With the coronavirus pandemic causing many workers to lose work hours or even be unemployed for a few months, the Consumer Council of Fiji says it is more important than ever to know what financial options available to you should you have an existing loan or hire purchase account.
The council urges consumers who are faced with financial hardships caused by the pandemic to visit their creditors and request for some relief assistance.
Council CEO Seema Shandil says this is their right pursuant to Section 66 of the Consumer Credit Act 1999 where a debtor or consumer may apply for a restructure in their credit if they are unable to make repayments because of illness, unemployment or other reasonable cause.
Shandil says 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 Consumer 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.
Shandil says the council applauds the gesture by certain banks such as the Bank of South Pacific and ANZ in coming forward to provide relief packages for their loan customers during this crisis.
She says the package aims to assist those who face difficulties during the current crisis.
While the duration of the outbreak remains uncertain, the council urges all credit providers to be accommodative and be forthcoming with customers faced with financial distress.
