July 17, 2024 • 17 mins
Unlock the secrets to financial stability with our latest episode of the Live Better Podcast! Join Kelli Green, Centric's Senior Vice President of Marketing, and Linette Kovach, Solutions Recovery Consultant at Centric Federal Credit Union, as we navigate the complex world of debt relief. Learn how to effectively manage financial challenges, from contacting Centric's Solutions Department for interest reductions and payment adjustments to making informed decisions about significant purchases like vehicles. With the rising cost of living, maintaining flexibility and open communication with financial institutions is more crucial than ever.
Discover the power of being proactive and open-minded. Linette shares invaluable insights into the tailored financial solutions offered by Centric, including debt consolidation loans and free credit counseling, available to both members and non-members. We emphasize the importance of setting up a budget, obtaining a credit report, and staying informed to enhance your financial health. Empower yourself with the knowledge to tackle debt head-on and achieve long-term financial stability. Tune in and take the first step towards a more secure financial future!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Kelli Green (00:00):
Welcome to another episode of the Live Better
Podcast, proudly presented byCentric Federal Credit Union.
I'm your host and CentricSenior Vice President of
Marketing, Kelli Green, andtoday we're delving into a topic
that just about everyone canrelate to debt relief.
In today's episode we'lldiscuss debt relief solutions
that seem to be the answer todebt woes and, just so you know,
(00:21):
not everything we hearadvertised is as true and easy
and even affordable way toreally manage your debt.
So, whether you've been a loyallistener or you're joining us
for the first time, tune in aswe break down complex economic
concepts into easy to understandadvice.
We want you to be empowered tomake informed decisions and
(00:41):
really stay ahead of today'scurve.
We don't want you to letanything related to debt woes
really derail any dreams thatyou may have, so let's tackle it
together.
So I want to welcome all of ourlisteners to another episode of
the Live Bitter Podcast.
Today we are joined by my sweetfriend and solutions recovery
consultant here at Centric, Ms.
(01:02):
Linette Kovac.
Good morning, Kelli.
Good morning, I'm so gladyou're able to join us today.
I'm glad to be here.
Yes, so I know we workedtogether for gosh how many years
now.
Five, five years so in thesolutions department at Centric
you want to maybe tell ourlisteners a little bit about who
really, what is the solutionsdepartment and what do you do in
(01:26):
day in and day out?
Linette Kovac (01:27):
Okay, well, at Centric, that's what we call our
collections department, becausewe're not just about collecting
money, we're about trying tohelp our members find solutions
to the debt problems thatthey're facing.
Kelli Green (01:38):
And and there's a lot of them, huh?
Linette Kovac (01:40):
It is, it is, you know.
It's just that times have beendifficult and people are really
struggling.
Groceries have gotten soexpensive and like everything is
just almost doubled in price atleast, so their budget that was
working a couple of years ago,you know, is falling short now.
Kelli Green (01:58):
That's right.
Well, we've had someconversations with a lot of
members.
I know that you do this day inand day out, but you know they
keep saying they've got a littlemore month left than their
paycheck.
Yes, and what do they do justto make ends meet?
Linette Kovac (02:12):
Yes, well, at Centric you can contact the
Solutions Department because wehave some options available for
our members.
We can do some interestreductions, we can reduce
payments.
We have a lot of differentoptions available to help get
that budget down a little bit.
Kelli Green (02:31):
Yes, the thing is I always want our listeners to
remember is, even if they're amember or not a member, talk
with us.
Let's see what we might be ableto do Because, just because
you've got this loan and you'veagreed to make this one monthly
installment, if that gets to bea little too heavy for you,
there's always a refinanceoption to discuss.
(02:52):
Even if maybe you can'trefinance it at that time, you
can still maybe think aboutswitching up your payment a
little bit.
You can consolidate that downwhether you're getting paid
weekly or bi-weekly there's waysin which you can modify that
payment.
A lot of people don't knowthat's available to them.
Linette Kovac (03:11):
No, there are a lot of different options
available.
So always, always, just reachout and ask the question.
