Sudden financial problems

Jenni had been working for the same employer for 8 years. But after she took out a loan with Lending Stream, her employer went out of business. She didn’t have any savings and was immediately trying to find a new job. On top of this, she was now worrying about repaying the loan.
 

Jenni called us and spoke to one of our customer service advisors. She explained the situation.

We were glad she called, because we want to know about situations like this. If we know about them, we can help.

Jenni explained about her current financial situation, and her incomings and outgoings. Once we understood the full situation, we let her know that she did the right thing by contacting us. After talking, we agreed the best thing we could do was to set up a repayment plan. This is a long-term arrangement that allowed Jenni to repay the loan in a more affordable way for her new situation. We froze the interest on the loan and set up the repayment plan.

This meant that Jenni was paying a lower amount each month. She also didn’t need to worry about interest mounting up on missed repayments.

While we had to reflect on her credit record that she had entered a payment plan, this was a much better outcome than if we had to record missed or late repayments.

As a result, Jenni was in a less stressful position while she was searching for a new job.