CCUL Headlines: People Not Profit Testimonials

Branch manager helps member caught in financial pinch

Monday, December 16, 2013   (0 Comments)
Posted by: Jeff Hardin
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Mountain Credit Union regularly compiles and shares its member success stories. The following success story comes from Fletcher Branch Manager Tara Garrett.

"A member came to me because her husband had passed away recently. The Department of Social Security reclaimed the funds of a previous direct deposit by taking the check amount back out of the account from the month in which he had passed away. This meant that the account was in the negative for over $1000! She had asked to set up payment arrangements but told us that she could only afford $25 a month (which would have taken about 3 ½ years to pay back!). She herself is on Social Security and on a very limited income.

"She was telling me about all of her bills and I stopped her when she told me what her car payment was. I asked what kind of car she drove and started to look up the value as she continued to tell me her story. By the time she had finished her list, I had determined that we could not only refinance her car and pay off her negative account with MCU, but we could also pay off most of her credit cards.

"When it was all said and done I had saved the member $300 /month. That’s over a quarter of her monthly SS income back in her pocket! I was also able to remove a burden by setting the payments up on payroll deduction. As an added bonus, paying off these revolving credit card accounts will also increase her credit score by as much as 70 points!" - Tara Garrett, Branch Manager, Mountain Credit Union in Fletcher, NC

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