What happens if I can’t repay my Wisr loan?

Your financial wellness is the most important thing to us – so if you’re in a bind and struggling to repay your loan, please get in touch with our team as soon as you can.

Whether you need extra time or a bit of breathing space, there’s a good chance we can work something out if you’re open and upfront with us. For example, you may have the option of paying less per month, or you may delay your repayments for a set period of time.

To help you understand what happens when you don’t make your loan repayments, here are a few answers to some common questions.

Missing one payment is not the end of the world, however there is a $25 late fee and a dishonour fee of $2.75 that you should be aware of. If you make your payment within a few days, this won’t be noted on your credit report, but you should still do your best to pay on time.

If your loan payment is more than two weeks late, a notice may be placed on your credit report, and your credit score may start to be negatively affected. Keep in mind that a low credit score can lead to difficulties in securing credit for a number of years, so you should do your best to keep it in good shape.

If you still haven’t paid between 30 and 60 days, your account may fall into default. This is considered a serious financial matter, and at this stage we may involve our collection partner InDebted who will contact you for payment. First, they will try to collect the amount owed, and then the full loan amount if they do not hear back

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Without getting too deep into the legals, the following may happen:

• Debt collection: A debt collection company may be assigned to collect your debt.

• Full loan due: The whole of your loan may become immediately due.

• Court action: Following a legal notice, a court action may be issued.

• Enforcement proceedings

• Default listing

• For secured loans, we may repossess your vehicles.

You can read more about dealing with debt on the Australian Government website.

The most important thing you can do is get in touch with us. We can’t stress this enough. We know it might be a difficult conversation, but we’re here to help you out and find a solution. 

Financial hardship is more common than you might think, so please don’t feel ashamed or embarrassed. There are many options we can look at, including a payment deferral for a set period of time or reduced repayments.

You can consider calling the National Debt Hotline on 1800 007 007 for free and confidential advice from professional financial counsellors. The hotline is open from 9.30 am to 4.30 pm, Monday to Friday.

You can also visit the National Debt Helpline website for step-by-step guides explaining how to fix common debt problems, such as what to do if you can’t pay your bills, mortgage, credit cards or loans.

Free financial counselling services are also available in every state and territory. Find out more on ASIC’s MoneySmart website.

EMAIL US

finassist@wisr.com.au