Ultimately, it’s important to remember that Borrowers who have their contracts varied, because of Unforeseen Hardship will still repay their loan in full – it may just take longer than initially expected.
You can apply for one of the following options:
1. An extension to the term length of your loan – this will reduce the amount you pay with each repayment, but increase the number of repayments;
2. Postpone some of your repayments for a set time; OR
3. A combination of the two – e.g. extend your term and get a postponement of some of your repayments.
Please note that with any of the above options, by extending the term of the loan and/or postponing the payments for a set time – in most cases, this increases the total repayable amount (as the interest and/or default interest will then run for a longer period).
Not all applications will be successful, and there is stringent criteria that a Borrower must fall into in order to have an Unforeseen Hardship variation granted.