Unforeseen Financial Hardship

If you're facing financial difficulty or anticipate that you may not be able to meet your payment obligations, please let us know as soon as possible. You might be eligible for assistance in certain situations, like:

• illness or injury affecting your income;
• job loss or reduction in wages; or
• relationship breakdown or some other significant unforeseen event affecting your finances.

Alternatively, you can also contact us by:

• email to: customersupport@harmoney.co.nz;
• telephone on: 0800 427 666; or
• post to: Unforeseen Financial Hardship, Harmoney, Level 3, 110 Customs Street West, Auckland CBD 1010.

Clearly explain your reasons for applying and provide all necessary supporting evidence, such as an employer’s email or letter if you are facing reduced hours or unemployment, or your doctor’s note for health issues.

Specify whether you are requesting :

• a postponement of your repayments for a set period;
• an extension to the original loan term; or
• a combination of the above (i.e. extend your term, with a postponement of some of your repayments).

By making an application, you are confirming that you reasonably expect to be able to discharge your obligations under the loan contract if we make the requested changes.

Please note that you cannot apply for Unforeseen Financial Hardship assistance within four months of a previous application, unless the new application is related to a different situation.

Our Unforeseen Financial Hardship assistance aims to make loan repayments more manageable during tough times. This might be achieved by:

• postponing repayments for a set period (a “repayment holiday”);
• extending the original loan term, which could reduce the amount paid in each regular repayment; or
• a combination of the above, such as postponing repayments for a set time plus extending the original loan term.

Please note that postponing repayments for a set period while keeping the original loan term means that, when the “repayment holiday” ends, you would need to increase the amount paid in each regular repayment to catch up. Talk to us to find out more.

If you postpone repayments for a set period, interest will continue to accrue on the outstanding loan balance, so your loan amount will increase during this period. If your circumstances improve, consider restarting repayments sooner to reduce the amount of additional interest.

If you extend your loan term, you will pay more interest over the term of the loan.

Your receipt of Unforeseen Financial Hardship assistance will be reported to credit agencies, and so may appear in your credit history during that period. This information is important to credit providers, so they can determine whether it is responsible to provide products and services to customers in such a situation.

Once we receive your application, we will contact you in writing, outlining our process. A decision will be made within 20 working days if no further information is needed. If we request further information, please provide this as soon as possible.

Please note that you may make additional repayments or increase your repayments at any time, without penalty. These actions will reduce your debt and the overall interest charged on your loan. If you have postponed your regular repayments but wish to make an unscheduled repayment, please talk to us first.