If you have a Hardship Care arrangement, you’re on the way to getting back on track – this is a great step forward.
Here’s a few things that will happen to your account(s):
- If you have payments overdue at the time you’re approved for Hardship Care, we’ll reset your account to a ‘current’, or ‘up to date’ status at the start of your Hardship Care arrangement. If you maintain the payments agreed under your Hardship Care arrangement, your account will remain ‘up to date’ and each repayment you make will help to rebuild your repayment history.
- A spending block will be placed on all your Gem credit cards – even if you haven’t entered a Hardship Care arrangement on those credit cards. This means you won’t be able to make purchases or spend on your card(s). Your financial wellbeing is important to us. A spending block can let you focus on your Hardship Care arrangement without potentially ending up in a worse financial position. Find out more about spending blocks here.
- In accordance with NZ regulations, we report your account(s) that are under the Hardship Care arrangement to the relevant NZ credit bureaus. Click here for more information on credit reporting impacts.
We’ll keep an eye on how things are going throughout your Hardship Care arrangement and reach out from time to time to let you know how things are progressing or if anything goes off track. As you approach the end of your Hardship Care arrangement, we’ll be in touch to let you know next steps.
Want to know more? Click here to view our other articles about Hardship Care.
Need more advice?
If you’re worried about your finances, you can get free and confidential advice from an independent service such as MoneyTalks. They offer over-the-phone budgeting support, or they can put you in touch with a local Financial Mentor for face-to-face help.