Fiona Guthrie, Financial Counselling Australia - Discussing hardship in broader terms where credit code type protections do not exist
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Fiona Guthrie, Financial Counselling Australia - Discussing hardship in broader terms where credit code type protections do not exist

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Fiona Guthrie, Chief Executive Officer, Financial Counselling Australia delivered this presentation at the inaugural Financial Hardship Forum. The Forum convenes the banking and credit sector, plus ...

Fiona Guthrie, Chief Executive Officer, Financial Counselling Australia delivered this presentation at the inaugural Financial Hardship Forum. The Forum convenes the banking and credit sector, plus regulatory, compliance and resolution agencies, to address changes in financial circumstances for consumers and businesses.

For more information, please visit http://www.informa.com.au/finhardship

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Fiona Guthrie, Financial Counselling Australia - Discussing hardship in broader terms where credit code type protections do not exist Presentation Transcript

  • 1. Financial Counseling Australia is the peak body for financial counsellors in Australia. 19th March 2014 Financial Counseling Australia is the peak body for financial counsellors in Australia. Financial Counselling Australia is the peak body for financial counsellors in Australia. Discussing Hardship in Broader Terms where Credit Code Type Protections Do Not Exist
  • 2. 2 Financial Counseling Australia is the peak body for financial counsellors in Australia. Financial Counseling Australia is the peak body for financial counsellors in Australia. Topics 1. Why this conversation matters 2. Progress to date 3. Where to next? Financial counsellors: providing information, support and advocacy to people in financial difficulty .
  • 3. Financial Counseling Australia is the peak body for financial counsellors in Australia. Financial Counseling Australia is the peak body for financial counsellors in Australia. Why This Conversation Matters Financial counsellors: providing information, support and advocacy to people in financial difficulty .
  • 4. Financial Counseling Australia is the peak body for financial counsellors in Australia. Financial Counseling Australia is the peak body for financial counsellors in Australia. There has been significant progress … Financial counsellors: providing information, support and advocacy to people in financial difficulty .
  • 5. Bulk Debt Project
  • 6. 11
  • 7. Financial Counseling Australia is the peak body for financial counsellors in Australia. Financial Counseling Australia is the peak body for financial counsellors in Australia. Financial counsellors: providing information, support and advocacy to people in financial difficulty Continuing the Conversation: What Next?
  • 8. 13
  • 9. 14 Financial Counseling Australia is the peak body for financial counsellors in Australia. Financial Counseling Australia is the peak body for financial counsellors in Australia. “Financial hardship” is when a customer is willing and has the intention to pay, but is unable to meet their repayments or existing financial obligations … and with formal hardship assistance, a customer’s financial situation can be restored. Financial counsellors: providing information, support and advocacy to people in financial difficulty .
  • 10. 15
  • 11. What the Code Says Unable to meet obligations? Can the lender assist? Triggers a positive obligation
  • 12. What the Code Says A Practical Way of Looking at This Unable to meet obligations? Can the lender assist? Triggers a positive obligation • Want to pay but can’t (it is just a matter of degree) • Stop angst around definition • Easier to understand “notice” • Move the focus to here • Come to a workable way of dealing with simple arrangements • More clarity around the “may”