Unicredit understands that there may be times caused by extraordinary circumstances when a valued member may find it difficult to meet their loan commitments.  We aim to be able to support our members during tough times. 

It is our policy to try to find workable solutions that are fair, equitable and effective for both the member and the Credit Society and to do so in a sensitive and courteous manner.

Financial hardship means a situation where a member is unable to meet their financial obligations to the Credit Society under their loan agreement, however reasonably expect they would to be able to continue to discharge those obligations if the repayment arrangements were restructured.

The type of assistance we may be able to provide will vary depending on your circumstances:

• We may be able to tailor repayment arrangements based on what you can afford to pay at the time, for example reduced repayments or provide repayment extension periods
• We may defer or reduce repayments on your loan for up to 12 months, to be assessed case by case (with interest capitalised to the loan).
• We will suspend any debt collection activity while these arrangements are in place.

As always, we will treat members seeking this assistance with courtesy and respect, and will manage financial hardship cases in a timely and strictly confidential manner. In assessing a claim for Financial Hardship, we will ensure that the member is aware of their rights and obligations under any agreement arising from restructured arrangements.

Making a financial hardship request

If a member wishes to discuss their circumstances and other possible options, such as seeing an independent Financial Planner prior to making a formal claim, they should contact their Unicredit Lending Consultant on (08) 9389 1011.

If the member then wishes to apply for Financial Hardship assistance, the request should be made in writing to:

The Executive Manager Lending & Collections
University Credit Society Ltd.
PO Box 3200, Broadway PO Nedlands WA 6009

The request needs to include details and documentation of the current financial position (assets and liabilities, income and expenditure), including all other debts. The member will need to continue to cooperate with us in good faith by responding to further requests for information in a timely manner.

In assessing applications for financial hardship, we will genuinely and carefully consider all the information provided about the member’s financial circumstances. Where necessary, we will seek further clarification and/or supporting documentation.

The Credit Society will document and keep all information and supporting material in relation to a hardship application and confirm any decisions made to the borrower in writing.

We encourage all members who are experiencing difficulty in meeting their repayments to contact us as early as possible. The earlier a member lets us know they are having difficulties, the easier it is for us to help them.