Video: How dispute resolution works
Video about dispute resolution
If you are in financial difficulty and you are speaking to your
lender and you ask for hardship assistance, and the person you are
speaking to over the phone just says 'No', on the spot, then you
may want to ask to go to the IDR team for internal dispute
So that is in a way an independent review of that decision
within the financial service provider. So it will be a new area,
new people dealing with it. They may ask the same sort of questions
again, and someone will have to provide further information.
They will then make their decision and then if they are not
satisfied with that decision, that is when they would be referred
to the external dispute resolution scheme and they would contact
An external dispute resolution service is free. In most cases if
you make a complaint early enough, it can stop enforcement
We will ask questions and we will engage with people to uncover
the information so it is not up to people having to put forward
their case, so to speak.
The most important thing that we look for is not why you are in
financial hardship so much. It is more how you expect to get out of
financial hardship. And what period of time you think it will take
and whether that is a realistic idea or not.
So we will try and figure out whether you situation is short
term. Whether you can actually meet your proposal and whether there
might actually be better options for you that you haven't yet
The Code of Banking Practice provides that we will work with you
to try to help you overcome your financial difficulties. Now that
working with you is a two way process. So we want the financial
service providers and the customers to be working together. And
part of that is making what payments you can, even though you can't
make the whole payment.
Last updated: 11 Oct 2016