What is Owner Solutions?

It is a department within the Credit Union whose main focus is to help you. We want our owners to know that we realize many (of us) in our community have had, are having, or will have financial difficulties. Unexpected repais, medical expenses, or the loss of income can cause a snowball effect of late or missed payments and the associated mounting fees. Bridgeton Onized FCU's Owner Solutions department hopes to offer just that: a "solution" to your economic issues. It is our goal to be a source of information for preserving your credit rating, helping to make your payment plan a little easier during tough times, while working within our guidelines to make arrangements for short-term emergencies.

What are Some of the Options Owner Solutions Can Offer?

• Payment arrangements that are agreed upon by both the member and credit union
• Loan modifications (Interest only/extending terms/lowering payments)
• Payment due date changes
• Skip-A-Pay options
• Financial Counseling

What if I'm Having Trouble Making My Payment(s)?

Open communication is key! It's best if you let us know what is going on. Each time you call Owner Solutions, a message can be added to your file, noting what the problem is and what the plan is. Having good communication lets eveyone know you're working on the problem and have a plan. You will still receive the notices as a reminder, however, we will not phone unless the plan is not carried out. We will send a friendly reminder of your payment due. Continued notices will serve as reminders, in addition to notifying you of restriction of services, reporting to the Credit Bureau, and in some cases, legal action.

What Can I Do to Preserve My Credit?

Whether you are purchasing a car, obtaining auto insurance, getting a job, renting an apartment or buying a house, your credit score will be the most important factor; having a good credit score is not just an option but a requirement. Most of our owners are not aware that it is in their best interest to contact us when experiencing financial setbacks. We are often willing to work our a repayment plan that is suitable to your current situation. Remember that it is very important to keep your contact information current.

What Happens if My Collateral is Repossessed?

Your vehicle is not repossessed without our staff working diligently to make arrangements for payment, communicating by phone and mail (sometimes email), and making every effort to work with you to make a plan to get payment. With so many alternatives, there is very little reason for you to lose your collateral. If communication has broken down and promises are not kept, it can lead to legal action. If your collateral is repossessed, you will have 10 days to recover it, usually by paying the loan current. Your personal effects are available to you, and you will be responsible for any and all fees associated with the repossession. Contact 856-692-4000 ext 796 to make arrangement to recover collateral. If you're unable to recover the vehicle, the Credit Union will take charge of putting it up for sale at auction. Cost of towing, cleaning, and repairs are your responsibility and will be deducted from the monies gained by the sale of the vehicle. The sale goes to the highest bidder. If the collateral repairs are cost-prohibitive based on the value of the vehicle, the Credit Union may choose to get a big from a salvage yard. It is in the best ineterest of both you and the Credit Union to get the highest bid possible for collateral. After the bid, costs are paid from sale proceeds and the rest of the money goes toward the balance of the loan. This does not advance the due date of the loan. You will be notified of the sale of the vehicle and any balance that may remain. You will again have 10 days to respond to our office. This response will be critical to making arrangements for monthly payment of the residual balance. You will remain responsible for any unpaid loan balance. If there is no communication between us, the Credit Union will seek other legal avenues to get repayment of the loan.

What Does it Mean if My Loan is Charged Off?

A charge off or repossession reported on your credit report may affect your credit rating for an undetermined length of time. If you've experienced financial setbacks in the past and are currently recovering, now if the time to make good on past due obligations. We will work with you to set up an agreeable repayment plan for any past due obligations with us. Bad debt is never good, but making good on it may be viewed much differently by future lenders.

Circumstances Beyond My Control are Making it Necessary for Me to File Bankruptcy - Now What?

If you have outstanding loans with the Credit Union, you should consider contacting Owner Solutions. Debt that is reaffirmed during bankruptcy means that the instituion doesn't suffer a loss because of your bankruptcy. You will continue to make payment on the loan during and after the bankruptcy. The Credit Union doesn't look at your bankruptcy as a "bad thing" as long as we haven't suffered a loss. Remember, you will still need a financial institution after the bankrupcty - the Credit Union wants you as an owner.