Financial Difficulty and Hardship

Financial Hardship

We understand that there are some things in life that are out of your control. If you are experiencing financial hardship. Our dedicated New Zealand-based support team is here to help during these challenging times.

What is financial hardship?

Financial hardship is the situation where a customer is willing and has the intention to pay but is unable to meet their Zip repayments. With formal hardship assistance the expectation is that a customer’s financial situation can be restored. Financial hardship is more common within society than people might think, and many people will find themselves in financial hardship at some point in their life.

Common events contributing to financial hardship may include:

  • Changes in income or expenditure;
  • Changes in employment status, such as losing a job or having working hours reduced;
  • Significant life events such as a relationship breakdown or death in the family;
  • Injury or illness; or
  • Emergency events or natural disasters.

A period of financial hardship is often temporary and, given time, many customers overcome their financial difficulties and repay their debts.

Our goal is to help customers in genuine financial hardship get through this period, so they can get themselves back on track. We are committed to working with our customers to find an appropriate solution that is effective and sustainable. We also acknowledge that ongoing access to the program is dependent on customers remaining committed to the program and its policies and communicate with our Hardship team.

Zip’s approach to hardship

We understand that sometimes you might need extra care to help manage some of life’s more challenging moments.

Anyone can become vulnerable as a result of any number of life events such as loss of work, family violence, the death of a partner or being diagnosed with an illness.

Zip is committed to helping customers who are experiencing hardship. Our team is available to listen to your individual circumstances and answer any questions you might have. We understand everyone’s needs are different, so we assess each application on a case-by-case basis.

If these circumstances apply to you, please contact us to discuss prior to applying for a Zip account.

To help, we may seek information on:

  • The circumstances surrounding your situation;
  • What amounts you can repay in the meantime and when can you commence making these payments; and
  • How long you foresee the situation lasting.

Based on the information you provide we are able to provide you with a support plan based on your personal circumstances.

Your support plan may include:

  • A short-term payment arrangement to help your get back on your feet;
  • A variation to your loan contract;
  • A short term moratorium or a deferral of repayments;
  • Suspension or variation of interest and fees.

All requests for hardship assistance will be treated in the strictest confidence as we work together to find a solution.

What do I need to know before applying?

Firstly, we are here to help. Our experienced team is here to work with you in finding the best resolution possible and to work together through a difficult situation.

It is important to note, loans are still repaid (over a longer term).

While Financial Hardship Assistance doesn’t remove the obligations to repay the outstanding loan, it is intended to help make repayments more manageable during a time of financial difficulty.

How do I apply for assistance?

You can reach our Hardship Assist Team, Mondays to Fridays, 9:00am – 5:00pm.

New Zealand: 09 489 8144

Apply here for Financial Hardship if you have a New Zealand Zip Account.
Please ensure to check your Zip account balance before applying for hardship.

Post: Zip Co NZ Limited, Level 13, 5-7 Byron Avenue, Takapuna 0622, Auckland