I can't make my loan repayments. What can I do?

General information from Lawmateanz

If you're struggling with repayments in New Zealand, contact your lender as soon as possible. Under the Credit Contracts and Consumer Finance Act 2003, you can apply for a hardship variation if you can't meet your obligations because of illness, injury, job loss, a relationship ending or another reasonable cause.

The lender must consider your application and could, for example, extend the term, reduce repayments or pause them for a while.

Free financial mentors through MoneyTalks (0800 345 123) can help you prepare a budget and talk to lenders.

If the lender refuses unreasonably, you can complain to its dispute resolution scheme, such as the Banking Ombudsman Scheme.

Written by Lawmateanz, not by a lawyer. General information only, not legal advice about your situation. For advice about your own matter, talk to a lawyer.

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General information only. Answers are written by independent lawyers based only on what's in the question. They aren't legal advice about your situation and don't create a lawyer–client relationship. For advice about your own matter, talk to a lawyer directly.