I was assisting these members with some fraudulent transactions on their Visa debit card. After getting that all sorted out, we had a discussion regarding the refinancing of their car loans at two other financial institutions to see if we could get them a lower rate and/or payment. Along with those loans, I asked about their interest rate on another bank’s credit card they have – of course it was astronomical! At the time, these members had a couple of other loans with us which meant we needed to get them into a better financial situation so they wouldn’t have too much unsecured debt. Thankfully, they are fanatically loyal members!
Since they already have their first mortgage and equity loan with us, I was able to assess the approximate value of their home to determine if there would be a suitable amount of equity to pay off all of their debts, including the unsecured debt they had. I discussed this plan of action with them and offered an Option Equity loan to pay off all of their creditors, leaving enough available for their child who will be going to college this coming spring. The wife turned to her husband and said, “Lets do it!” – they had been thinking about consolidation for a while now. With new payments of $726 they are saving $332 per month and their new Option Equity will allow them to breathe again and give them peace of mind – that’s what we’re here for!