Financial hardship

ARMS is committed to complying with all relevant industry codes of practice, and the ACCC and ASIC Debt Collection Guideline: for Collectors and Creditors, which requires us to act fairly and in a considerate manner.

If a person is experiencing difficulty repaying a debt due to illness, unemployment or other reasonable cause, and they reasonably expect to be able to discharge the debt if repayment terms are arranged, we will consider one of the following options:

• extending the period of repayment and reducing the amount of each payment due accordingly;
• postponing payments for an agreed period; or
• extending the period of repayment and postponing payments for an agreed period.

If we are unable to reach an agreement with the person about the repayment of the debt we will provide them with information relevant to your code of practice. For example we would refer our insurance debtors to:

• our complaints handling procedures; and
• the existence of the Australian Financial Counselors and Credit Reform Association for a referral to a not-for-profit, free financial counseling service.