Financial Hardship

“Financial Hardship” means you are having difficulty meeting your financial obligations to an insurer.

Harlocks will be able to assist clients who will be entitled to support in the following situations:

• an individual insured or a third-party beneficiary who owes the insurer money (including excess payments), under an insurance policy issued by the insurer;
• an individual that the insurer is seeking to recover money from because the insurer believes such individual caused damage or loss to either an individual insured, or a third-party beneficiary it covers under an insurance policy; and
• Where a client makes a claim under their policy due to an event that has caused them to also be in Financial Hardship and urgent financial need of the benefits they are entitled to under their policy.

PLEASE NOTE: Support does not apply to unpaid general insurance premiums issued by the insurer. 

Where you require financial hardship assistance, please contact in the first instance.

Harlocks will assist you by:

• Directing you to your specific insurer’s Financial Hardship policy;
• Notifying the insurer on your behalf as soon as practicable after becoming aware that you are experiencing financial hardship; and
• Act on any insurer instructions to put any action to recover an amount from you on hold pending the outcome of the application for financial hardship support. 

If an insurer determines that you are entitled to financial hardship assistance for a debt owed, they will work with you on a payment arrangement, for example, extending a due date for payment, paying amount in instalments or paying a reduced lump sum. 

If you are unable to reach an agreement with an insurer about Financial Hardship assistance, or if you are unhappy with any aspect of the application process, you may make a complaint to the insurer.

The insurer will make available to you information about the complaints process.

You may obtain free, confidential and independent financial advice that is available to you via Financial Counselling Australia or contact the National Debt helpline on
1800 007 007

Links and further assistance

Financial Counselling Australia (FCA)

General Insurance Code of Practice