A hardship agreement is when we negotiate on your behalf with those you owe money to. The aim is to have your creditors (like the banks) agree to give you a period of time to ‘get back on your feet’. Depending on your circumstances, during the hardship period the creditor may agree to allow you to make no repayments and/or agree not to charge you any interest at all (or otherwise, agree to a reduced interest and/or reduced repayments).
A hardship agreement is however only temporary, designed to give you some breathing space - and at the end of the hardship period, you will need to start paying your regular payments again. Call us to discuss whether this option is right for you.