Financial Hardship Assistance Policy
Assisting Members Facing Financial Hardship
Borrowers who fall into financial hardship will be treated with care and respect.
WECU supports the Mutual Banking Code of Practice commitment to members in financial difficulties. We will work with you in a constructive way if you experience genuine difficulties meeting your financial commitments to us and with your agreement and commitment, we will try to assist you overcome those difficulties.
WECU has also adopted the borrower hardship principles agreed between the Government and the four major banks but reflects the distinguishing features of Credit Unions including their mutual status, smaller size, commitment to personal service and record as responsible lenders.
Your legal rights as a borrower
Your basic legal rights as a borrower are set down in the National Consumer Credit Protection Act which includes the National Credit Code ( NCC ).
Recent amendments to the NCC means that a borrower can now apply for financial hardship assistance as long as the borrower considers that he/she is , or will be, unable to meet their obligations under a credit contract.
For Further Information
To find out more about our assistance program simply call us on 1300 665 553