The Consumer Council of Fiji is urging people to contact them through their National Consumer Helpline toll-free number on 155 if they require assistance for debt restructure.
The Council says that with the coronavirus pandemic causing many workers to lose work hours or be even unemployed for a few months, it’s more important than ever to know what financial options are available should people have an existing loan or hire purchase account.
The Council says pursuant to Section 66 of the Consumer Credit Act 1999, a consumer may apply for a restructure in their credit if they are unable to make repayments because of illness, unemployment or other reasonable cause.
Consumers with hire purchase accounts, personal loans and even commercial loans may apply to their credit provider and make necessary arrangements in terms of their distress.
The Council says creditors are required by law to issue written notices setting out the particulars of the change in the terms of the credit contract and any information required by the regulations.
While the duration of the outbreak remains uncertain, the Council is urging all credit providers to be accommodative and be forthcoming with customers faced with financial distress.
The Council has applauded the gesture by certain banks for coming forward to provide relief packages for their loan customers during this crisis.
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