You have maxed out your credit card and can only make minimum payments.
  • You have been rejected for a loan because of something on your credit report

Fact Sheets

These fact sheets will give you legal information about financial hardship, disputes about loans and much more.

Sample Letters

These sample letters may help you to get documents or make a complaint when you have a loans or credit problem

Contact Us

If you need to speak to a financial counsellor you can call the National Debt Helpline on 1800 007 007

  • Monday to Friday 9.30am – 4.30pm (Sydney time)
  • Please note, the National Debt Helpline is answered by both Financial Rights (our service) and Uniting (NSW.ACT) which is based in Dubbo and provides telephone financial counselling, but does not have solicitors available. Our services are run separately, neither service has access to any information or advice given to or by the other service.

If you have an urgent legal problem call our Financial Rights Legal Advice Line on 1800 844 949 (NSW)

  • Monday to Friday 10am – 1pm (Sydney time)

If you are experiencing or recovering from abuse please visit our Financial Abuse webpage.

 

External Resources

Australian Financial Complaints Authority (AFCA)

  • Ph: 1800 931 678
  • Email: info@afca.org.au
  • Web: www.afca.org.au
  • Address: GPO Box 3, Melbourne VIC 3001

Community Legal Centres Australia is the peak body for community legal centres.

Australian Securities and Investments Commission is the regulator for financial services providers.

The Banking Code of Practice

The Customer Owned Banking Code of Practice

 

Help us make a difference

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Mike was really helpful and reassuring. It’s hard admitting you’re in debt, and Mike was really nice. I am receiving a phone call today from Pete who Mike referred me to, and I managed to sleep without worrying.