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
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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
Source: https://moneysmart.gov.au/loans/financial-hardship. Rules Mate is not a law firm. Always verify against the live regulator source before acting.