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Financial hardship occurs when changes in your circumstances make it difficult to manage debts and meet repayment deadlines.
Causes of financial hardship include:
If your personal circumstances have changed, you may struggle to keep up with repayments. We are here to support you and can help you manage your loan repayments with a solution tailored to your situation.
At GMCU, supporting our members is central to our mission. If your circumstances change, even temporarily, please reach out to us early so we can determine how best to assist you.
When you're ready to talk, we promise to:
We will work closely with you to review your current financial situation, aiming to find the best way to manage your financial commitments with us. To facilitate this, we kindly ask for details about your current income, your basic living costs, and your revised budget.
We truly understand that some members may experience temporary periods of financial hardship due to various reasons, often beyond their control. If you are finding it challenging to make repayments on your loan, please don’t hesitate to reach out to your Branch Manager to discuss your financial position. The type of assistance we may be able to provide will depend on your individual circumstances, but we are here to help. We may be able to offer:
We may require you to provide us with details of your current financial position to enable us to make an informed decision regarding your application for financial hardship. Rest assured, we will advise you in writing when we make any decisions about your financial hardship application.
GMCU offers various types of financial assistance, including deferred or reduced payment arrangements on your loan. Depending on your circumstances, additional options may also be available.
No, when you enter a financial hardship arrangement for a home loan, personal loan, business loan, or overdraft, your credit report may display financial hardship information alongside your repayment history. This indicates that the arrangement is active for each month it remains in effect.
Visit our Comprehensive Credit Reporting page for more information on how we report to credit reporting bodies and understanding your credit score. If you’d like more information about financial hardship reporting, credit scores and credit reports, visit the CreditSmart website.
If your hardship assistance agreement period is nearing its conclusion and you're feeling worried that your situation hasn’t improved, please reach out to us as soon as you can. We genuinely want to support you and will be more than willing to re-assess your case to explore the best possible options for you.
If you find that you do not meet our hardship criteria, we will ensure to provide you with a clear reason in writing. We understand that this situation can be challenging, and you may want to consider seeking hardship advice from a financial professional or an external support service. You might also find it helpful to reach out to the National Debt Helpline, which can offer valuable guidance.
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