TIPS FOR CLIENTS and LENDERS. HARDSHIP | LOAN REPAYMENTS FREEZE | LENDERS|BANKS |CLIENTS

In today’s environment everyone is trying to come together, so it is important that we all do our bit to ensure we come out at the other end as strong as possible but this will only be possible if we continue to communicate with one another.

I am aware that may people are now facing difficulties in meeting their loan obligations, or credit card liabilities due to loss of work through the Covid 19 pandemic. Many people are looking ahead and cannot see how they will be able to work through their personal circumstances, and all Lenders/ Banks are aware that people will be faced with difficult times so they are coming together to look at what can be done to support clients through this process.

It is important that you reach out and seek guidance and support as soon as possible with each of your Lenders/ credit providers. Let them know the impact that the Covid 19 pandemic has had on you and that you are seeking Hardship. They will guide you through a process and outline options for you. Each Lender will give you their process and as long as you communicate with one another, you will both be kept informed as things develop across both sides.

The lenders are all looking to ensure that there is no long-term impact on your credit ratings if your hardship and repayments are as a result of Covid19.

TIPS FOR CLIENTS

1. Call all your Lenders/ Credit providers as soon as possible
2.  Outline your current position
3. Use the word Hardship and Covid 19 if this is what has been the cause of you not being able to meet your repayments
4. Keep communication open, even when nothing has changed.
5. If you indicate you will do something and you can’t honour it, call your Lender/Provider and explain your changing situation. Staying in touch will allow them to support you. If you stay silent, they don’t know what is happening and cannot support you.
6. Seek out support from those around you. You do not need to do this alone.
7. If you are a business owner there are some Govt assistance services that may be of use to you. Free services so investigate what opportunities are around in addition to the Government announcement’s of “Job Keeper” & “Job Seeker” .
8. Stay optimistic but mostly talk to people and be open to accepting support.

TIPS FOR LENDERS

1. First “Listen” so that the clients feel like they are being “Heard”. Some of your clients just need to talk through their personal circumstances.
2. This is a time to be compassionate. It is a time for Empathy, we are not in their situation and cannot possibly be experiencing what they are, so be patient.
3. Creating a space to simply hear them in these moments is very important as they are processing whilst they are talking to you.
4. Provide clear and concise actions and processes for them and ensure to communicate that with a follow up email or a written note.
5. When clients are facing uncertain situations, they may not be able to process everything that you have discussed so it is important to send them the details again as a follow up from your discussion.
6. Keep file notes and ensure that you record all details correctly on the system.  
7. Our obligations here to clients are to look at the best way forward to them so listening and asking pertinent questions to gain a better understanding is important.
8. Refrain back to them what you believe they have stated so that you do understand what you are being advised.
9. If you have clarity, you are then able to provide your clients with a better service.
10. If changes occur in your procedure and or policy, be proactive in communicating this to your clients.

These may be simple steps, but unless we are diligent with everything, EVERY SINGLE TIME, and clear in our communication we may miss an opportunity to achieve the best outcome that we can.

These challenges are beyond missed payments. Keep in mind that if we work as a collective, we can then look to support one another.

Communication is vital on both sides.  

 Cathy Dimarchos

www.solutions2you.com.au