What is Financial Hardship?
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Financial Hardship occurs when a person is facing difficulty paying repayments of your loans and therefore cannot pay on time. Financial Hardship often occurs because of two main reasons. The first reason could be that a change of circumstances occurred after you received a loan, in which at first you could originally afford. The other reason is that you could not afford to repay the loan when you first obtained it.
If you are facing a sudden change in circumstances and are unable to meet your financial commitments, including bills and loans, you should contact your lender as soon as possible and they will discuss with you what to do next. You have certain rights if your loan is covered by the credit law. However, if you are facing the latter reason, you should get legal financial advice immediately.
You can apply for Financial Hardship to your lender if you are facing a sudden change in circumstances. However, there are a few things worth considering when applying for Financial Hardship. You should be as sensible and reasonable as possible with your request. You should know what you can and cannot afford and commit to. The important thing is to not commit to any repayments that you cannot afford.