Forum Discussion
What they do not tell you about accessing your super
Well, it's been an interesting day.
I've spoken to my super fund several times in the last couple of months about accessing super on the grounds of financial hardship. The information I was given was that once Centrelink confirmed I was eligible I would be able to lodge a claim.
What I was not told, at any time, was that they will only release enough to cover debts that are currently in default--that if you are foolish enough to borrow money from friends or family to cover expenses such as rego, power, water, rates etc. you will not be able to make a claim. That money suddenly becomes a personal debt rather than a living expense. Even if you can demonstrate that your immediate living expenses are higher than your income, you don't qualify.You actually have to wreck your credit rating and get disconnected from services before there is any chance of getting hold of your money.
So, if you are intending to attempt to access your super in the foreseeable future do not borrow any money to cover any bills that are overdue until you are certain you are doing the right thing.
I am furious. I've been escalated up the line of management, all of whom have apologised profusely for the oversight. The calls have been recorded, so there is no question about what information was given to me. We've had a little listen to them to make sure. There is also no redress--it's just too bad. They will improve their service delivery, so I am told. Like hell they will, the parasites.
I'm gong to do the whole letter to my MP thing, but the legislation is the legislation and there is no getting around it. This also applies if you want access on compassionate grounds, you must be in default to the service provider and the bills must be unpaid.
Of course, you should check with your fund to make sure, but you now have some idea what you should be asking. I suggest you ask some very pointed questions because there is no way they will tell you what you need to know otherwise.
41 Replies
The battle continues at a glacial pace. I've submitted all the paperwork--the details required made me feel like I was standing nude in the middle of the street. I know I should be used to being examined and questioned about all the private aspects of my life, but this process has been particularly demeaning.
The information I'm receiving is very inconsistent. I had a call from one of the member services people on Monday who informed me that the amount likely to be released is roughly a quarter of that which I requested. By the time tax and medicare levy is deducted it will not cover half my current outstanding bills. I asked how they arrived at that figure and no-one could tell me. Then I had another call saying my case had been referred to 'senior management' for review. What does that mean and who are these people? Can I speak to them? No.
The only fun part has been responding to the constant emails asking for feedback about my experience with them. You want honest appraisal? Brace yourself, here it comes--complete with the names of everyone I have talked to and the contradictory advice I've been given. It would appear I've got a big red dot on my file as everyone is now being exquisitely polite and careful with me. They are still useless and evasive, of course, but I've come to expect nothing else. Who is paying for all this consulting and appraising, I wonder?
- One of the problems seems to be that no-one is taught (or encouraged) to follow someone's problem through - basic customer service. If a customer has a difficulty with answers or information, you don't just brush them off with a standard reply. You help them, walk them through the process, take them to the other person who may be able to help, check back that they have received what they need, follow through. And if you have to put them off for some reason, and you can't give them an answer in the time frame you've said, you contact them and tell them that. And if it means getting a big boss involved, that's what you do. It takes time and it takes compassion, and if you haven't got that, you've no business being in a customer service role.
- Hope that money comes through quick smart @Sister.
They are not scared, they are buying time to cover their arses. The frustrating thing is that I figured 5 grand would bail me out for the moment. I'd say that most of the people currently scurrying around in damage control mode would be on substantial hourly rates and, by the time this is over, the cost will exceed what I was going to ask for. Who pays for that? Three guesses.
The other thing to consider that applications for hardship relief can only be made once a year, so if you bugger it up and underestimate what you need you are screwed for another 12 months.
I have nothing better to do at the moment so will spend some of my abundant spare time constructing carefully worded hand grenades to lob over their defenses. It will probably get me nowhere, but I'm up the creek anyway. Let's hope someone gets their butt kicked, unfortunately it's likely that willl be someone very low on the food chain.
- @zoffiel I think if I was working in that office I'd be very scared now. Good on ya.
I finally got the letter last week saying my income protection has been approved - no money yet, of course. - That is SO UNFAIR, @Zoffiel - after all - it is YOUR MONEY (paying THEIR WAGES, I might add!!) It is fucking ridiculous! Well done on recording the conversations - and I hope this 'next bloke' will come up with some sort of compromise that gives you access to your own money!
@Pebbz1981 - that is a shocker as well! :( Terminal is terminal is terminal - how do they not understand that?
All this 'legalise' is just SO ANNOYING and designed to perplex! :(
As @kmakm said ...... SIC 'EM! - Frustrating bullshit. Why don't they speak english? My mortgage started to slip a bit over last year (no idea why LOL) so I rang the Super company, explained the situation.........Nope, just flat out no, Too young. Possibly if my house was about to be repossessed and sold they would look at it. WTF.
Then I ring the bank. Sure they will give me 3 months mortgage relief. I questioned the person on the phone about whether they were going to extend the loan to cover the accrued interest for those three months and made it perfectly clear I could not afford the repayments to go up. Period.
Well short version 3 months is up and guess what so are the repayments by and extra 100 a month to cover the arrears. I ask to fix the interest rate to lower the repayment..this is a long standing battle I have with them as it is a low doc loan due to being self employed/farm. Nope.......we no longer service low doc loans. This is not the first time I have had this conversation but I keep trying my luck with different people. By the end of the conversation, I say to the guy on the phone (who had been running backwards and forward to the powers above) so your telling me I now have to be at the mercy of variable rates forever. "Yes, now is there anything else I can help you with? Have a nice day' Lots of shouty swear words. Oh and by the way my loan now sits in arrears from the three months of not paying (they didn't tell me that one) so I can't even get it refinanced. Rock...hard place! - @Zoffiel, I tried accessing my super once i was diagnosed with metastatic, i though i can pay of the debts and spend some money on sprucing up the house and go on a holiday with my husband, you know enjoy the money before i am gone. My oncologist filled out all the forms and did everything possible to help me get the money which belongs to me.........There "doctors" said claim denied........WHY? a terminal illness has to have a lifespan f less than 1 yr...... I said to them well i am terminal and i hope i get to live longer then 1 yr , i hope i live 10 yrs and more.
So even though the money belongs to me and now i keep paying fees on it so each year it gets less and less, i am not enititled to pull it out. Eventually by the time i have left my husband will be left with nothing. Ridiculous. That and private health cover....Dont even get me started on them haha.
