At Peninsula Credit Union, we understand that life can sometimes throw unexpected challenges our way. Today, we want to share a touching story that demonstrates our commitment to helping members navigate through tough times.
Meet Jessica, a member who recently visited her local branch seeking financial assistance. She found herself in a difficult situation, struggling to make ends meet. During the loan interview, Jessica shared that the past few years had been particularly rough for her due to her father’s illness. Tragically, he had recently passed away.
The loss of her father not only weighed heavily on her heart but also brought about additional financial burdens. Jessica needed to arrange for a plane ticket and accommodations to attend her father’s memorial service. This unplanned expense pushed her further behind financially, resulting in past-due credit card bills.
Determined to help Jessica find a solution, our dedicated team member, Cindy, explored various options. She initiated a PAL (Payday Alternative Loan) application to pay off Jessica’s past-due credit cards, with a small amount of cash left over to cover living expenses.
However, our journey to assist Jessica didn’t stop there. Our exceptional underwriter, Emily, took a creative approach by “thinking outside the box.” She proposed an ALC (Auto Loan Consolidation) loan. This innovative solution allowed Jessica to refinance her existing auto loan while adding funds for consolidation.
As the conversation deepened, Jessica shared that she also owed money to “payday lender” type companies, which had charged her high-interest rates. Over the course of nearly a month, our team diligently contacted creditors to obtain payoff balances. The result was truly remarkable.
Jessica was not only able to refinance her car but also consolidate over $12,000 in past-due credit card debt, collections, and payday lender loans. While her new payment was on the higher side, it was significantly less than what she had been paying each month. Jessica had been struggling to make minimum payments, dealing with late fees, and attempting to negotiate with collection agencies and payday lenders.
The day of funding was a turning point for Jessica. She breathed a sigh of relief and couldn’t contain her excitement. With a weight lifted off her shoulders, she left our branch with renewed hope and determination. But our support didn’t end there.
Our Financial Fitness expert made a plan to touch base later to discuss setting up bi-weekly automatic payments for her ALC loan and creating a separate savings account to prepare for unexpected emergencies.
Jessica’s story is a testament to the compassion and commitment of the Peninsula Credit Union team. We are here to help our members overcome financial challenges, find solutions, and build brighter futures.
All in all, Jessica left our branch with a little extra pep in her step, and we couldn’t be happier to have been part of her journey to financial stability.
Quick note: While this story is based on a true event, Jessica, Cindy, and Emily’s names have been changed to protect the member’s identity.