"Can you help me?
Kelli Green (03:16):
That's right, because we'll be honest and tell
you listen, if we're in asituation where there may not be
something that we can do, youmay have to just kind of ride it
out, weather the storms.
I learned I was having aconversation with a sweet friend
of mine.
She's looking to purchase avehicle and one of the things is
that she's bought her vehiclewhen the price was inflated.
Well, now the prices are goingdown a little bit.
(03:38):
So you know, she's kind ofupside down just over $10,000.
Oh well, that's a big deal,that's a lot, and so she's just
thinking about.
You know, I said it would be abetter idea for you maybe to
think about let's pay this downa little bit right, right and
see what you can do well.
Linette Kovac (03:53):
And the interest rates are a little higher too,
that's right.
Sometimes it's better to tostay in what where you are,
that's right.
Um, and do like you said, payit down and um, get, get things.
Get that deficiency balancekind of under control a little
bit.
Kelli Green (04:07):
That's right, because you have to think about
what's your motivation, right?
So if you're, like you'vementioned, talking about
inflation being such an issueand then thinking, man, I really
want that new car smell.
Well, do you like this car?
Does it get you to point A to B, you know, does it look that
great?
But considering thecircumstances and the economy,
(04:27):
it may be a better idea just tokind of ride out that storm.
Linette Kovac (04:29):
I kind of went through that myself a little bit
.
I did because, you know, lifechanges and I really wanted to
buy a pickup truck and you know,I like to be able to take care
of myself and pick up whatever Ineed to, you know.
And so I was looking at themand I was considerate and then I
realized that now is not thetime.
Kelli Green (04:47):
You know, and like you've told our listeners to
lean on us to help you.
You know, Ms.
Linette, I'd like for you tolean on us.
If you need to borrow a pickuptruck, I think I could find
somebody to help you out.
Linette Kovac (04:58):
That's good to know, Kelli!
Kelli Green (04:59):
Listen, when you bank here at Centric and work
here at Centric, you know we tryto find ways in which we can
really work together, Because weare genuinely a family and
we're here to look out for oneanother.
Linette Kovac (05:09):
We really are.
Kelli Green (05:11):
So something I wanted to I know is near and
dear to your heart and in fact,it was an idea for you to bring
this to our listeners.
I love this idea.
But talking through debt reliefand the consolidation, debt
consolidation programs that areout there, right, I know that
you have heavy thoughts andopinions about this, as you've
walked through this with membersand friends.
Linette Kovac (05:30):
I do.
I have members and friends both, that thought that was going to
be a good answer for them, andall of them.
It's made it worse.
It's really made the situationworse.
Those companies are there tomake money I mean, that's what
they're in business for.
So they're offering solutionswhere they can make money and
(05:51):
they may not actually help you.
You know, get control of thatfinancial situation.
Kelli Green (05:56):
That's right.
Linette Kovac (05:57):
A lot of times the fees you know up to 25% of
the total debt in fees that theycharge.
So if you owe $10,000 and youadd 25% to that, you've just
added a large amount to the debtyou actually owe and they
collect that.
A lot of times they collectmoney up front.
(06:17):
They hold it in an account.
They've told you not to contactyour creditors, so they may be
six months to a year sometimesbefore they reach out to your
creditors to even start payingthem, and so your credit score
is going down because you're notmaking your payments, and
(06:37):
that's 35 percent of your creditscore is your payment history.
So it really has a big impact,you know, on your credit score
when you start working withthose.
So a lot of times you end upwith a lower score and more debt
than you did when you started.
Kelli Green (06:57):
It ends up hurting you really in the actual present
, yes, but more so when you lookat it too in the future.
It is, it could be reallydamaging to you.
Oh, you've said a few things.
I want to make sure that we goback over, because it is so
critical for our listeners tounderstand.
So when our members, or anylistener that might be
(07:19):
considering reaching out to DebtConsolidation, they really need
to be aware of the overall cost.
