Monday, July 17, 2017
An adjustment in due dates provides financial opportunity for one member
With multiple payments due the same time each month, one member’s budget was stretched to its breaking point. Dan Ferris, member service representative at the Hillcrest Road branch in Dubuque, Iowa, found a solution that helped the member more than he thought possible.
A longtime member reached out to me, because he wanted to change the due date for one of his Dupaco loan payments. His car loan, personal loan and Visa credit card bill were due around the same time—making it difficult to keep up with his payments.
He also had been laid off from his job the previous year, adding to his budget stress. With a little digging, we discovered the member had Payment Protection for both his personal loan and credit card but had not taken advantage of the protection when he lost his job.
We were able to submit a Payment Protection claim for both his loan and credit card. The protection paid a year’s worth of monthly payments for him—about $2,000 toward his loan and $1,700 toward his credit card balance—relieving his payment stress.
Because of this experience, the member has become more engaged in his finances. Most recently, he worked hard to raise his credit score, which allowed him to qualify for a new auto loan. I love how one simple request helped this member get on the path to a brighter financial future.