Yes. If your Financial Hardship Application is approved there are two types of hardship arrangements which may be offered, depending on your individual circumstances, each one appears slightly differently on your report.
A Temporary Hardship Arrangement is a short-term period of assistance which allows you to recover your financial position and return to meeting the existing terms of your contract.
If a temporary hardship arrangement is approved, for each month of the arrangement we will report Financial Hardship Information (FHI) to confirm you are on a hardship arrangement. We will also report Repayment History Information (RHI) which shows if you have met your payments due under this arrangement. We report this instead of whether you’ve met your normal contractual payments. Once your Hardship Arrangement ends, we will resume sharing your normal repayment history information with the credit reporting bodies – that means whether you made the normal required payments under your loan contract.
A Permanent Hardship Variation is a change to the existing terms of your account contract that allows you to recover your financial position.
If a permanent variation to your contract is approved, we will report Financial Hardship Information (FHI) when the contract change occurs. From then on, your Repayment History Information (RHI) will be reported to show if you make the required payments under your updated contract. Your RHI before the change will still show if you made the required payments under your original loan contract.
FHI will remain on your report for up to 12 months.
Please note: The above applies to accounts that have entered, re set or extended a hardship arrangement from 1 July 2022. For arrangements set before this date, we do not send any FHI or RHI to credit reporting bodies for the duration of the hardship assistance. This temporary absence of this information is visible on your credit report for 24 months and lenders may enquire about this if you apply for credit during this time.