Ryan Park, the state parliamentarian for the Keira seat which encompasses Gujarat’s operations near Wollongong in New South Wales, spoke to the Australian Banker’s Association about the matters this morning.
“Banks understand that any customer or any business can experience financial problems,” ABA acting chief executive Tony Burke told ILN.
“That’s why the Australian Bankers’ Association would urge any bank customer who thinks they might miss a repayment or who is now experiencing difficulties in making repayments on their loans – mortgage, credit card or other loans – to contact their bank to discuss as soon as possible.”
Fortunately, the banking industry committed to financial hardship initiatives mid-year.
“Banks have teams of specialists who help their customers experiencing temporary financial difficulties, they take time to understand their customer’s individual circumstances and find the best possible way to help their customer control and manage their financial obligations,” Burke said.
“These specialist teams work directly with customers or with financial counsellors on behalf of their customers.
“It is important for banks to work with their customers on a case-by-case basis because every customer’s circumstances will be slightly different.
“Banks understand that most people actually want to pay their debts.
“It might take time to get back in control of your finances but there is information and advice available and banks want to help you get through these tough times.”
The ABA has made dedicated phone numbers available “to make it as easy as possible to get through to your bank’s financial hardship team” on its Doing it Tough website.
