No doubt about it, the last couple of years have been rough, and many people, despite careful planning, have found themselves in financial difficulties. Unemployment, reduced household income, illness, job loss, divorce, falling home values: often circumstances completely out of our control can wreak havoc on our lives. In times like these, we hope you’ll remember that Salal is here to help.

Our Member Solutions department is trained and ready to help members understand the choices they have if they’re facing foreclosure or other financial issues. Too often, people feel they’ve come to the end of their options before they really have. Before handing in the keys to that car, call us. There may be ways to keep your property and preserve your credit score.

Not long ago, an unemployed member called our Member Solutions department, ready to give up the car he could no longer afford. He had decided to let the car be repossessed and sold at auction, and, he assumed, he’d be done with it. One of our Member Solutions staff explained to the member that he couldn’t simply “walk away” from his loan—he would be responsible for whatever debt was left over after the car was sold. And since cars are frequently sold for a lower value at auctions, he could end up paying quite a bit on a car he no longer owned.

Instead, he was advised, he could consider modifying his car loan. He would pay at a lower rate for six months, and during that time, he could try to sell the car on his own—for far more than he’d likely get at auction. In addition, our staff member discovered some “add on” service agreements to his loan that he could do without, saving himself even more on his monthly payments.

The member was convinced. He was able to keep his car and preserve his good credit rating. And Salal Credit Union saved itself from a potential loss as well. Win win!

Our Member Solutions staff are experts with a very comprehensive understanding of the options available when a member is in financial trouble. If you find that you are or may soon be in financial difficulties, please give us a call. Let us help you understand your choices and take back control of your finances. You don’t have to go through this alone; give our Member Solutions department a call at 206-298-3491.

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