If you are finding it difficult to meet the repayments on your loan contact us and let us know as quickly as you can. You shouldn’t be embarrassed or intimidated to talk to us.
You might think that this will alert us to your problems, and you will be worse off, but this isn’t the case. We understand, and we’re here for you.
Gateway Bank recognise that the deteriorating domestic and international economic outlook will place continued financial pressure on households, as those affected find it more difficult to service housing and personal debt.
It is important that all lenders have clear and effective arrangements to manage borrowers who are facing financial hardship. In particular, lenders should have in place arrangements that assist borrowers who are experiencing temporary financial hardship. Gateway Bank is owned by its Members. Members, as owners, will continue to be treated with care and respect whether or not they are experiencing financial hardship.
Members in financial distress are treated on a case by case basis using a range of common remedies and options. These are outlined below and applied depending on the borrower’s circumstances.
Gateway Bank support the Government’s objective of ensuring that all borrowers experiencing financial hardship are treated according to common standards of assistance by lenders. The approach matches the Government’s agreement with the four major banks but reflects the distinguishing features of Gateway Bank, including their mutual status, smaller size, commitment to personal service and their record as responsible lenders.
The Principles, which apply in relation to all consumer credit contracts, establish temporary and standardised arrangements that are designed to assist borrowers that are unable to meet their contractual obligations due to unemployment or as a result of other (reasonable) causes.
Gateway Bank will apply the following principles on a case by case basis to assist borrowers manage their way through temporary financial hardship. In these circumstances, Gateway Bank will support their borrowers in the following ways:
We will work with borrowers to determine the most appropriate assistance option for each borrower.
Options include:
These options will be considered in circumstances where the borrower will be able to meet the new repayment terms and will be able to meet their new contractual obligations in the long-term.
Gateway Bank will continue to have staff trained to deal with hardship cases in a sensitive and effective manner.
Gateway Bank will provide, where appropriate and subject to availability, details about external financial counselling services.
Gateway Bank will continue to provide temporary financial hardship assistance based on information about the borrower’s individual needs:
Gateway Bank will continue to work constructively with borrowers who experience financial hardship and will try to assist borrowers to overcome difficulties meeting their financial commitments.
If you are concerned about your ability to meet your loan or credit facility repayments to Gateway Bank, we encourage you to contact us as soon as possible. We are here to assist you with these situations and will quickly put in place the best possible assistance measures to help you manage your financial obligations with us.
Communication is key. It's important to stay in touch and talk things through. Please:
The Financial Hardship Assistance service is available for you to call during our opening hours.