Yes, so when they're talkingwith these different solutions
you know folks if you will, butthis debt consolidation or debt
relief programs, when they'respeaking to these folks, it
really they tee it up so thatyou think, wow, you're going to
(07:40):
go handle it, I just pay you alittle something and move on
Right, when, in essence, that'snot necessarily the case In the
big picture, yes.
However, they don't go throughand discuss with you what is
really happening and, as youmentioned, you were just talking
about the percentage of timelypayments and how that really
(08:02):
impacts your credit score.
With a delayed payment of 30days, 60 days, 90 days, that
adds up and the implications onyour credit score.
Linette Kovac (08:13):
Well, and not only that.
All lenders have criteria forcharging off loans.
So when the payment has beenmissed for an extended period of
time, then that debt isactually charged off.
That has more impact on yourcredit score.
And then you know there's legalcollections options available
(08:37):
too, so you could end up with ajudgment against your property.
You know, because of workingwith those companies and not
communicating with yourcreditors.
Kelli Green (08:48):
Right, you don't.
Your hands are tied.
Really, you don't have.
If you're, if you're workingwith a debt relief or debt
consolidation companies, theyare at you're at the mercy of
their timeline.
Yes, and you have no idea,really and truly, when they're
going to make those payments orwhen they will even begin
conversations with yourcreditors.
Linette Kovac (09:06):
That's correct.
I've received the powers ofattorney six to eight months
after they were signed for themto start working with the
company.
So at that point in time, thedamage to your credit score, the
late fees that have beencharged, the interest that
hasn't been paid, it's just,it's just increasing and it's
(09:29):
just getting becoming more andmore.
Kelli Green (09:43):
Wow… and one of the things, too, I really want to
hit home with that you made acomment about early on was
talking about they ask for thosefunds up front.
And so that if you’re ever in asituation where you recognize
you think, wow, they've not hadcommunication with my creditors,
they've not been talking tothem.
Maybe the creditor has startedto contact the member to say,
hey, you know, we've recognizedthere hasn't been any payment or
a period of time and you, asthe member, are under the
impression that, well, this debtsolutions company is taking
care of that.
(10:05):
If you're as a member, you'rein the midst of this.
If you decide this isn't reallywhat I thought it was going to
be, you're limited onopportunities or really any
options that you have to backout of that.
Linette Kovac (10:20):
Right, because any funds they've collected
oftentimes are not returned,even if they haven't dispersed
them out.
Yeah, that's kept, and youdon't see that in the fine print
of the documents.
You know, you're not aware ofthat.
It's there, and so I had afriend that lost $8,000.
That's a lot of money.
(10:40):
Yes, yes, so you know it reallyis not the best solution.
Kelli Green (10:47):
Well, and the best thing to think about and just to
kind of go back through.
I have loved this conversationwith you, Ms, Linette.
I mean, this is something thatpeople are really faced with.
Just as our dollar is kind oftightening up, you know, our
budget is squeezed to the nthdegree.
We're getting ready, you know,and just different things that
come up, whether it be you'repreparing for the holidays, back
(11:10):
to school, you know, birthday,whatever that might be, you know
, and people think I need quickcash gosh, t his debt is
mounting.
What do I do?
Right, the best thing to thinkabout, you know, is really stay
in communication with yourcreditors.
Always maintain thatcommunication with them.
It's critical.
Linette Kovac (11:28):
Yeah, your creditors.
They have so many optionsavailable, you know, and it's
going to vary depending on whoyour you know who your loan is
with, but I know at Centric wehave so many options available.
We can even do a debtconsolidation loan, which
(11:49):
actually may be able to put allinto one loan some credit card
and unsecured debt that you haveto get the payment reduced so
that you're not having as muchmonthly go out.
That's right.
You might be able to actuallyhave a lower interest rate than
what you had on your creditcards.
So it's very important, Sure,so that you know what's going on
(12:11):
with your monthly payments, sothat you know what's happening
with every one of your creditors, so that you're aware of what
the status is of your loan withthem.
Kelli Green (12:22):
And you know, the thing is that we have so many
solutions but we have everymember, and every member
situation is very different andnot everyone will qualify for
every opportunity that we have.
