Borrowers in hardship can ask for help

People with home loans, personal loans and credit cards can fall into hardship if they lose their income or for some other reason can no longer repay their debts.

Banks and other lenders are required by law to assist and help borrowers who fall into hardship. Financial counsellors were surveyed to find out how helpful the banks are when their borrowers fall into hardship.

Sixty-nine per cent said Westpac was usually fair, reasonable and appropriate. NAB scored 65 per cent on the same question, ANZ got 55 per cent and Commonwealth bank scored 31 per cent.

Source: Banking Day