When an account reaches a point where repayments are significantly overdue, it may be moved to the bank’s collections area. This process is intended to help establish contact and determine the appropriate path forward to bring your account back into good standing.
Engaging early is the most practical way to manage the situation. The bank’s teams are equipped to discuss options if your circumstances have changed, such as job loss, illness, or other unexpected financial pressure. Ignoring correspondence often limits the options available to you, so reaching out proactively is recommended.
| Category | Details |
|---|---|
| Methods | Phone (dedicated collections line), written correspondence, or via a financial counsellor. |
| Processing Time | Resolution times vary based on the complexity of your financial circumstances. |
| Eligibility | Applies to customers with accounts that have missed multiple scheduled repayments. |
| Key Requirements | Verification of identity and transparent disclosure of your current financial position. |
To speed up a transfer collection into the account, you should:
- visit the page
- enter the collection code
- fill you’re your mobile number
- press next and follow the prompts
Troubleshooting common issues
MFA or login issues
If you are struggling to access your account details online to verify a debt, it may be due to a security hold on the account. Use the "forgot password" tool on the NetBank login page. If the issue remains, call the bank to verify your identity over the phone and regain access.
Browser or app errors
If you are unable to view your statement or payment options in the app, try accessing your account via a web browser on a desktop. Sometimes app caches need clearing to reflect the most current account status. If the error persists, contact the bank to ensure you are looking at the most recent information.
Locked account or ID issues
An account may be restricted if there is an unresolved collections matter. You will need to contact the bank's collections department directly to discuss the restriction. In some cases, you may need to visit a branch with valid photo identification to lift the lock.
Pro-Tip: If you are feeling overwhelmed, you can contact the National Debt Helpline (1800 007 007) for free, independent financial counselling before you speak with the bank. This can help you understand your rights and prepare a realistic plan before starting a conversation with your creditor.
Frequently Asked Questions
What happens if I cannot afford the suggested repayment plan?
If the offered plan is not sustainable for your current budget, it is important to communicate this immediately. The bank relies on accurate information to set a plan, so explain exactly why the amount is not feasible, such as a drop in household income or an unexpected emergency expense. Note that simply missing the payments again will likely result in further collections activity. Your next step is to ask to speak with a financial hardship specialist who can review your case in more detail.
Will this impact my ability to get credit in the future?
Missed repayments that reach the collections stage are generally recorded in your credit report, which affects your credit score. This remains on your file for a period, even after the debt is resolved. While paying off the debt is a positive step toward rebuilding, it does not erase the past late payment history. Your best next step is to focus on maintaining consistent, on-time payments for all your remaining accounts to begin repairing your credit profile.
