We understand that life can take unexpected turns and that anyone can experience financial difficulty, due to unforeseen circumstances. Common events that may contribute to financial difficulty may include illness, change in income, relationship breakdown or emergency events like natural disasters and pandemics.
Our dedicated financial hardship team are committed to assisting you with finding a solution to help you get back on your feet.
Financial counselling is a free service offered by community organisations, community legal centres and some government agencies. Financial counsellors can provide you more help if you need it.
The National Debt Helpline 1800 007 007 is open from 9:30am to 4.30pm, Monday to Friday. When you call this number you will be automatically transferred to the phone service in your state (opening hours can differ in different states). Calls from mobile phones may incur additional fees.
What happens to reporting of Repayment History Information (RHI) when you have a financial hardship arrangement?
Your credit report includes your RHI for accounts such as personal loans, personal credit card accounts and home loans. Whilst you are in a financial hardship arrangement, your RHI will confirm whether you met the requirement of that arrangement (instead of your normal payment obligation).
From 1 July 2022, when you enter into a financial hardship arrangement with us, it will be reported on your credit report, alongside your repayment history for that month. It will not show the reason you are in hardship or details of what the arrangement is. The repayment history information will be based on you being able to make repayments based on the terms of your financial hardship arrangement.
Your credit report will also show that those payment obligations have been impacted by a financial hardship arrangement. This will be shown by a letter code of ‘A’ or ‘V’ (depending on the type of hardship assistance) that will go next to your RHI and will remain on your credit report for 12 months.
Visit Credit Smart for more information on financial hardship arrangements.
To apply for hardship, please fill out the form here and email it to hardship@bmwfinance.com.au or if you would like to speak directly with our dedicated team, please contact us at:
Our team are available to assist you by phone on 1800 336 636, Monday to Friday, 8.30am to 5.30pm (AEST). Alternatively you can fill out the form here and email it to hardship@bmwfinance.com.au
MINI Financial Services recognise that each person and situation is unique and therefore, the type of assistance that we provide will depend upon your individual circumstances.
We may ask you send us one or more of the following, dependant on your circumstance. If you already have this information available, please submit this with your online application or try to have it ready for when we call.
If you have a MINI Commercial loan, please supply us with evidence regarding direct or indirect impacts to your business.
An insurance policy may cover the situation contributing to your financial hardship. Before applying for assistance, you may want to review any policies that you may hold, such as:
If you’re not satisfied with the outcome of the assessment, you can refer your complaint to our Dispute Resolution team
Email: resolutionsofficer@bmwfinance.com.au
Phone: 133 269
Alternatively, submit your complaint online.
Upon submission of your application with all supporting evidence, our hardship team will endeavour to review all the information and you should have an outcome as soon as possible.
If our Hardship team require any further information from you, they will be in contact as soon as relatively possible. After this time, if we do not hear back from you or if we do not receive the required documentation your application may be declined due to insufficient information. You may reapply again if you still need to.
If we are able to support you, we may vary your loan contract(s) based on our agreed proposal and you will receive an email with your new payment schedule. Similarly, if we are unable to support you during this time we will contact you and discuss what other options may be available to you.
If you’ve already applied for assistance but want to change or update your application, please wait for us to contact you first.
Once we get in touch, you can then ask to make a change to your application. Please don’t complete another application online, as this may affect our response times.
Disclaimer:
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