1. Review the Borrower's Financial Position
The first step is to understand outstanding loans, overdue amounts, monthly repayment obligations and current repayment capacity.
2. Organise Relevant Documentation
Loan statements, notices, payment records and relevant financial information should be organised so the situation can be reviewed clearly.
3. Communicate With the Lender
The borrower's repayment difficulty and relevant circumstances may be communicated to the lender through an organised process.
4. Review Any Lender Proposal
If a lender makes a settlement proposal, the amount, deadline, conditions and potential credit implications should be understood before acceptance.
5. Preserve Final Documentation
Borrowers should retain relevant payment records and lender-issued documentation relating to resolution of the account.
Need Structured Borrower Assistance?
Learn more about the relevant SettleMyDue assistance service or share your repayment situation for an initial review. Lender outcomes are not guaranteed and remain subject to the lender's decision and applicable policies.