Credit Union... Wow.

[PVS]

My credit union has all 3 of my auto loans. I haven't been able to afford the cars for quite some time, but I also haven't been able to sell them for what I owe as they are of the German performance variety, and that market is depressed.
Last month I called my credit union and told them I was having trouble making the payments (I've never been late) and they let me skip a month and added the interest to the end of the loan.
This month, same story. I figured, what do I have to lose to ask for another month off? Instead, they rewrote all 3 loans at the same rates, saving me 1,000 per month by extending the terms AND extending the first payment another 2 months... So I will skip a total of 3 months and have greatly reduced payments.
This process took all of 10 minutes on the phone... I really wish I had done this much earlier. I will most likely file at some point if my finances don't do a 180 soon, but will do everything I can to sell 2 of the cars in the next couple of months so I don't include them.
If you should find yourself in a similar position... give it a shot (before your credit is)

[justbroke]

Seems many banks are in the "we're here to help you" mode these days. If they had done this a year or two ago, I can only imagine what the job market and economy would look like.

[Amy26]

Not all credit unions are created equal. Last year I tried to work with my credit union who had my second mortgage. The only thing they would do for me was refi the loan from a 10 year to a 15 year loan. It lowered the payment by like 250 a month. When I was calling them to ask for loan mod later on when I was just so upside down and financially strapped, I had to talk to the manager and he was so rude to me and told me to live up to my obligations and stop whining. I sucked it up for a while and then at the beginning of the year before I decided to file I sent them a hardship letter as I was also applying for a mod from my first mortgage company. I didn't hear anything on the letter for like a month and then I called them and spoke to the loss mitigation/collections girl. She said, oh yea I saw your letter but I put it on my boss's desk. I assume he contacted you.... I'm like no... basically she made me cry and then a few weeks later I decided to file and say KISS MY BUTT CREDIT UNION!

[Chowder]

My credit union has all 3 of my auto loans. I haven't been able to afford the cars for quite some time, but I also haven't been able to sell them for what I owe as they are of the German performance variety, and that market is depressed.
Last month I called my credit union and told them I was having trouble making the payments (I've never been late) and they let me skip a month and added the interest to the end of the loan.
This month, same story. I figured, what do I have to lose to ask for another month off? Instead, they rewrote all 3 loans at the same rates, saving me 1,000 per month by extending the terms AND extending the first payment another 2 months... So I will skip a total of 3 months and have greatly reduced payments.
This process took all of 10 minutes on the phone... I really wish I had done this much earlier. I will most likely file at some point if my finances don't do a 180 soon, but will do everything I can to sell 2 of the cars in the next couple of months so I don't include them.
If you should find yourself in a similar position... give it a shot (before your credit is)

Refinancing is in their best interest. It's good to hear they aren't the 'cut our nose off to spite our face' type other CUs are. Good luck, here's to you getting things back on track in the next few months.

[jribe]

my CU would do absoutely nothing. Not joking. They said that since they're "member owned" they couldn't work out any payment arrangements, lower interest or modify balances. What a joke.

Some CU's are good- some are very bad.

(like anything)

[UpToMyNeck]

I work for a C.U. and I know we have different options depending on the type of loan. On a vehicle loan or unsecured loans you can do Skip Payments, Extensions or Reage. On a credit card if there is a serious delinquency they can do a Reage. A Reage allows you to cure the default by making 3 consecutive regular payments. After the third payment the loan will be brought current. The past due payments are tacked on to the end of the loan. If you don't make the agreed payment the deal is off. On a 1st or 2nd Mortgage their hands are tied and but can look at forbearance. This is rare but done if there is truly a need.

What hurts us all are the people that default and don't really have a financial hardship. What we see is that there is a delinquency and someone is saying that the economy is hurting them and they can't pay. What they don't realize is we can see the activity on their checking accounts. You see them shopping, buying liquor, eating out all the time, movies, expensive hair salons, doing their nails, purchases at ToysRus or Best Buy or even Casino withdrawals.

I am very sensitive to true financial hardship. I am living it and will do what ever I can to help someone in need. I just wish the big guys like BofA were able to do the same. I've worked for them too and believe me, they are just too big. The turnover is rediculous. You have to keep escalating your call just to get to someone who knows anything but that can take hours of your time just to get there. I don't know about you but the fraustration of getting that escalated just to get the help is almost too much.

k, sorry all probably just venting.

[PVS]

UpTo, I don't think any of us on this forum are in a position to judge. What if the hair salon and the shopping is for their kid's prom? What if the ToysRUs and Best Buy purchases are for Christmas?
Why most of us ARE aware that our banks & cu are able to review our spending habits, it's a little bit offensive to see that so blantantly thrown out there. The credit union that you work for can either approve them or not based on the facts as it sees them... what your clients do with their money is their business.
I know that you didn't mean it to sound that way... and I wish you the best of luck with your situation.

[frogger]

I think a lot of the local banks and cu's are eating so much bad debt that they are willing to do most anything to keep you afloat. At least that's what I see happening around my part of the world.

[pcn]

PVS, we're about to file, and I personally have no problem with what UpToMyNeck said. If I was about to lose my house or car, or on the edge financially I would be cutting back on the non essentials - like movies and hitting the casino. It seems that some people want to have it all their way and claim "hardship". My definittion of hardship is not covering the basics, like food and shelter - not being able to afford to have your nails done isnt anywhere near. And, I'll go out on a limb and ask, out of curiosity, how big is your family, that you "need" 3 "German performance vehicles"?

[PVS]

Hey pcn, you should try this:

1) read, 2) consider, 3) post. I wrote that I could not afford them, but I couldn't sell them either.

[pcn]

I did. That was part of my point. Many people confuse "wants" and "needs" these days. Not wanting to sell something is different than not being able to sell it. I have stocks that have fallen severely in value. I dont "want" to sell them. When I need to eat, that "want" is subject to change. There is a buyer out there at most price levels, even for German luxury vehicles. When your "needs" intersect with your "wants", that sale will happen.

[PVS]

Let me explain it to you slowly and clearly: I owe more money on them than I can sell them for in this market. Tens of thousands of dollars more. I don't have tens of thousands of dollars to complete the payoffs and have the titles released.
Your stocks do not have a lien on them, so you can sell them, or not sell them. But I would not presume to tell you what to do. Unlike you.

[BBW]

Let's play nice...

We have all made mistakes which is why we are on here so let's try not to judge and argue.

[jmc]

There's an old saying that goes "Don't pee on my leg and tell me it's raining".... I think that was the point UpToMyNeck was attempting to make.

I'm a father of 3 and can understand any parents desire to have their daughters hair done for prom or toys under the tree at Christmas. I would have to agree with UpToMyNeck and pcn on this one though.

My 12 year wedding anniversary is coming up and I'm broke... Should I take my wife to Ruth's Chris or Morton's for a $150 dinner and some show tickets for another $100? Is that a more or less "important" thing than my daughters hair for prom and toys for my sons at Christmas? (btw - bought my 8y old a 3year old game boy for $10 on craigslist for his b-day and the joy on his face when he opened it is burned in my memory forever!)

If I'm asking for some "concessions" or "special consideration" from a creditor, they have every right to consider my transaction history before making a determination to grant my request. I don't LIKE it, but not because I wouldn't do the SAME THING if I were in their shoes. Nope... I wouldn't like it because it's a reminder of the poor decisions/lack of planning that led me to the point that I even had to ask....