There are times when things don’t always go as expected, but the way we manage those challenges says a lot about who we are.
When it comes to member accounts with the Credit Union, no one wants the situation to advance towards collections. Even if it does, LGFCU wants you to know there is a way out. In fact, LGFCU Recovery Assistance was created to work with each member to help restore their good standing with the Credit Union.
If you're watching this video, you've probably received a letter from Local Government Federal Credit Union.
And that letter addresses your loan default with LGFCU.
My name is Sarah. And I'm a recovery specialist to LGFCU.
I'm Abdul and I'm also a recovery specialist with LGFCU. Like you, we're both members.
And while we recognize that there are times members can have challenges making payments, it's still your financial obligation to pay off your loan.
Because all LGFCU members, including us, are depending on you to fulfill your responsibility to the credit union.
Plus, if you're on the road to financial recovery, this is a good time to discuss a payment plan with LGFCU.
We'll work with you to set up a custom repayment plan or work out a settlement agreement.
Not only do we want to make sure your LGFCU loan is repaid, we'd also like to reinstate you as a member in good standing.
If you are able to obtain an active account and are considered to be a member in good standing, LGFCU can provide free financial counseling and resources designed to help you stay on track.
And as with many relationships, the key to success is open communication. The first step is reaching out to talk to us about a payment plan.
Call us at 844-256-2272.
We'll help you get back on track with LGFCU.
LGFCU is an equal housing opportunity lender and federally insured by NCUA.
Having bad credit can greatly impact your ability to make purchases, get a job or even rent an apartment. And, if your LGFCU account is “inactive” due to outstanding debt, that status will restrict access to additional LGFCU benefits and services.
Our qualified LGFCU Recovery Specialists will work with you to develop a payment plan to pay off your LGFCU debt or work out a settlement agreement. Once your account becomes “active” again and you’re considered to be a member in good standing, LGFCU can provide free financial counseling and resources designed to help you stay on track.
Work with LGFCU Recovery Assistance today to begin the process of paying off your debt.
Frequently Asked Questions
Am I being contacted by a third-party collection agency?
Will this item be removed from my credit file?
How soon will my credit file be updated?
Do you report updates to my credit file monthly?
Why are you attempting to recover the debt when you have already taken me to court and obtained a judgment?
Can a judgment be released?
Do you charge interest or late fees on the charged-off balance?
Can I pay at the branch?
Can I get my share/checking account back with LGFCU?
Can I get another loan?
Why do I have to answer security questions?
Can I have someone else make payments for me?
The advice provided is for informational purposes only and should not be used as legal advice. Contact a financial advisor, tax advisor or estate planning attorney for additional guidance.