Hardship policy
1. Introduction
Mondus Capital is committed to providing financial solutions that meet the needs of our diverse customer base. We recognise that unforeseen circumstances can lead to financial hardship.
Our Hardship Policy aims to support our customers facing temporary financial difficulties by offering flexible loan arrangements.
This policy outlines the principles and procedures for identifying, assessing, and managing customer hardships to ensure fair and consistent treatment.
2. Policy objectives
The primary objectives of this Hardship Policy are to:
- Provide assistance to customers experiencing financial hardship.
- Ensure fair, consistent, and transparent processes for hardship management.
- Facilitate customers’ ability to maintain their loan obligations where possible.
- Mitigate potential financial losses for both customers and Mondus Capital.
- Maintain customer relationships and foster trust in Mondus Capital’s services.
3. Definition of hardship
Financial hardship occurs when a customer is temporarily unable to meet their loan obligations due to unexpected events or circumstances. These may include, but are not limited to:
- Loss of employment or reduction in income.
- Serious illness or injury affecting the customer or an immediate family member.
- Death of a family member.
- Natural disasters affecting the customer’s property or livelihood.
- Divorce or separation impacting financial stability.
- Any other significant financial difficulty arising from unforeseen events.
- Suffers domestic violence.
4. Eligibility criteria
To be eligible for hardship assistance, customers must:
- Hold an active loan account with Mondus Capital.
- Demonstrate a genuine inability to meet loan repayments due to financial hardship.
- Provide reasonable documentation to support their hardship application (e.g., medical certificates, employment termination letters, proof of income reduction).
5. Hardship assistance options
Mondus Capital offers various assistance options tailored to the customer’s specific circumstances, including:
- Loan restructuring: Adjusting the terms of the loan to reduce monthly repayments, extend the loan term, or alter the interest rate.
- Payment deferrals: Temporarily suspending loan repayments for an agreed period.
- Interest-only payments: Allowing customers to make interest-only payments for a specified period.
- Capitalisation of arrears: Adding missed payments to the outstanding loan balance and recalculating repayments.
6. Application process
Customers experiencing financial hardship should follow these steps to apply for assistance:
- Contact Mondus Capital: Reach out to our customer service team via phone, email, or in person to discuss their situation.
- Complete hardship application: Fill out the Hardship Assistance Form, providing detailed information about their financial circumstances and supporting documentation.
- Assessment: Mondus Capital will assess the application, considering the customer’s financial situation and the extent of hardship.
- Decision: A decision will be made within 10 business days, and the customer will be notified of the outcome and available assistance options.
- Implementation: Once an agreement is reached, the necessary adjustments to the loan terms will be implemented promptly.
If you are unhappy with your hardship application assessment the matter may be referred to internal dispute resolution or external dispute resolution pursuant to our Dispute resolution below.
7. Review and monitoring
Mondus Capital will regularly review and monitor hardship arrangements to ensure they remain suitable for the customer’s changing circumstances. Customers are to keep us informed of any significant changes to their financial situation during the hardship period.
8. Rights and responsibilities
Customers receiving hardship assistance are expected to:
- Provide accurate and complete information during the application process.
- Adhere to the terms of the hardship arrangement.
- Notify Mondus Capital of any significant changes in their financial circumstances.
Mondus Capital commits to:
- Treating customers with empathy and respect.
- Maintaining confidentiality of the customer’s financial situation.
- Providing clear and timely communication throughout the hardship process.
- Offering fair and reasonable solutions tailored to the customer’s needs.
9. Dispute resolution
If a customer is dissatisfied with the outcome of their hardship application or the assistance provided, they can escalate the matter through Mondus Capital’s internal dispute resolution process. Customers can submit a formal complaint, which will be reviewed by our Customer Advocacy Team. If the issue remains unresolved, customers may seek external resolution through the Australian Financial Complaints Authority (AFCA).
10. Policy review
This Hardship Policy will be reviewed annually to ensure it remains effective and aligned with regulatory requirements and industry best practices. Feedback from customers and staff will be considered in the review process to continually improve our hardship management practices.
Contact Details
For more information or to apply for hardship assistance, customers can contact Mondus Capital at:
Mondus Capital Pty Ltd
Contact: Nir Davidson – CEO
Email: nir@mymondus.com
Phone: 0422 362 290
By following this hardship policy, Mondus Capital aims to provide meaningful support to our customers during times of financial difficulty, ensuring they can manage their loan commitments effectively while maintaining their financial wellbeing.