Financial Hardship
We understand that unforeseen circumstances can lead to difficulty making scheduled NAB Car Loan payments.
We’re committed to helping NAB customers who are experiencing financial hardship, and we encourage you to talk to us directly to explore available options. Remember, the sooner you talk to us, the sooner we can work with you to help you get back on track.
If you have other NAB credit products and are experiencing financial difficulty, please contact NAB directly on 1800 701 599 to discuss your situation in relation to those other products. You can also visit www.nab.com.au/wecare where you can find NAB’s online hardship application form for those other NAB products, budgeting tools and other resources that may be useful to you.
What is financial hardship?
Financial hardship is when someone is having trouble meeting repayments for their loans or other debt. It can result from unexpected life events including:
- Loss of income: such as the loss of a job, a reduction in pay or a downturn in business
- Natural disasters: such as bushfire, flooding, cyclone or drought
- Family matters: such as separation, divorce, loss, domestic violence or carer obligations
- Medical reasons: such as illness or a permanent disability
- Financial reasons: such as a large, unexpected expense becoming due
- An unexpected situation: another reason that has contributed to your hardship
If you are having difficulty making your scheduled NAB Car Loan payments due to these or any other reasons, please contact us as soon as possible to discuss how we may be able to assist.
How can we assist if you are in hardship?
There are a number of ways we may be able to assist you during a period of financial hardship, including:
- Reducing your scheduled NAB Car Loan payments
- Temporarily pausing your scheduled NAB Car Loan payments
- Amending your scheduled payment dates, and/or
- Waiving any fees owing
After receiving your financial hardship application we will consider the assistance we could provide based on the information you have provided.
Applying for financial hardship assistance
We’re committed to helping NAB Car Loan customers who are experiencing financial hardship, and we encourage you to work with us directly to explore available options.
You can apply for financial hardship assistance online. We’ll ask for information about your circumstances and your finances - you should have the following information to hand:
- Your NAB Car Loan number (available by logging into your NAB app)
- Your employment status
- Your income and expenses
- Any other financial liabilities you’re servicing (including mortgages, credit cards and other loans)
We appreciate it may be frustrating to provide this information, but the more we know about your circumstances the better we can assist you during this time.
If you are unable or prefer not to complete the online application, contact us on 03 8592 7029 or nab.hardship@plenti.com.au
What to expect when applying for financial hardship assistance
Prepare
Carefully review the details on this page and the financial hardship assistance application.
Apply
Set aside enough time to complete the hardship assistance application (we recommend allowing 15-20 minutes). Remember, the more detail you can provide, the better we can assist.
Review
We will review your application, and may contact you for additional information.
Outcome
We’re required to provide a response to you typically within 21 days (but ordinarily we’ll be in contact much sooner!).
Apply for financial hardship assistance
Frequently asked questions
How do I apply for financial hardship assistance on my NAB Car Loan?
You can apply for financial hardship assistance online.
If you are unable or prefer not to complete the online application, contact us on 03 8592 7029 or nab.hardship@plenti.com.au
How do I apply for financial hardship assistance on my other NAB credit products?
What will I need to include with my application for financial hardship assistance?
When will I receive a decision on my application for financial hardship assistance?
What if I am unhappy with the outcome of my application?
Can someone else apply for financial hardship on my behalf?
Things to consider
Loan balance and interest
If your repayments are paused as part of a financial hardship application, the outstanding balance may continue to accrue interest, adding to the total amount of interest that will need to be paid.
Restarting repayments sooner
Should your circumstances improve and it becomes possible to start your repayments before your hardship period ends, you should consider doing so. Repaying a loan quicker can cost less and means avoid paying more interest.
Financial hardship and your credit file
How will my credit report be impacted by financial hardship?
If you’re experiencing financial hardship and having trouble making repayments on your loan, you may qualify for a financial hardship arrangement. Entering a financial hardship arrangement can help prevent missed payments being recorded on your credit report.
A financial hardship arrangement will appear on your credit report as ‘financial hardship information’, together with your repayment history for 12 months from the date the arrangement concludes.Depending on the type of assistance we provide we may provide one of two details to credit reporting bodies to whom we report:
A - reflects a temporary arrangement or deferral of your loan payments
V - reflects a permanent change to the loan (the loan has been varied)
In both cases, your repayment history on your credit report is based on the new agreed repayments. If you agree to a temporary arrangement or deferral with us, as long as you make the agreed repayments on time, your history will show you are up to date.
How long does this information stay on my credit report?
Will I be able to access credit in the future?
Ways to contact us
Email us at nab.hardship@plenti.com.au
Phone
03 8592 7029
9am - 5.30pm AEDT
If you’re hearing-impaired or speech-impaired, you might wish to contact the National Relay Service.
- TTY users: phone 133 677 then ask for 1300 768 710
- Speak and Listen (speech-to-speech relay) users: phone 1300 555 727 then ask for 1300 768 710
- Internet relay users: visit the National Relay Service website and ask for 1300 768 710
Additional resources that may help you
MoneySmart, provides free tools, tips and guidance to help Australians take control of their money.
National Debt Helpline, provides free, independent and confidential financial counselling to help people tackle their debt problems.
Credit smart - Helps you to understand how your credit choices affect the information that credit providers can access, and how you can view and control that information.
Lifeline - 24-hour Crisis Support and Suicide Prevention Services.
1800 RESPECT - 24-hour hotline that provides help for any Australian who has experienced, or is at risk of, family and domestic violence and/or sexual assault.
Beyond Blue provides information and support to help everyone in Australia achieve their best possible mental health, whatever their age and wherever they live.
MIND Australia provides information and practical support for people living with mental illness and their families and/ or carers.