However, do not let that stopyou from giving us a call and
having a conversation, becausethat that one call can really
open up a plethora of differentideas, just like we talked about
(12:45):
earlier.
Have a friend of mine wantingto buy a car.
It's not the right time for herfinancially, right, and so you
just have to have a, have aconversation and be open minded
and don't be afraid of, you know, hearing people say, well,
maybe not right now, this is notnecessarily what we can do, but
here's what we could do in thefuture.
If X, y, z, yes, and so youknow, I just, I want, I want our
(13:06):
listeners to really lean intoyou know, and think, gosh, I may
not qualify, why would I evencall?
That's what we're here for,that's what we do.
You know, we want to be able totalk, talk with our members and
discuss different opportunities,because we do know that every
situation is a little different.
Right, and never stop thatconversation, you know, let's
just keep going, and even ifyou've got the slightest
(13:28):
question about a loan or anysort of payment, talk with us
about that before you sign onwith debt solutions or any kind
of debt recovery.
Yes, let's, let's discuss that,you know, let's really talk
through what are things that aregoing to happen?
And it's just been interestingas I've talked and interviewed
different people that work hereand that really look at
(13:50):
different loans and creatingopportunities for folks.
We try to make it work for ourmembers.
Yes, and we have to be boldenough a lot of times and say
what you're trying to do or whatyou're trying to purchase is a
little outside the bounds, and Ithink that's I think for the
sake of the member, we want todo what's right for them.
Linette Kovac (14:11):
Right, we want to guide them.
Yeah, we don't want to justlend them money, that's right.
We want to guide them intowhat's going to make their life
better.
Yes, absolutely, and I know youwere talking about not everyone
qualifying, but there is onething Centric offers that
everybody qualifies for, andthat's our free credit
counseling.
Absolutely, we have over 60certified credit counselors at
(14:32):
Centric, so everybody, we canhelp you set up a budget, we can
look at your credit report.
Absolutely, we can offer a lotof things to, so everybody
qualifies for that.
Kelli Green (14:46):
And the only thing it costs you is a little bit of
time.
That's it.
Yeah, so when you're visitingwith our credit counselors,
that's something you can do inperson, over the phone or even
via Zoom, a virtual conversation, and so, through that, just for
our listeners to understandwhat does a financial counseling
session look like, you get acopy of your budget.
(15:07):
We can work that up for you.
Comprehensive budget.
You'll see each and every item.
As long as you provide thatinformation to us, we can put
that down on an Excel sheet foryou.
You can manage that whicheverplatform you want to manage that
on.
And then, in addition to that,you get a free copy of your
credit report, and everybody isdue a single copy of their
credit report on an annual basis.
(15:28):
So I highly advise just even ifyou do that once a year, just
to make sure everything thatyou're paying is reported
correctly.
Even so, take a look at thetrade lines.
Is there anything that's beenopened that you're not aware of?
And that's just for basic, youknow, identity theft and
security precautions too, right,so well, Ms.
(15:51):
Linette, this really wraps upour conversation today, and I
just thank you so much for beinghere with us.
Linette Kovac (15:54):
Well, I've enjoyed it, KellI.
Yeah, I really have a passionto help our members and this was
, a way, something I saw thatthey were really struggling with
.
So I'm glad to have theopportunity to get the
information out there so peoplecan make better decisions.
Kelli Green (16:11):
Thank you for being so proactive in bringing this
topic to the surface, because ifyou don't see it or experience
it day in and day out, it'salmost very foreign, and I just
appreciate you bringing this up.
Well, you're welcome.
Yes, this is great.
Well, so that brings us to theend of this episode of your Live
Better podcast and we hope youfound today's conversation about
debt relief solutions to beinsightful.
In the world of personal finance, knowledge is truly your
(16:33):
greatest asset, and Centricremains your steadfast partner
in that journey.
If this episode resonated withyou, we kindly ask you to show
your support.
Please hit the subscribe button, share this episode with your
friends and family and take amoment to leave us a review.
