With the Australian unemployment rate expected to reach 10%, or 1.4m people out of work amid the coronavirus pandemic, we understand that the financial situation of our clients is at its most vulnerable.
Taking this into consideration, Netstrata have implemented the following steps to assist our Owners
- Putting ourselves last in line for payment of our services to ensure that you get paid first (which has been standard operating procedure in our office since inception)
- Contact all suppliers, particularly the utility suppliers, and apply for a hardship extension for payment of bills and the cessation of interest accruing on the bills.
- Liaise with your strata insurers and seek monthly payment instalments, rather than a one-off annual premium. We shall also seek premium funding options for consideration of your Strata Committee
- Deferring all discretionary charges to our client schemes (these are charges for additional services that are beyond the scope of our Agreement) to assist with their cashflows
- Suspending all debt recovery charges whilst still performing the administrative functions of collecting arrears
- Sent out surveys to every Committee Member to get their insight into how to manage the financials of their individual Scheme’s
Additionally, we have created a Financial Hardship Form for our Owners if they have fallen into hard financial times which can be submitted via our website: https://www.netstrata.com.au/managing-your-scheme-through-covid-19/
Remember, you can always visit Centrelink for further assistance: https://www.servicesaustralia.gov.au/individuals/centrelink
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