Consumer Credit Hardship Notice (NCC ss 72-73)
Credit providers must respond to hardship notice + assess variation request.
criticalcurrentevent driven
Who must comply
Credit providers under NCCP.
What triggers it
Hardship notice from debtor.
When due
Respond within 21 days.
Evidence required
Hardship correspondence + assessment file + variation document.
Max penalty
—
Summary
Section 72 NCC. Debtors may give hardship notice; credit provider must respond + consider varying credit contract within 21 days. Reform under Treasury Laws Amendment (Better Targeted Tax Concessions and Other Measures) Act expected.
Enforced by
Source legislation
Topics
creditconsumer-protection
Related obligations
- CWLTHComply with NCCP responsible lending obligationsCredit licensees must not enter into credit contracts unsuitable for the consumer.
- CWLTHMortgage broker best interests dutyBrokers must act in the consumer's best interests when providing credit assistance.
- CWLTHBNPL providers — credit licensing from 10 June 2025BNPL captured by the NCCP Act as a regulated credit product from 10 June 2025.
- CWLTHHold AER authorisation as energy retailerSelling electricity or gas to small customers requires AER retailer authorisation.
- CWLTHSmall Amount Credit Contract + Consumer Lease caps (post-SACC reforms)SACC + consumer lease fee caps + responsible lending tightened post-Royal Commission.
- CWLTHDesign and Distribution Obligations (DDO) — RG 274Issuers + distributors of retail financial products bound by DDO from 5 October 2021.
Frequently asked questions
- Who must comply with Consumer Credit Hardship Notice (NCC ss 72-73)?
- Credit providers under NCCP.
- What triggers Consumer Credit Hardship Notice (NCC ss 72-73)?
- Hardship notice from debtor.
- When is Consumer Credit Hardship Notice (NCC ss 72-73) due?
- Respond within 21 days.
- What evidence is required for Consumer Credit Hardship Notice (NCC ss 72-73)?
- Hardship correspondence + assessment file + variation document.
Source: https://moneysmart.gov.au/loans/financial-hardship. Rules Mate is not a law firm. Always verify against the live regulator source before acting.