If you’re worried about your loan repayments, you’re not alone, and you don’t have to go it alone.
We’re here to listen, understand your situation, and talk you through your options.
A lot of people experience financial stress at some stage. It might be more bills, fewer hours at work, or money simply not stretching as far as it used to. It can be difficult to know where to start, but we can help you understand the options available for your loan and what the next steps could look like.
Concerned about reaching out?
Exploring these common concerns may help you feel more prepared.
Want to know how we may be able to help?
Learn more about what to expect when you reach out.
You might not feel ready to reach out right away. Maybe you hope things will improve, feel unsure where to start, or worry it might make things worse.
Keep in mind that the first step is simply a conversation. You don’t need to gather documents before reaching out, and seeking support early could make a difference to your options.
When you’re ready, we’re here to help guide you through what to expect.
When you’re facing financial stress, there’s no single path that suits everyone. What matters is understanding your situation and exploring options that work for you.
It starts with a conversation. We’ll listen, ask a few questions to understand what’s been happening, and explore available options for making your repayments easier to manage.
We’ll explain how those options work so that you can decide on a solution that’s realistic and sustainable for you.
Depending on your situation, support could include, extending your loan term, pausing or reducing repayments for a period of time, spreading missed payments over your loan term, moving to interest-only for a period, or pausing fees and charges.
The sooner you can talk to us about your situation, the sooner we can discuss the options available to you.
There are many reasons you may need help with repayments now or are worried about managing your repayments in the future, including:
If you can’t afford the minimum repayment on your loan, please contact us immediately so we can discuss what options might be available to assist. The sooner you contact us the sooner we can try to help you.
We may be able to provide help over the phone, otherwise, we may need to complete a more detailed assessment of your personal and financial circumstances to understand your situation and discuss what assistance options suit your needs.
Financial hardship assistance is available to you whether you are an individual, a joint borrower on a loan, a guarantor or small business customer. If you have a joint loan and need help with repayments, we can assist you individually if you request it.
If you are having trouble making repayments and can’t pay on time, you might miss payments which can hurt your credit report and lower your credit score.
A hardship arrangement is a way to make it easier to manage your payments. For example, you can ask us to change how often or how much you need to pay.
This can help you to avoid missing payments affecting your credit report and stop your credit score going down.
We can help, so it is important to contact us as soon as possible on 1800 185 914 or send us a message.
Depending on your situation, this could include:
Financial hardship assistance is available to you whether you are an individual, a joint borrower on a loan, a guarantor or small business customer. If you have a joint loan and need help with repayments, we can assist you individually if you request it.
We can help, so it is important to contact us as soon as possible on 1800 185 914 or send us a message.
If you are struggling to make repayments, it’s important to let us know as soon as possible.
Even if you’ve already missed a payment (or multiple payments) on your loan, please give our Customer Assist team a call on 1800 185 914 between 8am to 6pm (AEST/AEDT) Monday to Friday so options can be explored.
A hardship arrangement does not affect your credit score.
Your credit report will note that you have an arrangement in place to manage your payments. This note will be shown as an ‘A’ or ‘V’ (depending on the type of hardship arrangement) and reported next to your repayment history information (RHI).
The note:
Remember:
For more information on your credit score, repayments and hardship arrangements, these guides may help: How financial difficulty could impact your Credit Report
Your credit report includes credit account repayment history information (RHI) which shows if you have made your repayments on time, or whether you have missed or made a late payment. Late or missed payments may impact your credit score.
During a hardship arrangement, RHI will show whether or not you met the requirements of the agreed hardship arrangement (and not your usual payment obligations).
Your credit report will note that you have an arrangement in place to manage your payments. This note will be shown as an ‘A’ or ‘V’ (depending on the type of hardship arrangement) and reported next to your RHI.
This note is also known as ‘financial hardship information’ or ‘FHI’.
The note:
Remember:
For more information on your credit score, repayments and hardship arrangements, these guides may help: How loan repayments can impact your Credit Score
When you speak to us, we’ll discuss your options which may include pausing direct debit repayments depending on your situation. If you complete our online contact us form, direct debits won’t be automatically cancelled.
Pepper Money won’t charge default or arrears fees during your period of hardship assistance.
Financial hardship information – for both temporary or variation arrangements – only stays on your credit report for 12 months. After that time, it is no longer possible to tell from the credit report that a financial hardship arrangement was in place.
A financial hardship arrangement won’t stop you from applying for credit later on. A lender might ask for additional information about your finances to check that you can repay a new loan or new credit.
Yes, if you miss payments, it will show on your credit report. This means your credit score will go down, which can make it harder to get credit in the future.
A financial hardship arrangement will change how often or how much you need to pay. If you keep to the financial hardship arrangement, your credit report will show your payments as up-to-date, which will stop your credit score going down.
Sometimes, selling the asset that is used to secure your loan can be a way to manage your finances. We have registered a security interest over your asset on the Personal Property Securities Register. Learn more at www.ppsr.gov.au.
Before you decide to sell, you should:
What if the sale of your vehicle doesn’t cover the full payout amount?
This is called a shortfall amount, and it can happen. The shortfall is the difference between the sale price agreed with the buyer and the full payout amount.
Any shortfall amount will need to be paid to finalise your loan. Once the loan is paid out in full, we will release our security interest.
Please contact us if you are thinking about selling your asset so that we can understand your situation and discuss your options, including if you can’t pay the shortfall amount after selling your vehicle. We’re here to help, our Assist Team is available on 1800 185 914 or send us a message.
If selling the asset used to secure your asset finance loan yourself isn’t an option, you can consider a voluntary surrender. Voluntary surrender is where you agree to return the asset to Pepper and agree to let Pepper sell it on your behalf using an auction house partner.
Any proceeds of the sale, minus costs associated with the sale, will be applied to your loan. If there is a surplus, we will transfer these funds to you. If there is a shortfall, we will discuss a suitable repayment plan based on your situation.
Please contact us if you are thinking about voluntary surrender of your asset so that we can understand your situation and discuss your options. We’re here to help. Our Assist Team is available on 1800 185 914 or send us a message.
If you have other questions about financial hardship assistance, or support that other organsations can offer, the information on these pages can help.
But you don’t need to have all the answers before you reach out. So when you’re ready, get in touch.
If you’re currently having trouble making payments on your Pepper Money loans, you can call us on 1800 185 914, or complete and send the form below.
Important information
If you can’t pay on time, missed payments will show on your credit report and can lower your credit score. A financial hardship arrangement can make it easier for you to manage your payments. For example, you can ask us to change how often or how much you need to pay. This can help you to avoid missing payments affecting your credit report and stop your credit score going down. You can contact us by calling 1800 185 914 or filling out our online contact form.
