Trouble meeting your debt repayments?


With increases to food, rent, interest and fuel – are you having trouble meeting your debt repayments?

If you are struggling to make repayments then it’s best to talk to the person or organisation you owe money to (the creditor) as quickly as possible.

If you are unable to repay a consumer credit contract because of an unexpected change in your financial circumstances, you may be able to negotiate more manageable repayments under the hardship provision. The lender must consider all applications made under this provision.

You can speak to a financial mentor and they might be able to help you prepare for negotiation with your creditors, by helping you work out a realistic payment plan.

Depending on your situation, you could ask the creditor about:

  • smaller repayments so the amount you owe is repaid over a longer time;
  • taking a repayment holiday for a period of time

It is in the interest of most lenders to work out something for anyone in this situation.

If you have any questions or help with finding a financial mentor phone 07 827 4855 or 0800 367 222, call in to 62 Alpha Street, email cambridge@cab.org.nz

  • This article was provided by Citzens Advice Bureau, Cambridge.


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