Financial assistance
We understand that sometimes businesses can struggle with cash flow or fall on hard times.
If you are struggling financially or are worried about your current financial position and are concerned that you might experience difficulties meeting your financial obligations with BCU Bank, you should contact us as soon as possible. Early engagement will allow us to assist before issues are exacerbated, and will potentially increase the range of strategies available to support you.
We'll do our best to work with you and may be able to offer you financial hardship assistance.
We understand that unexpected or exceptional circumstances can occur such as:
- Unexpected downturn of business
- Weather events
- Adverse economic conditions
- Personal matters impacting business operations
These circumstances can impact your financial situation and your ability to make repayments to your loans and other credit contracts. We are here to help customers experiencing hardship or having genuine difficulty meeting repayments.
Examples of assistance we may be able to provide include, but are not limited to, flexibility or moratorium in meeting your scheduled repayments, or a variation to your loan to amend the repayments you have to make.
Hardship assistance
If your business is experiencing financial difficulty and you're concerned about meeting your loan repayments or other financial obligations with BCU Bank, please get in touch with us as soon as possible.
If you have a Relationship Manager, please contact them directly to discuss your situation and the support that may be available.
Find your Relationship ManagerIf you don’t have a Relationship Manager, you can contact our Credit Management team directly on 1300 228 228. They're available Monday to Friday, 8:30am to 5:00pm AEDT.
Alternatively, you can get in touch with them in the following ways:
Online: Complete the online Financial Hardship Assistance form
Email: financialhardship@bcu.com.au
Mail: Attn: Financial Hardship Assistance, Credit Management, BCU, PO Box 1563, Coffs Harbour, NSW 2450
If you're experiencing financial difficulty and are concerned about making repayments on your equipment finance loan, please get in touch with us so we can help you understand your options.
You can contact your BCU Bank Relationship Manager to discuss your circumstances and the assistance that may be available.
Find your Relationship ManagerIf you don't have a Relationship Manager, you can contact Platform Finance directly on 1300 730 856 to discuss your situation.
We will review your application and may be able to offer you assistance if you're suffering genuine financial difficulties or hardship.
You will need to be able to demonstrate that you'll still be able to meet your loan and credit contract obligations if you're provided with assistance.
While we’ll always try to support customers experiencing financial difficulty, we may not always be able to offer the assistance you’re after.
If you:
- are not satisfied with the response or support provided by BCU Bank, or
- would like to make a complaint about how your hardship request was handled
you can use our internal dispute resolution (IDR) process by contacting our Member Engagement Team:
Online: Feedback form
Email: memberadvocate@bcu.com.au
Phone: 1300 228 228
Mail: Attn: Member Advocate, BCU, PO Box 1563, Coffs Harbour, NSW 2450
If you're still not satisfied after raising your concerns with us, you can contact the Australian Financial Complaints Authority (AFCA). AFCA provides free and independent dispute resolution services for customers and small businesses with less than 100 employees, including complaints about financial hardship assistance.
AFCA's contact details can be found on their website.
Please note: You should first try to resolve your dispute with BCU Bank before contacting or lodging a dispute or complaint with AFCA.
Farm Debt Mediation
We have a team of agriculture experts who understand the seasonality of primary production, and the impacts external events can have on your operation.
If you are experiencing or anticipating any issues with meeting your obligations, please contact your Relationship Manager to discuss the best options available to you.
If you're unsatisfied with the outcome, or if you feel that you would benefit from an independent mediator, this can be instigated by either yourself or us. We may also appoint a mediator if we feel a better outcome for all parties could be achieved this way.
We will not take any enforcement action against you without allowing for farm debt mediation to take place.
For businesses whose primary undertakings are agriculture, aquaculture, or other primary production activities, the Australian Government has provided a framework to resolve farm debt issues.
Each state has their own program; however, all follow the same seven principals including offering an independent mediator.
A mediator can be appointed by either party at any stage, and you don't need to be in default to do so. Notice must be given in writing by the party instigating the mediation.
To find out more information on the process and to find a mediator, contact the relevant state body:
New South Wales Rural Assistance Authority (RRA)
Website: RRA website
Phone: 1300 228 228
Email: rural.assist@rra.nsw.gov.au
Queensland Rural and Industry Development Authority (QRIDA)
Website: QRIDA website
Phone: 1800 623 946
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