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Financial Hardship Lodgment

[vc_column_text]This workflow outlines the process taken by an ADA when lodging for Financial Hardship, as well as the steps taken by the ILC when receiving the request and lodging the complaint.[/vc_column_text][vc_custom_heading text=”Steps:” google_fonts=”font_family:Cabin%3Aregular%2Citalic%2C500%2C500italic%2C600%2C600italic%2C700%2C700italic|font_style:400%20regular%3A400%3Anormal”][vc_column_text]

  1. DA/ADA needs to check for the list of stonewalling CPs
  2. DA/ADA’s must discuss with management if the case needs to be lodged for Financial Hardship
  3. If Management approves, ADA’s must ensure CRM contact is up to date and accurate (all docs attached, all notes updated)
  4. ADA’s will open a task for Legal Counsel to review CD documents
  5. ADA also sends an email to Legal Counsel notifying them of the situation
  6. The ADA/DA’s will need to answer the following questions;
    • Is there pending threatening legal action by the CR or collector?
    • Is there a pending credit default?
    • Is there pending repossession?
    • How many debts under mgt are in negotiations?
    • Have we successfully DoS any of the client’s debts?
    • What are the total debts under management?
    • What is the DUM Subsection status for each debt?
  7. Legal Counsel will then review the account;
    1. Review CD
    2. Prepare legal synopsis
    3. Discuss with management regarding strong breaches
  8. Legal Counsel will have CSE answer the following questions;
    • Does the client know if we lodge AFCA case there will be a faster settlement?
    • Is it in the client’s debt strategy they want a faster settlement?
    • Why does the client want to go to AFCA to obtain a faster debt settlement, are they applying for a home loan or other finance?
    • Do they just want their file cleaned? If they are not applying for finance this is a waste of our time?
    • Does the client know they will need to do an interview with ILC & CSE to determine debt backstory to assist with legal synopsis?
    • Is the client CreditReboot account in arrears?
    • And if so how much? And what is the balance outstanding
    • Does the client know that they will need evidence of business turndown and that they will need to support that with documentation?
  9. Legal Counsel will need to answer the following questions;
    • Has the ILC uncovered substantial NCCP/ACCC breaches
    • Is the case strong in our favor?
    • What is the legal thrust that will win the dispute?
    • Is there enough evidence from the client to substantiate a hardship story or claim?
  10. Legal Counsel will prepare the Financial Hardship Request
  11. Legal Counsel will contact Management for a final review
  12. Management will deliberate and decide on the next best steps, taking into account all of the information provided.

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