We can help you through the tough times.
Achieving financial success isn't always easy. We hit bumps in the road. We make wrong turns. When the income dips or your debt begins to pile up, it's important to remember there are always steps you can take to get back on track. The first step is to get in touch with Abound Credit Union and discuss some options that could provide some breathing space.
Time To Develop An Action PlanNo one likes facing financial hardship. But it's not enough to just worry about it. You need to take positive action as well. Contact your creditors, fine-tune your monthly budget and ask us about setting up a payment plan. Here's a longer list of ideas:
Steps You Should Take
- If you are going to be late on a payment, contact your creditors as soon as possible and let them know you are having difficulty. Your credit is very valuable and you should be very proactive to protect it. Most creditors will work with you to help you through a temporary hardship.
- Prompt action is critical to resolve financial problems. The quicker you act, the greater the chance to resolve financial problems.
- If the hardship is severe, you may want to meet with your creditors face-to-face.
- Prepare and follow a monthly budget.
- Look for ways to increase income and reduce expenses, debt and spending.
- Can you refinance or consolidate debt to more favorable terms?
- Do you have any family members/friends who can help you through the temporary hardship? This could include financial help or co-signing a loan.
- Do you have any other sources of income or assets?
- Can you sell any assets to reduce debt?
- Bankruptcy should only be considered if all the options outlined above fail. We have found that many members get bad advice about filing bankruptcy and the ramifications will stick with you for up to 10 years.
How Abound Credit Union Can Help
- Abound Credit Union can set up a payment plan to help you through a temporary hardship.
- You may qualify for a one-month loan payment extension.
- If the hardship is more severe, we have other workout options.
- If you have assets, such as real estate, we may be able to refinance your loans.
- If you do not qualify for refinancing, we have other sources who may be able to assist you.
- Negative share accounts may be closed if the balance exceeds $-500, if the account is negative more than 30 days or if a pattern of abuse is detected.
- Negative share accounts must be paid in full within 45 days from the date the account became negative.