Financial Hardship
We understand that unforeseen circumstances can lead to difficulty making scheduled NAB Car Loan payments.
We’re committed to helping NAB customers who are experiencing financial hardship, and we encourage you to talk to us directly to explore available options. Remember, the sooner you talk to us, the sooner we can work with you to help you get back on track.
If you have other NAB credit products and are experiencing financial difficulty, please contact NAB directly on 1800 701 599 to discuss your situation in relation to those other products. You can also visit www.nab.com.au/wecare where you can find NAB’s online hardship application form for those other NAB products, budgeting tools and other resources that may be useful to you.
Apply for financial hardship assistance on your NAB Car Loan
What is financial hardship?
Financial hardship is when someone is having trouble meeting repayments for their loans or other debt. It can result from unexpected life events including:
- Loss of income: such as the loss of a job, a reduction in pay or a downturn in business
- Natural disasters: such as bushfire, flooding, cyclone or drought
- Family matters: such as separation, divorce, loss, domestic violence or carer obligations
- Medical reasons: such as illness or a permanent disability
- Financial reasons: such as a large, unexpected expense becoming dueAn unexpected situation: another reason that has contributed to your hardship
f you are having difficulty making your scheduled NAB Car Loan payments due to these or any other reasons, please contact us as soon as possible to discuss how we may be able to assist.
How can we assist if you are in hardship?
We understand that unforeseen circumstances can lead to difficulty making scheduled NAB Car Loan payments.
There are a number of ways we may be able to assist you during a period of financial hardship, including:
- Reducing your scheduled NAB Car Loan payments
- Temporarily pausing your scheduled NAB Car Loan payments
- Amending your scheduled payment dates, and/or
- Waiving any fees owing
After receiving your financial hardship application we will consider the assistance we could provide based on the information you have provided.
Applying for financial hardship assistance
We’re committed to helping NAB Car Loan customers who are experiencing financial hardship, and we encourage you to work with us directly to explore available options.
You can apply for financial hardship assistance online. We’ll ask for information about your circumstances and your finances - you should have the following information to hand:
- Your employment status
- Your income and expenses
- Any other financial liabilities you’re servicing (including mortgages, credit cards and other loans)
- Your NAB Car Loan number (available by logging into your NAB app)
We appreciate it may be frustrating to provide this information, but the more we know about your circumstances the better we can assist you during this time.
If you are unable or prefer not to complete the online application, contact us on 03 8592 7029 or nab.hardship@plenti.com.au
What to expect when applying for financial hardship assistance
Apply for financial hardship assistance
Start application
Frequently asked questions
You can apply for financial hardship assistance online.
If you are unable or prefer not to complete the online application, contact us on 03 8592 7029 or nab.hardship@plenti.com.au
Please contact NAB directly on 1800 701 599 to discuss your situation in relation to your other NAB credit products. You can also visit www.nab.com.au/wecare where you can find NAB's online hardship application form for those other NAB products, budgeting tools and other resources that may be useful to you.
We will ask you to provide details of the circumstances impacting your ability to meet your repayments including any change in your circumstances and the support you would like during this time. As each application is assessed individually, in some circumstances we may contact you to request additional information to complete our assessment.
Your application will be processed within 21 days (and ordinarily much sooner) if no further information is required. However, we may still contact you if further information is required to assess your application. If we do require more information, please try to provide this as soon as possible.
If you are not happy with our decision or the type of support we have offered, please contact our hardship team to discuss it further. You may also wish to seek independent hardship advice from a financial counsellor.
If you are still not happy you can make a complaint by calling us on 03 8592 7029 or email at nab.complaints@plenti.com.au.
You may also lodge a complaint with the Australian Financial Complaints Authority (AFCA):
Online: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001
Yes, with your approval we can discuss your request with a person you nominate, such as a financial counsellor or partner.
Things to consider
Loan balance and interest
If your repayments are paused as part of a financial hardship application, the outstanding balance may continue to accrue interest, adding to the total amount of interest that will need to be paid.
Restarting repayments sooner
Should your circumstances improve and it becomes possible to start your repayments before your hardship period ends, you should consider doing so. Repaying a loan quicker can cost less and means avoid paying more interest.
Financial hardship and your credit file
If you’re experiencing financial hardship and having trouble making repayments on your loan, you may qualify for a financial hardship arrangement. Entering a financial hardship arrangement can help prevent missed payments being recorded on your credit report.
A financial hardship arrangement will appear on your credit report as ‘financial hardship information’, together with your repayment history for 12 months from the date the arrangement concludes.Depending on the type of assistance we provide we may provide one of two details to credit reporting bodies to whom we report:
A - reflects a temporary arrangement or deferral of your loan payments
V - reflects a permanent change to the loan (the loan has been varied)
In both cases, your repayment history on your credit report is based on the new agreed repayments. If you agree to a temporary arrangement or deferral with us, as long as you make the agreed repayments on time, your history will show you are up to date.
Financial hardship information only stays on your credit report for 12 months. Your repayment history stays on your credit report for 24 months.
Seeking financial hardship assistance does not exclude you from applying for credit in the future. If your credit report has financial hardship information, lenders may ask you for more information about your current situation to ensure that a new loan is manageable.
Credit reporting bodies can’t use your financial hardship information in calculating your credit score, and other existing lenders can’t rely on financial hardship information to close or the reduce the limit on any existing credit card account that you hold.
No matter what has happened over the last 12 or 24 months, making your payments on time now is the best way to reduce the impact on your ability to access credit.
Ways to contact us
If you’re hearing-impaired or speech-impaired, you might wish to contact the National Relay Service.
- TTY users: phone 133 677 then ask for 1300 768 710
- Speak and Listen (speech-to-speech relay) users: phone 1300 555 727 then ask for 1300 768 710
- Internet relay users: visit the National Relay Service website and ask for 1300 768 710
Additional resources that may help you
MoneySmart, provides free tools, tips and guidance to help Australians take control of their money.
National Debt Helpline, provides free, independent and confidential financial counselling to help people tackle their debt problems.
Credit smart - Helps you to understand how your credit choices affect the information that credit providers can access, and how you can view and control that information.
Lifeline - 24-hour Crisis Support and Suicide Prevention Services.
1800 RESPECT - 24-hour hotline that provides help for any Australian who has experienced, or is at risk of, family and domestic violence and/or sexual assault.
Beyond Blue provides information and support to help everyone in Australia achieve their best possible mental health, whatever their age and wherever they live.
MIND Australia provides information and practical support for people living with mental illness and their families and/ or carers.
