Back in July I had a great conversation with this member about refinancing his auto loan with us; the payments were pretty high and I was hoping we could help him save some money. A couple weeks passed, so I sent a follow-up card and shortly after that the Mr. and Mrs. walked into the Kent branch with my card in hand and we started the application. After they left, we processed their app and determined we wouldn’t be able to give them a better rate on the auto loan, so Kimberly called and left a message to let them know. While she was doing that, I looked at their application and saw a ton of unsecured debt. When the member called back, I told him the bad news but also an idea I had about helping with the rest of their financial situation. I mentioned the unsecured debt from the application, and asked if they owned their house (with equity) to see if we could consolidate the rest of that high-rate debt. He was very interested to see if that was possible, and we re-submitted the application with that change.
The great news is, they were APPROVED! We ended up paying off a total of 10 accounts including a 2nd mortgage, a student loan and several credit cards, all totaling to $82,000.00. Before this happened, these members were paying a total of $1638.00 a month on minimum payments and now they are only paying $703.00 a month, saving an impressive $935.00 a month. I am SO glad we found a better option for them.