Unforseen Hardship

What can you do if you suffer unforeseen hardship?

If you are unable reasonably to keep up your payments on your loan because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to ask us to vary the terms of your credit agreement with us (we call this a Hardship Variation). To apply for a Hardship Variation, you need to:

  • (a) make an application in writing; and
  • (b) explain your reasons for the Hardship Variation; and
  • (c) request one of the following:
    • an extension of the term of your credit agreement - this means we would reduce the amount due on each payment date and increase the number of payments; or
    • a postponement of certain payments; or
    • both of the above – that is, postpone some payments and pay smaller amounts over a longer time period; and
  • (d) give the application to us - feel free to phone us to discuss on 0800 520 009 but we will ask you to follow up in writing by letter, email or fax to us at info@marac.co.nz .

Do this as soon as possible. If you delay for too long in making an application, or do not meet the Hardship Variation criteria, we may not have to consider your request. If we agree to your requests, we may ask you to enter into a new agreement or we may change the terms of your existing credit agreement with us to help you meet your obligations. If we agree to a Hardship Variation, you will have to pay a “Refinance Fee” (as set out in the fees schedule).

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