Update
pg.2
•• Refinance Your Auto •• Update Your Contact Information •• Insure Smart •• Nominating Committee Seeks Applicants •• Document Shred Event
pg.3
•• Seminar Series Schedule
pg.4
•• Credit Card Changes •• Congress Acts–C.U. Complies
September / October 2009 • Vol 44 • No. 5
Published bi-monthly by ORNL Federal Credit Union
Know your options A
s your lifelong financial partner, ORNL Federal Credit Union understands that during troublesome times, as meeting loan obligations becomes a worrisome task, you may feel bewildered by the thought of losing your automobile, or even worse, your home. If you’re having trouble making your payments, know your options! For an unbiased, individual evaluation of your situation, contact ORNL Federal Credit Union today at 865-688-9555 or 1-800-6765328. ORNL Federal Credit Union is here for you – when you need us most – to offer financial and educational resources to assist you.
Home affordable modification program
The effects of damaged credit
Rebuild your credit with BALANCE
While the thought of losing your home or your car due to missed payments or repossession is scary enough, the impact on your credit rating can far exceed the immediate effects of these actions. Future lending decisions, employment, insurance coverage, and even landlords, can alter your status based on your credit worthiness. Since many lenders report activity on a monthly basis, just one missed payment can significantly impact your credit. ORNL Federal Credit Union cares about the wellbeing of you and your family – and the impact that today’s decisions will have on tomorrow. We’ll work with you, every step of the way, to explore the best options for you and your family.
Laid off member assistance program If you have recently become unemployed or have experienced a reduction in income and cannot meet your current loan obligations to us, be sure to ask about our Laid Off Member Assistance Program (LOMAP). LOMAP was designed to find ways to assist you when you need help the most, and after reviewing your overall financial situation, we’ll offer any available solutions to help you get through these tough times.
Update
With our Borrow Smart. Save Smarter.TM program, a S.M.A.R.T.-certified credit union If you are a homeowner, you may qualify to receive representative will sit down and review your modifications to your mortgage loan under the Home Affordable Modification Program (HMP). overall financial picture. We’ll gladly offer Through this new federal program, we will suggestions to help you reach your financial determine if you are eligible for loan modifications goals by borrowing smart and saving by evaluating your individual situation. Based on your eligibility, you may be granted loan smarter! modifications to include a reduced interest rate, deferred payment, extension on loan payment terms, and/or bringing your account into good standing.
Through your credit union’s partnership with BALANCE, you have access to this no-cost, money management program that can help you during these troubled times. Call 1-888-456-2227 toll free, and BALANCE-certified counselors can assist you with rebuilding your credit rating and can guide you in implementing realistic financial strategies. Additional services include budgeting tools and services to help you and your family adjust to the changes caused by your hardship.
We’ll work with you to set up a payment plan you can afford If you’re struggling to make your ORNL FCU loan payment, contact us immediately at 865-688-9555 or 1-800-676-5328. If things have changed for you, we understand that what was once affordable may not be at this time.
All offices of ORNL Federal Credit Union will be closed Monday, October 12th, in observance of Columbus Day & Wednesday, November 11th, in observance of Veterans Day.