Your input is invaluable inshaping the content that
addresses your financialinterests and needs.
(16:55):
And, of course, let's stayconnected on social media.
You can find us on Facebook, atCentricFCU and on all other
platforms under MyCentric.
Stay in the loop regarding thelatest financial insights and
resources tailored to yourunique financial aspirations.
Until our next episode, alwaysremember, Centric is by your
(17:15):
side as you navigate yourfinancial journey.
Thank you so much for tuning intoday to the Live Better
podcast.
Welcome to another episode of the Live Better
Podcast, proudly presented byCentric Federal Credit Union.
I'm your host and CentricSenior Vice President of
Marketing, Kelli Green, andtoday we're delving into a topic
that just about everyone canrelate to debt relief.
In today's episode we'lldiscuss debt relief solutions
that seem to be the answer todebt woes and, just so you know,
(00:21):
not everything we hearadvertised is as true and easy
and even affordable way toreally manage your debt.
So, whether you've been a loyallistener or you're joining us
for the first time, tune in aswe break down complex economic
concepts into easy to understandadvice.
We want you to be empowered tomake informed decisions and
(00:41):
really stay ahead of today'scurve.
We don't want you to letanything related to debt woes
really derail any dreams thatyou may have, so let's tackle it
together.
So I want to welcome all of ourlisteners to another episode of
the Live Bitter Podcast.
Today we are joined by my sweetfriend and solutions recovery
consultant here at Centric, Ms.
(01:02):
Linette Kovac.
Good morning, Kelli.
Good morning, I'm so gladyou're able to join us today.
I'm glad to be here.
Yes, so I know we workedtogether for gosh how many years
now.
Five, five years so in thesolutions department at Centric
you want to maybe tell ourlisteners a little bit about who
really, what is the solutionsdepartment and what do you do in
(01:26):
day in and day out?
Linette Kovac (01:27):
Okay, well, at Centric, that's what we call our
collections department, becausewe're not just about collecting
money, we're about trying tohelp our members find solutions
to the debt problems thatthey're facing.
Kelli Green (01:38):
And and there's a lot of them, huh?
Linette Kovac (01:40):
It is, it is, you know.
It's just that times have beendifficult and people are really
struggling.
Groceries have gotten soexpensive and like everything is
just almost doubled in price atleast, so their budget that was
working a couple of years ago,you know, is falling short now.
Kelli Green (01:58):
That's right.
Well, we've had someconversations with a lot of
members.
I know that you do this day inand day out, but you know they
keep saying they've got a littlemore month left than their
paycheck.
Yes, and what do they do justto make ends meet?
Linette Kovac (02:12):
Yes, well, at Centric you can contact the
Solutions Department because wehave some options available for
our members.
We can do some interestreductions, we can reduce
payments.
We have a lot of differentoptions available to help get
that budget down a little bit.
Kelli Green (02:31):
Yes, the thing is I always want our listeners to
remember is, even if they're amember or not a member, talk
with us.
Let's see what we might be ableto do Because, just because
you've got this loan and you'veagreed to make this one monthly
installment, if that gets to bea little too heavy for you,
there's always a refinanceoption to discuss.
(02:52):
Even if maybe you can'trefinance it at that time, you
can still maybe think aboutswitching up your payment a
little bit.
You can consolidate that downwhether you're getting paid
weekly or bi-weekly there's waysin which you can modify that
payment.
A lot of people don't knowthat's available to them.
Linette Kovac (03:11):
No, there are a lot of different options
available.
So always, always, just reachout and ask the question.
"Can you help me?
Kelli Green (03:16):
That's right, because we'll be honest and tell
you listen, if we're in asituation where there may not be
something that we can do, youmay have to just kind of ride it
out, weather the storms.
I learned I was having aconversation with a sweet friend
of mine.
She's looking to purchase avehicle and one of the things is
that she's bought her vehiclewhen the price was inflated.
Well, now the prices are goingdown a little bit.
(03:38):
So you know, she's kind ofupside down just over $10,000.
