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Hardship

At Laboratories Credit Union (LCU), we are committed to supporting our members by providing a safe, reliable, and transparent financial environment. When you contact us, we will work with you to understand your circumstances and discuss available options.

Financial Hardship

We understand that unforeseen circumstances like losing a job, health issues, relationship breakdown, or natural disasters can result in financial hardship.

Contact us as early as possible if you are unable to meet your obligations under an LCU credit contract by telling us either verbally or in writing that you are experiencing financial difficulty and are unable to meet your obligations.

You do not need to be in arrears to request hardship assistance.

How to contact us

Visit us at Shop 1, 3 Julius Avenue, North Ryde NSW 2113

Call us on 02 9859 0585

Mail PO Box 1967, Macquarie Centre NSW 2113

Email hardship@lcu.com.au

When you contact us, we will work with you to understand your circumstances and discuss available options, including hardship where eligible. You may choose to have a representative with you for assistance, where appropriate.

We may ask you to provide:

  • your full name, member number
  • confirm your contact details
  • an overview of your situation, only to the extent you are comfortable sharing
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Documentation We May Require

Documentation We May Require

We may request information or documents to help us assess your hardship request.

This may include:

  • Reason for hardship (for example, job loss, reduced income, illness, natural disaster)
  • Evidence, where available (such as medical certificates, termination letters, or bills)
  • Information about your current financial position confirming:
    • Income and expenses
    • Assets and liabilities
    • Any other debts or obligations

Documents may include:

  • Payslips, Centrelink income statements
  • Other bank statements
  • Utility bills (council rates, electricity etc.)
  • Medical or legal documents (if relevant)

We will only request information that is reasonably necessary and permitted by law.

We will acknowledge your hardship request as soon as practicable and may request supporting information where required.

Timeframes

If the credit provider:
The provider has:
has enough information to decide whether to change the contract
21 days after the date of receiving the hardship notice
requests more information but does not receive the required information
28 days after the date the information was requested
requests more information and does receive the required information
21 days after the date the information was received

If approved, we will write to you outlining the hardship arrangement.

If declined, we will explain the reasons for the decision.

If you are not satisfied with the outcome, you may raise a complaint with LCU using the contact details below. We will review your complaint in line with our Internal Dispute Resolution Process.

  • Visit us at Shop 1, 3 Julius Avenue, North Ryde NSW 2113
  • Call us on 02 9859 0585
  • Mail PO Box 1967, Macquarie Centre NSW 2113
  • Email hardship@lcu.com.au

If your complaint is not resolved to your satisfaction, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA).

  • Website: www.afca.org.au
  • Email: info@afca.org.au
  • Telephone: 1800 931 678 (free call)
  • In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

Support Services

What Assistance May be Available

Depending on your circumstances and eligibility, hardship assistance may include:

  • instalment payment arrangements on eligible loan products
  • temporary payment deferrals or payment reductions
  • delaying or extending payment terms
  • waiving certain fees or charges
  • placing recovery action on hold
  • agreeing to a reduced lump sum payment, where appropriate

Hardship assistance is assessed on a case-by-case basis and is not guaranteed.

Support Services

You may wish to seek independent support, such as a financial counsellor, where it is safe and appropriate to do so.

Free financial counselling is available through:

National Debt Helpline – 1800 007 007 or ndh.org.au