Financial hardship

Sometimes unforeseen circumstances can affect your financial situation. If you have, or think you may miss a PowerTorque Finance loan payment in the future, we're here to help. Our dedicated team will take the time to understand your individual situation, and provide you with the most supportive options to get you back on track.


COVID-19 Financial Support

If you are a PowerTorque Finance customer and have been personally affected by COVID-19, we’re here to provide additional financial support and have developed the guidelines below to simplify the process and get you the support you need.

COVID-19 Financial Support Guidelines

PowerTorque Finance is committed to assisting our customers, especially during the evolving COVID-19 situation. We understand that in this challenging time, personal circumstances are changing rapidly and you may need our help.

If you are a PowerTorque customer and have been personally impacted by COVID-19, we’re here to provide hardship support if you are unable to make your repayments. Please use the guidelines we've prepared below to learn how.

What happens to my car loan if I lose my job or I think I may lose my job?

PowerTorque is committed to assisting customers, especially during this challenging time. We understand the evolving COVID-19 situation is affecting our customers and we are here to help.

Should you lose your employment because of COVID-19, you may be eligible for financial support.

Apply Online to start the process

My income has reduced because of COVID-19 but I still have my job. Am I eligible for financial support?

If your income has been adversely affected then you may be eligible for financial support.

Apply Online to start the process

What happens to my car loan if my business is forced to close?

If your business has been forced to close, you may be eligible for financial support.

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Who is eligible for assistance?

PowerTorque Finance customers experiencing one of the below challenges may be eligible for hardship support:

  • If you have been medically impacted by COVID-19
  • If you are experiencing financial difficulty as a result of COVID-19

How do I apply?

To make this process as easy and quick as possible, please follow the guidelines below when completing your Request For Further Information (RFFI) form. Apply Online to start the process.

I have been medically impacted by COVID-19. What do I need to do?
  • If you are medically impacted, please provide a medical certificate.

Apply Online to start the process

Note: this process applies for consumer and commercial loans.

I have been financially impacted by COVID-19. What do I need to do?
  • For consumer loans, provide evidence of loss of employment or reduction of income. Acceptable options include:
  1. Separation certificate (termination of employment)
  2. Evidence of employment contract not being renewed
  3. Jobseeker Payment / Newstart application or evidence of payments
  4. Recent payslip vs. previous payslip (dated within the last 3 months) OR
  5. 2 consecutive months of Bank Statements
  • For commercial loans, provide evidence of direct or indirect impacts to business.

Apply Online to start the process

If you require hardship assistance that is not related to COVID19

  • Provide all documentary evidence per form, e.g. a current Statement of Cash Flows, Profit & Loss Statement, Balance Sheet

Other banks are offering to defer payments. I would like to defer mine. What can I do?

We review and assess each customer’s needs on a case-by-case basis and our goal is to provide responsible and sustainable solutions that meet an individual’s needs.

If you have been affected by COVID-19, you may be eligible for financial support.

There are some general guidelines that will apply if you defer your payments:

  1. The specifics of your loan will change i.e. the term and/or payment amount, and this will be communicated to you in writing
  2. Interest will continue to be charged on the loan during the deferred period

Apply Online to start the process

I would like to continue to pay my loan however; I would like to reduce the payment amount. Is this possible?

If you are currently paying above your repayment amount, you can simply stop paying the additional amount and revert to your advised payment amount. You do not need to call or email us as long as you are maintaining your payments.

If you are not paying above your repayment amount, you will need to apply for hardship. We review and assess each customer’s needs on a case-by-case basis however if you change your payment amount the following general guidelines will apply:

  • The specifics of your loan will change i.e. the term and/or payment amount, and this will be communicated to you in writin
  • Interest will continue to be charged on amended or deferred loans

Apply Online to start the process

If I apply for hardship, will my credit score be negatively impacted?

If you apply for hardship with PowerTorque Finance and maintain your payments, it will not affect your credit history.

I am experiencing financial hardship, how can PowerTorque Finance assist me?

PowerTorque Finance is committed to giving consideration and assistance to customers who are experiencing financial hardship.

Financial hardship involves an inability, rather than an unwillingness, to pay and may be attributed to unforeseen factors including loss of employment, family breakdown, illness, injury or even the death of a family member. Hardship can even encompass situations where customers are impacted by natural disasters such as fire or flooding.

For individual or small business customers suffering financial hardship, PowerTorque Finance may be able to assist in a number of ways including deferring payments, capitalisation of arrears, a moratorium or reducing the payments.

In order to assess your eligibility for financial hardship assistance we require you to complete a "hardship application". Once this has been completed and returned to us, one of our representatives will contact you to discuss alternative solutions available.

You can request a hardship application by writing to The Hardship Team, PowerTorque Finance, PO Box 1354, Macquarie Centre NSW 2113. Call us direct on 137 800 or email hardship@powertorquefinance.com.au

In order to assess your eligibility for financial hardship assistance we require you to complete a “hardship application”.

Apply Online to start the process

Assessment

We will assess your request and call you with an outcome as soon as possible. Due to the unprecedented demand for assistance, please allow up to ten business days. We thank you for your patience during this very challenging time.

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Life events

Sometimes unforeseen factors including loss of employment, family breakdown, illness, injury or even the death of a family member may affect your financial position. This can be hard to deal with, but it’s important to understand that PowerTorque Finance is here to help.

If something has happened to you and you’re finding it hard to make your repayments, there are a number of ways PowerTorque Finance can assist with your circumstance.

Natural disasters

If you’ve recently been affected by a natural disaster, please get in touch. Flooding, bushfires and drought can heavily impact your financial situation.

Our specialists can take you through a range of options to ease the pressure based on your individual circumstances.

Our team is ready

PowerTorque Finance has a dedicated and experienced team to assist with financial hardship.

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