I have a question..
Has anybody been granted early access to their super money (part of) for severe financial hardship?
Have letters from collection agencies....
Anyone's experience would be greatly appreciated. Thank you
Early release of Super...
Early release of Super...
Posted in:
Money
7 Replies
I didn't get approved even though I was unemployed with 2 young teens, had 40k of debt with a debt collector and by the time I paid all the necessities (meaning rent, power, gas, water) I had less than $100 left a fortnight to buy food and whatever the kids needed. You have to be unemployed for a consecutive 6 months and that's why I didn't qualify, I did 2 months casual work in the middle of 8 months unemployment.
If you have been receiving certain centerlink payments for 6 months straight they will grant it. Look up the early release of super criteria.
I know of people that have been able to get early release for hardship, I know of people that have had some release to buy a new car (in hardship circumstances) I also know of someone who wasnt able to get any released from a deceased persons super to cover their funeral. Unfortunately I dont think it's a one size fits all. Maybe just give it a go and see what happens? Goodluck!
It’s possible, but remember you will probably pay tax on it, as it is classified as an earning. So say, If your start working (or are still working) it could push you in to the next tax bracket and therefor you would receive a tax debt.
Personally, I’d speak to a financial advisor or tax accountant before pursuing this.
Call the debt collectors and speak about affordable payment plans, consolidation etc. touching super is not a good idea imo.
There is always the last resort of bankruptcy but talk to a financial counsellor first as it may be your best option.
A free financial counsellor can help you. Go to www.ndh.org.au to find one in your area.
It’s really easy. Follow the instructions on the forms from your super fund. As long as you meet criteria it won’t be an issue