With the recent re-introduction of Covid related lockdown restrictions in multiple locations including Sydney, Brisbane and Perth along with ongoing restrictions of a limited nature in Melbourne, we would like to re-affirm that Thinktank's borrower support measures that are in place ensure all business partners and their networks are aware of how borrowers may access this support.
In early 2020 with the onset of Covid, Thinktank established a dedicated Hardship Support team staffed by experienced Credit personnel to work on a one-to-one basis with borrowers impacted by the pandemic. The team, along with all of the original support options, have remained accessible to borrowers throughout and continue to be available to those facing either short term or indefinite difficulty whether related to Covid or for other reasons.
Options open to borrowers in need of support at this time or going forward:
- Full deferral of monthly loan repayments.
- Reduction in monthly loan repayments.
- Extension of the current interest-only term; or
- Conversion of monthly loan repayments from principal and interest to interest only.
Any of the above arrangements will be put in place for an agreed period, ordinarily up to three months in the first instance according to individual circumstances, then subject to mutual review and either the provision of further support or returning to scheduled repayments.
Borrower Support Process:
Borrowers either seeking or wishing to enquire about assistance should:
- Visit ThinkTank's website www.thinktank.net.au and click on the Hardship Assistance menu link at the centre-top of our home page and submit the short online form. This will automatically be received by their Hardship Assistance Team who will then make personal contact with the borrower and work with them to provide all necessary support in light of their present situation and outlook.
Alternatively, borrowers and business partners may email enquiries to firstname.lastname@example.org.
If you have any questions, please reach out to your BDM.