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    Default Accessing your super under hardship- anyone have any tips or clues how it works?

    So I've been trying to access some of my super (small amount only a couple of grand) to clear some debts. I'm a single mum on PPS only; but my super fund is saying that I have a very low amount of debt and don't qualify... but I have around $10k of debt and the repayments are around $300 a fortnight which is alot when you're living on $1000 a fortnight.

    Anyone know a little more about what the guidelines are? My fund isn't being too helpful on what the guidelines are for accessing super early.

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    Default Accessing your super under hardship- anyone have any tips or clues how it works?

    It has to be debt in arrears, so overdue loan or credit card payments, bills etc or a loan to a personal friend.

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    Default Accessing your super under hardship- anyone have any tips or clues how it works?

    I didn't know this was possible!! Where would I go to get more details??

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    Quote Originally Posted by HugsBunny View Post
    It has to be debt in arrears, so overdue loan or credit card payments, bills etc or a loan to a personal friend.
    One of my credit cards does have overdue amounts and they're saying that's not good enough I have to be using it for all of my day to day living expenses? I have written a letter explaining the transactions eg transaction x was the supermarket; transaction x was paying for petrol.

    The forms are available on your super fund's website; one of the requirements they are strict on is you're receiving centrelink payments for 26 weeks continuously (not just FTB).

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    Default Accessing your super under hardship- anyone have any tips or clues how it works?

    My older sister accessed all of her super when she defaulted on her mortgage due to being on sickness allowance instead of her being paid work cover due to a whole heap of bullying and stress at her work, and the sickness allowance wasnt enough for her to pay both the mortgage n live in. She got her super paid just one day before she was going to loose her house, so she was able to save her house.

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    Default Accessing your super under hardship- anyone have any tips or clues how it works?

    I've looked into this and also heard it is extremely rare to actually get them to pay it out.

    Have you looked into consolidating your debts? I went from 150 a week to 70 a fortnight years ago and it was the best thing I ever did! It froze all the interest and allowed me to actually pay the debt as opposed to the ever accruing interest.

    I also haven't needed or wanted a credit card since!

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    Default Accessing your super under hardship- anyone have any tips or clues how it works?

    Quote Originally Posted by MummysYellowCar View Post
    One of my credit cards does have overdue amounts and they're saying that's not good enough I have to be using it for all of my day to day living expenses? I have written a letter explaining the transactions eg transaction x was the supermarket; transaction x was paying for petrol.

    The forms are available on your super fund's website; one of the requirements they are strict on is you're receiving centrelink payments for 26 weeks continuously (not just FTB).
    The amount they'll release is between $1000 - $10,000. It is also taxed at 21.5% so of you get approved for the full $10k (so you have to prove $10k worth of immediate debt) you'll actually only receive $7850.

    I don't think it's rare that they approve it, you just need to meet the requirements. I accessed mine and had the funds hit my account four days after I sent the paperwork off.

    I don't understand the credit card thing - they can only assess the overdue payments. So say you owe $3k on your credit card but there's only $60 in arrears or overdue payments, then they'll only accept the $60 as part of the claim.

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    Quote Originally Posted by HugsBunny View Post

    I don't understand the credit card thing - they can only assess the overdue payments. So say you owe $3k on your credit card but there's only $60 in arrears or overdue payments, then they'll only accept the $60 as part of the claim.
    This explains it! Thankyou! My fund hadn't provided that kind of info ie needing to have a minimum of $1000 in overdue payments; currently have $0 overdue as I've caught up; just have $10k owing & $300 a fortnight's a stretch in repayments. The call centre people keep saying 'you've proven you have debts but you need to provide your credit card statements showing the transaction history' which I've done twice now.. then they say 'you've proven the debt exists but you need to prove it's payable' and I'm totally confused.

    One of my debts is a personal loan at $150/ fortnight and I'll have it all paid off before Xmas so it might just have to be another couple of months of struggling for the burden to ease.

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    Default Accessing your super under hardship- anyone have any tips or clues how it works?

    Aha!! Awesome! Glad I could help :-)

    If you've borrowed money from a friend or family member then you can get them to sign a stat dec saying that they leant you $x amount and need it back immediately. The fund will accept that as a valid debt.

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    Default Re: Accessing your super under hardship- anyone have any tips or clues how it works?

    subbing

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