The mission for the Owner Solutions department is to preserve an individual's dignity, integrity and respect during unplanned life situations.
If you are ever having trouble making a loan payment or maintaining the minimum balance in your account, never hesitate to
contact Owner Solutions to discuss the situation. Our representatives will review your options and help develop a plan that
works for you. Contact Owner Solutions directly at 856-692-4000 ext. 796.
What is Owner Solutions?
It is a group within the Credit Union whose main focus is to help you. We want you to know that we realize many (of us) in our community have had, are having, or will have financial difficulties. Unexpected repairs, medical expenses, or the loss of income can cause a snowball effect of late or missed payments and the associated mounting fees. We hope 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 you and the credit union
Loan modifications (Interest only/extending terms/lowering payments)
Payment due date changes
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 everyone 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.
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.
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 is the time to make good on past due obligations.