Oh well, that's a big deal,that's a lot, and so she's just
thinking about.
You know, I said it would be abetter idea for you maybe to
think about let's pay this downa little bit right, right and
see what you can do well.
Linette Kovac (03:53):
And the interest rates are a little higher too,
that's right.
Sometimes it's better to tostay in what where you are,
that's right.
Um, and do like you said, payit down and um, get, get things.
Get that deficiency balancekind of under control a little
bit.
Kelli Green (04:07):
That's right, because you have to think about
what's your motivation, right?
So if you're, like you'vementioned, talking about
inflation being such an issueand then thinking, man, I really
want that new car smell.
Well, do you like this car?
Does it get you to point A to B, you know, does it look that
great?
But considering thecircumstances and the economy,
(04:27):
it may be a better idea just tokind of ride out that storm.
Linette Kovac (04:29):
I kind of went through that myself a little bit
.
I did because, you know, lifechanges and I really wanted to
buy a pickup truck and you know,I like to be able to take care
of myself and pick up whatever Ineed to, you know.
And so I was looking at themand I was considerate and then I
realized that now is not thetime.
Kelli Green (04:47):
You know, and like you've told our listeners to
lean on us to help you.
You know, Ms.
Linette, I'd like for you tolean on us.
If you need to borrow a pickuptruck, I think I could find
somebody to help you out.
Linette Kovac (04:58):
That's good to know, Kelli!
Kelli Green (04:59):
Listen, when you bank here at Centric and work
here at Centric, you know we tryto find ways in which we can
really work together, Because weare genuinely a family and
we're here to look out for oneanother.
Linette Kovac (05:09):
We really are.
Kelli Green (05:11):
So something I wanted to I know is near and
dear to your heart and in fact,it was an idea for you to bring
this to our listeners.
I love this idea.
But talking through debt reliefand the consolidation, debt
consolidation programs that areout there, right, I know that
you have heavy thoughts andopinions about this, as you've
walked through this with membersand friends.
Linette Kovac (05:30):
I do.
I have members and friends both, that thought that was going to
be a good answer for them, andall of them.
It's made it worse.
It's really made the situationworse.
Those companies are there tomake money I mean, that's what
they're in business for.
So they're offering solutionswhere they can make money and
(05:51):
they may not actually help you.
You know, get control of thatfinancial situation.
Kelli Green (05:56):
That's right.
Linette Kovac (05:57):
A lot of times the fees you know up to 25% of
the total debt in fees that theycharge.
So if you owe $10,000 and youadd 25% to that, you've just
added a large amount to the debtyou actually owe and they
collect that.
A lot of times they collectmoney up front.
(06:17):
They hold it in an account.
They've told you not to contactyour creditors, so they may be
six months to a year sometimesbefore they reach out to your
creditors to even start payingthem, and so your credit score
is going down because you're notmaking your payments, and
(06:37):
that's 35 percent of your creditscore is your payment history.
So it really has a big impact,you know, on your credit score
when you start working withthose.
So a lot of times you end upwith a lower score and more debt
than you did when you started.
Kelli Green (06:57):
It ends up hurting you really in the actual present
, yes, but more so when you lookat it too in the future.
It is, it could be reallydamaging to you.
Oh, you've said a few things.
I want to make sure that we goback over, because it is so
critical for our listeners tounderstand.
So when our members, or anylistener that might be
(07:19):
considering reaching out to DebtConsolidation, they really need
to be aware of the overall cost.
Yes, so when they're talkingwith these different solutions
you know folks if you will, butthis debt consolidation or debt
relief programs, when they'respeaking to these folks, it
really they tee it up so thatyou think, wow, you're going to
(07:40):
go handle it, I just pay you alittle something and move on
Right, when, in essence, that'snot necessarily the case In the
big picture, yes.
However, they don't go throughand discuss with you what is
really happening and, as youmentioned, you were just talking
about the percentage of timelypayments and how that really
(08:02):
impacts your credit score.
With a delayed payment of 30days, 60 days, 90 days, that
adds up and the implications onyour credit score.
