COVID-19: Council liaises with financial institutions for consumers’ debt restructure

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Consumer Council of Fiji chief executive officer Seema Shandil said in 2021 alone, the council received 39 complaints against company out of which, the company only provided redress in 26 case after months of follow-ups by the council. Picture: FILE

The Consumer Council of Fiji is assisting consumers through advice, facilitation of debt restructure with financial institutions, and helping create a workable budget.

And the Council says it stands ready to assist those who need any help with regaining financial balance and stability during this COVID-19 crisis.

Consumer Council CEO Seema Shandil said with the first wave of COVID-19 last year, and two severe tropical cyclones, it dealt a significant blow to the financial security of many Fijians across the country.

The present outbreak of the second wave of COVID-19, she said worsened this situation.

She said many Fijians were approaching them in need of financial advice, and assistance in facilitating debt restructure processes with financial institutions through the Council’s Debt Management and Credit Advisory Services.

“The Council is committed to assist consumers facing financial difficulties in managing their debt through financial advice or debt restructure by liaising with financial institutions/hire purchase companies,” Ms Shandil said.

“We have also assisted many consumers in creating a suitable and viable budget to help ensure they meet their everyday living expenses while also meeting debt obligations.

“We understand that household finance and debt are personal subjects, making consumers reluctant to discuss it with third parties. However, we are reassuring Fijians that CCoF is dealing such cases with extreme confidentiality and dignity.”

From March 2020, when the first outbreak of COVID-19 was detected, the Council has assisted 108 Fijians by way of facilitating a debt restructure with their respective financial institutions and hire purchase companies.

Ms Shandil says while financial institutions are not mandated to provide debt restructure to each and every consumer, the Council will liaise with them to have requests considered on a case-by-

case basis.

Those in genuine need of the Council’s assistance in liaising with financial institutions are urged to contact the Council on toll free number 155 or email – complaints@consumersfiji.org; and those requests must be supported with evidence that your income source has been compromised because of the pandemic.

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