Posted on August 19, 2021
COVID-19 continues to cause disruption and is impacting schools and families in various ways. Short or long term lockdowns may have emotional and financial implications and result in families approaching you to ask for financial assistance. While there is no doubt that there will be families that legitimately require assistance during these times, there may be requests that cannot be justified, especially if financial situations have not changed as a result of COVID-19.
While remaining sympathetic to a family’s situation, you also need to bear in mind that this can in turn impact your own cashflow, and for that reason, a proactive approach is needed. Each family’s request for assistance should be accompanied with the following:
- A hardship request providing sufficient details of the change in circumstances;
- A letter from their employer confirming reduced work hours/loss of position;
- Payslips evidencing a reduction in income.
Following a completion of a review of this material, financial assistance can be offered in varying ways, such as a period where reduced payments are offered, there be a complete deferral, or in some cases hardship remissions offered. Make sure everything you agree to is documented and that all parties are clear on the expectations once circumstances revert to what they were.
Never take an application on face value - questions should be asked to be well informed!
Platinum Collection assist clients to review hardship requests. If you are unsure about the information to request or how the information provided should be considered, please contact us on 1300 600 181.