Linette Kovac (08:13):
Well, and not only that.
All lenders have criteria forcharging off loans.
So when the payment has beenmissed for an extended period of
time, then that debt isactually charged off.
That has more impact on yourcredit score.
And then you know there's legalcollections options available
(08:37):
too, so you could end up with ajudgment against your property.
You know, because of workingwith those companies and not
communicating with yourcreditors.
Kelli Green (08:48):
Right, you don't.
Your hands are tied.
Really, you don't have.
If you're, if you're workingwith a debt relief or debt
consolidation companies, theyare at you're at the mercy of
their timeline.
Yes, and you have no idea,really and truly, when they're
going to make those payments orwhen they will even begin
conversations with yourcreditors.
Linette Kovac (09:06):
That's correct.
I've received the powers ofattorney six to eight months
after they were signed for themto start working with the
company.
So at that point in time, thedamage to your credit score, the
late fees that have beencharged, the interest that
hasn't been paid, it's just,it's just increasing and it's
(09:29):
just getting becoming more andmore.
Kelli Green (09:43):
Wow… and one of the things, too, I really want to
hit home with that you made acomment about early on was
talking about they ask for thosefunds up front.
And so that if you’re ever in asituation where you recognize
you think, wow, they've not hadcommunication with my creditors,
they've not been talking tothem.
Maybe the creditor has startedto contact the member to say,
hey, you know, we've recognizedthere hasn't been any payment or
a period of time and you, asthe member, are under the
impression that, well, this debtsolutions company is taking
care of that.
(10:05):
If you're as a member, you'rein the midst of this.
If you decide this isn't reallywhat I thought it was going to
be, you're limited onopportunities or really any
options that you have to backout of that.
Linette Kovac (10:20):
Right, because any funds they've collected
oftentimes are not returned,even if they haven't dispersed
them out.
Yeah, that's kept, and youdon't see that in the fine print
of the documents.
You know, you're not aware ofthat.
It's there, and so I had afriend that lost $8,000.
That's a lot of money.
(10:40):
Yes, yes, so you know it reallyis not the best solution.
Kelli Green (10:47):
Well, and the best thing to think about and just to
kind of go back through.
I have loved this conversationwith you, Ms, Linette.
I mean, this is something thatpeople are really faced with.
Just as our dollar is kind oftightening up, you know, our
budget is squeezed to the nthdegree.
We're getting ready, you know,and just different things that
come up, whether it be you'repreparing for the holidays, back
(11:10):
to school, you know, birthday,whatever that might be, you know
, and people think I need quickcash gosh, t his debt is
mounting.
What do I do?
Right, the best thing to thinkabout, you know, is really stay
in communication with yourcreditors.
Always maintain thatcommunication with them.
It's critical.
Linette Kovac (11:28):
Yeah, your creditors.
They have so many optionsavailable, you know, and it's
going to vary depending on whoyour you know who your loan is
with, but I know at Centric wehave so many options available.
We can even do a debtconsolidation loan, which
(11:49):
actually may be able to put allinto one loan some credit card
and unsecured debt that you haveto get the payment reduced so
that you're not having as muchmonthly go out.
That's right.
You might be able to actuallyhave a lower interest rate than
what you had on your creditcards.
So it's very important, Sure,so that you know what's going on
(12:11):
with your monthly payments, sothat you know what's happening
with every one of your creditors, so that you're aware of what
the status is of your loan withthem.
Kelli Green (12:22):
And you know, the thing is that we have so many
solutions but we have everymember, and every member
situation is very different andnot everyone will qualify for
every opportunity that we have.
However, do not let that stopyou from giving us a call and
having a conversation, becausethat that one call can really
open up a plethora of differentideas, just like we talked about
(12:45):
earlier.
Have a friend of mine wantingto buy a car.
It's not the right time for herfinancially, right, and so you
just have to have a, have aconversation and be open minded
and don't be afraid of, you know, hearing people say, well,
maybe not right now, this is notnecessarily what we can do, but
here's what we could do in thefuture.
