Financial Hardship Policy

1.

Background

a.

Spondooli recognises and understands that some of its customers may experience financial hardship from time to time. Financial hardship may affect a customer’s ability to meet its financial obligations.

b.

This Financial Hardship Policy outlines the minimum standards Spondooli will adopt where a customer is experiencing financial hardship in accordance with the provisions of the National Consumer Credit Protection legislation.

2.

Definition

a.

Spondooli defines financial hardship to include:

A situation where a customer is unable, reasonably, because of illness, unemployment or other reasonable cause, to discharge their financial obligations under their financial obligations under their contract with Spondooli Pty Ltd and the customer reasonably expects to be able to discharge those obligations if payment arrangements were changed. Financial hardship can be have a short or long term duration.

3.

Our Approach

a.

Our approach is to treat all of our customers suffering financial hardship with the utmost respect in an efficient, honest and fair manner. This includes maintaining strict confidentiality. However, we will require our customers to do more than just make a claim of financial hardship.

b.

Once contacted by a customer seeking relief from financial hardship we will assess the customer’s eligibility for assistance in accordance with this Policy.

c.

The first stage of the assessment process is requesting relevant documentary evidence from the customer supporting the claim of financial hardship.

d.

We will not seek documentary evidence of financial hardship where:

i.

any potential arrangement with the customer will be less than two months;

ii.

the monetary amount is less than $300;

iii.

where we believe that the claim of financial hardship has a proper basis.

e.

Any revised financial arrangements must take into consideration the customer’s current financial situation.

f.

Once agreed, all financial arrangements and amendments to current or previous financial arrangements must be documented by us.

g.

All financial arrangements must be agreed to and accepted by the customer.

h.

Whilst a financial arrangement is in its duration, we will:

i.

ensure the customer is fully aware of their obligations under the financial arrangement;

ii.

remain able to review financial arrangements where a customer notifies us that the current financial arrangement is not adequate or their circumstances have changed; and

iii.

refrain from taking adverse action against the customer, including making a report to a credit agency, while a financial arrangement is in place and the customer does not breach the terms of the financial arrangement.