Experiencing Financial Hardship
If you are a Horizon Bank customer experiencing financial difficulty, we can help you.
You could have a loan or credit card with Horizon Bank and you're struggling to make repayments. We are here for you, no judgement and willing to treat your request with respect and confidentiality. People ask for help for many reasons, including illness, job loss, relationship break down, loss of a family member, natural disasters and more.
When you apply for hardship assistance, we may be able to help find ways to ease the pressure. For example:
- Lower repayments and extending the term of your loan
- Pause repayments until you are able to pay them again
Consider independent financial advice
Everyone deserves to feel on top of their finances and independent advice on your personal situation can be a handy place to start. Financial counsellors are qualified professionals who can provide information, advocacy and support to those in financial difficulty.
Some of the ways they can help:
- Help you create a financial plan
- Advocate and negotiate with creditors on your behalf
- Help you prioritise debts
- Inform you as to your individual rights
- Identify whether you require legal advice or other services
- Explain how a debt recovery process may work and take appropriate action
Some free, independent counselling options are listed here:
- National Debt Hotline 1800 007 007
- Small Business Debt Hotline 1800 413 828
- Money Smart
- Commonwealth Financial Counselling
- Rural Financial Counselling Service
- Insurance Law Service
- Mob Strong Debt Help (for Aboriginal and Torres Strait Islander peoples)
The Customer Owned Banking Code of Practice
Horizon Bank subscribe to the Customer Owned banking Code of Practice (COBCOP), the code of practice for Australia's credit unions, mutual banks and mutual building societies. The code is designed to safeguard sufficient income of customers in receipt of Services Australia support payments or Department of Veterans Affairs' payments in the event an account becomes overdrawn.
We recognise that customers who receive such payments are entitled to retain at least 90% of their payment should their account become overdrawn. We encourage customers who may be experiencing financial hardship to contact us by visiting your local branch, calling 1300 366 565 or emailing info@horizonbank.com.au.