If X, y, z, yes, and so youknow, I just, I want, I want our
(13:06):
listeners to really lean intoyou know, and think, gosh, I may
not qualify, why would I evencall?
That's what we're here for,that's what we do.
You know, we want to be able totalk, talk with our members and
discuss different opportunities,because we do know that every
situation is a little different.
Right, and never stop thatconversation, you know, let's
just keep going, and even ifyou've got the slightest
(13:28):
question about a loan or anysort of payment, talk with us
about that before you sign onwith debt solutions or any kind
of debt recovery.
Yes, let's, let's discuss that,you know, let's really talk
through what are things that aregoing to happen?
And it's just been interestingas I've talked and interviewed
different people that work hereand that really look at
(13:50):
different loans and creatingopportunities for folks.
We try to make it work for ourmembers.
Yes, and we have to be boldenough a lot of times and say
what you're trying to do or whatyou're trying to purchase is a
little outside the bounds, and Ithink that's I think for the
sake of the member, we want todo what's right for them.
Linette Kovac (14:11):
Right, we want to guide them.
Yeah, we don't want to justlend them money, that's right.
We want to guide them intowhat's going to make their life
better.
Yes, absolutely, and I know youwere talking about not everyone
qualifying, but there is onething Centric offers that
everybody qualifies for, andthat's our free credit
counseling.
Absolutely, we have over 60certified credit counselors at
(14:32):
Centric, so everybody, we canhelp you set up a budget, we can
look at your credit report.
Absolutely, we can offer a lotof things to, so everybody
qualifies for that.
Kelli Green (14:46):
And the only thing it costs you is a little bit of
time.
That's it.
Yeah, so when you're visitingwith our credit counselors,
that's something you can do inperson, over the phone or even
via Zoom, a virtual conversation, and so, through that, just for
our listeners to understandwhat does a financial counseling
session look like, you get acopy of your budget.
(15:07):
We can work that up for you.
Comprehensive budget.
You'll see each and every item.
As long as you provide thatinformation to us, we can put
that down on an Excel sheet foryou.
You can manage that whicheverplatform you want to manage that
on.
And then, in addition to that,you get a free copy of your
credit report, and everybody isdue a single copy of their
credit report on an annual basis.
(15:28):
So I highly advise just even ifyou do that once a year, just
to make sure everything thatyou're paying is reported
correctly.
Even so, take a look at thetrade lines.
Is there anything that's beenopened that you're not aware of?
And that's just for basic, youknow, identity theft and
security precautions too, right,so well, Ms.
(15:51):
Linette, this really wraps upour conversation today, and I
just thank you so much for beinghere with us.
Linette Kovac (15:54):
Well, I've enjoyed it, KellI.
Yeah, I really have a passionto help our members and this was
, a way, something I saw thatthey were really struggling with
.
So I'm glad to have theopportunity to get the
information out there so peoplecan make better decisions.
Kelli Green (16:11):
Thank you for being so proactive in bringing this
topic to the surface, because ifyou don't see it or experience
it day in and day out, it'salmost very foreign, and I just
appreciate you bringing this up.
Well, you're welcome.
Yes, this is great.
Well, so that brings us to theend of this episode of your Live
Better podcast and we hope youfound today's conversation about
debt relief solutions to beinsightful.
In the world of personal finance, knowledge is truly your
(16:33):
greatest asset, and Centricremains your steadfast partner
in that journey.
If this episode resonated withyou, we kindly ask you to show
your support.
Please hit the subscribe button, share this episode with your
friends and family and take amoment to leave us a review.
Your input is invaluable inshaping the content that
addresses your financialinterests and needs.
(16:55):
And, of course, let's stayconnected on social media.
You can find us on Facebook, atCentricFCU and on all other
platforms under MyCentric.
Stay in the loop regarding thelatest financial insights and
resources tailored to yourunique financial aspirations.
Until our next episode, alwaysremember, Centric is by your
(17:15):
side as you navigate yourfinancial journey.
Thank you so much for tuning intoday to the Live Better
podcast.
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