What happens if you suffer unforeseen hardship?

If you experience illness, injury, loss of employment, the end of a relationship, or any other reasonable cause, and are unable to maintain the payments on your loan, you may be able to ask us to vary the terms of your credit contract agreement (this is called a Hardship Variation).

To apply for a Hardship Variation to your loan, you need to:

  • make an application to us in writing, explaining your reasons for the Hardship Variation; and request one of the following:
  • an increase on the term of your credit agreement - this means reducing the amount due on each payment date and increasing the number of payments; or
  • a postponement of certain payments; or
  • both of the above - postponing some payments and paying smaller amounts over a longer time period.


The application needs to be received in writing by letter or email at info@clearwaterfinance.co.nz

Please phone 06 835 5959 to discuss anything if required.

If you do not meet the Hardship Variation criteria, or delay for too long in making an application, we may not have to consider your request.

If we agree to your requests, you will need to sign a Hardship Variation acknowledging changes to your credit agreement and a “Hardship Variation Fee” will be added to your credit agreement, refer to the fee schedule here.