Financial Hardship Assistance & Credit Reporting
Frequently Asked Questions
Financial hardship occurs when you are having trouble meeting your payment obligations for your loans and other debt. In such an instance, you should seek assistance from your lender and discuss making a short-term arrangement regarding your repayment obligations to help you get back on track.
From July 1, 2022, your credit report will show next to your repayment history if you have entered into a financial hardship arrangement for a period of time. The reason for the arrangement will not be included in your credit report.
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Financial hardship occurs when you are having trouble meeting your payment obligations for your loans and other debt. This could be because of an unexpected event or unexpected change in your circumstances (such as illness or injury, becoming unemployed or being affected by a natural disaster).
*NB: The information on Financial Hardship was provided by CreditSmart. Each answer on Financial Hardship will recommend consumers visit the CreditSmart website here for more information.