Financial Hardship



We understand that life can throw unexpected situations occasionally. Therefore, once you find yourself unable to reasonably keep up your loan repayments, you must contact our branch. Once SNZF staff is aware we will guide you through your unfortunate situation. Samoa New Zealand Finance can assist you throughout these unexpected circumstances and help to reduce your financial stress during this period.

Under the Credit Contracts and Consumer Finance Act 2003 (CCCF Act), a borrower has the right to ask their lender for a change to their personal loan or other consumer credit contract, if they meet the following criteria:

  1. The borrower has suffered a hardship they could not reasonably have seen coming, such as illness or injury, loss of employment, the end of a relationship, or death of a partner or spouse 
  2. As a result of that hardship, the borrower cannot reasonably meet their debt repayments, and 
  3. The borrower believes they would be able to meet their debt repayments if the contract was changed in the ways specified by the CCCF Act.

When a borrower makes an application to alter the loan contract under these circumstances, this will fall under the ‘Hardship Application’. All borrowers need to contact Samoa New Zealand Finance immediately if you are unable to make your loan repayments as borrowers only have a limited time to make a hardship application if they are in default.

If a borrower struggles to (reasonably) make their loan payments, we encourage you to talk and get in contact with our employees in Samoa New Zealand Finance regardless of the situation. We also need proof of these certain circumstances to support your application.

When can a borrower make a hardship application? 

A borrower can make a hardship application at any time, unless the borrower: 

  1. Has been in default for 2 months or more 
  2. Has been in default for 2 weeks or more after receiving a repossession warning notice or Property Law Act notice, or 
  3. Has failed to make four or more consecutive debt repayments on their due dates.

Borrowers may only make one hardship application on the same grounds within any four-month period, unless the lender agrees to consider another application. If the borrower catches up on the debt repayments and defaults, they are again entitled to make a hardship application.

How can borrowers make an application for hardship?

Firstly, make your application in writing (via email, post or letter) and must be given to Samoa New Zealand Finance. If it is urgent please use the telephone or email. You must state the purpose or reasons for the unforeseen application. It will be helpful to include proof of information to support your application. Then request to one of the following:

  • An extension of the term of your contract – this will reduce the amount you pay with each repayment, but increase the number of repayments; or
  • A postponement of the dates on which payments are due under the contract; or
  • Both of the above

Once your application has been completed, we will contact you either through telephone or writing which will outline the process from there. If we do not require any further information from you, a final decision will be made within 20 working days from when we have received your application.

If you have any queries regarding unforeseen hardship application, please do not hesitate to contact us:  

Telephone: 09 262 2292       

Email: [email protected]

Samoa New Zealand Finance Limited

PO Box 97483

Manukau Auckland 2241