August 19, 2024 • 21 mins
Can managing your finances during the back-to-school season save your sanity? Join us as we uncover valuable strategies with Lynette Kovack, Centric's Solutions Recovery Specialist, who reveals how skip-a-pay and loan deferrals can ease financial stress without harming your credit score. You'll gain insights into scrutinizing bank statements to cut unnecessary expenses and the power of a well-crafted budget that puts you in control. Lynette and I discuss the often overlooked costs of school supplies and extracurricular activities, offering practical advice to help you navigate this financially demanding time with confidence.
Experiencing a job loss or medical expenses? Discover the array of financial relief options Centric offers to support you through both short-term and long-term hardships. Learn the benefits of early communication with your credit union and explore refinancing options that come with a 90-day no-payment grace period. We also emphasize the unique advantages of being part of a credit union and Centric's unwavering commitment to its members, regardless of their financial situation. Stay connected with us by subscribing to the Live Better podcast and following Centric Federal Credit Union on social media for ongoing tips and updates.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome back to an episode of the Live Better
podcast with Centric.
I'm your host and CentricSenior Vice President of
Marketing, kelly Green.
I'm so excited that you're herewith us.
Every month, we post a newepisode where I'm joined by a
guest to chat about finances andall ways that you can live
better.
Subscribe today so that younever miss an episode.
(00:24):
Live better.
Subscribe today so that younever miss an episode.
Joining us today on our LiveBetter podcast is our Solutions
Recovery Specialist, lynetteKovach.
Today she'll be joining us totalk to us about all things.
411 on skip a pay and loandeferrals.
So, ms Lynette, welcome back.
Hi Kelly, it's good to be here.
(00:44):
It's so good to have you back.
This is just great.
Our listeners have so enjoyedleaning into your expertise and
the things you have to sharewith them, and I'm just so
grateful that you're back withus today talking about a similar
topic, but something a littlemore specific to ways we can
really help our members livebetter.
Speaker 2 (01:06):
I really enjoyed it.
Kelly, I've had a lot of peopleI know that have kind of
reached out.
You know that I was able topoint in the right direction, so
that's kind of a neat thing,you know.
You know you really are helpingthem live a little better.
Speaker 1 (01:18):
Even just in conversation, people just don't
know what they don't know, and Ithink I'm grateful that we have
the podcast, which allows us tohave like a level of outreach
that may not you know folks maynot have ever heard about it or
even had a conversation relatedto anything of loan deferments
or other solutions that might beavailable to them.
So by us just having aconversation, you sharing your
(01:41):
expertise, that carries a lot ofweight.
People trust you, they lovewhat you have to say and I'm
ready to dive into some thingstoday, really, and talking about
things like skip a payment andloan deferrals Right, because
really and truly, there are somereally unique benefits.
Speaker 2 (02:00):
Oh, very much they can help.
They really can help, you know,help keep your credit on track
and kind of relieve a littlepressure during a time that's a
little stressful.
Speaker 1 (02:11):
Oh yeah, as this the schedule of this podcast to
really roll out, you know what alot of folks in this, in this
particular area, are listeningarea primarily with the members
that we serve.
They're going back to school.
Our listening area primarilywith the members that we serve.
Speaker 2 (02:27):
They're going back to school, yes, and it's costly,
right it is.
I, you know I don't have anychildren, but I have friends
with children and grandchildrenand I see those.
I see those lists that come onwith all the school supplies
they need.
Speaker 1 (02:38):
I know it's so interesting.
So I have an elementary studentand a middle school student and
my daughters One we already had.
You know, elementary theyprovide that well in advance,
but then for the middle schoolyou have to wait until you meet
with your teachers before youget those.
So we have the new list now,you know, and so we're committed
(02:59):
to go this weekend to pick upthose final items that she may
need, and we're just fortunateenough to be able to do that.
You have to make a plan forwhat may come up, and I think so
often with inflation, but alsothe way I think a lot of us
maybe live above our means.
Speaker 2 (03:21):
We do.
We like to go out to eat a lotmore than we should, or have our
nails done or off, and then weshould.
Speaker 1 (03:31):
There's a lot of little things when you get down
to it and what I always sharewith people if they're
interested in just kind ofseeing.
They're like gosh, I have somuch more month left out of my
paycheck and if you just take asecond and review your bank
statements you know from theprevious month it's incredibly
telling.
Yes, where your money's going.
Speaker 2 (03:52):
I looked one time at just the little subscriptions
that I had and I had over $100in $599 and $799 subscriptions,
a lot of which I didn't even use.
So what'd you do about that?
I canceled the ones I didn'tuse.
You never went back.
I never went back.
Speaker 1 (04:11):
Yeah, I'm telling you , it's so wild.
So one of the things that Irecognized when we did this so
we went on a journey KellyBrantley is actually a Dave
Ramsey certified counselor andshe works with our credit union,
so this has been about 12 yearsago for me and one of the
things she asked us to do whenwe were working with her was to
pull our bank statements.
So, of course, that's what Idid.
(04:32):
I went on the MyCentric mobileapp and pulled our statements
just to take a look at it andthe money we were spending on
dining out.
I was embarrassed.
It's like this is ridiculous itis, and now it's so much more,
yes, and so those are somethings I feel like we really had
(04:53):
to identify.
Um, understanding the behaviorthat we have with money instead.
Of.
This is what she told me, and Ilove this.
She said instead of you knowyour money, telling you where
it's going because that's whatit was doing as I'm reviewing my
statement oh boy, it had a nicelittle narrative there but
instead, tell your money whereto go, and when you really align
(05:17):
with a budget and you nameevery dollar, your savings goals
will be achieved.
Yes, you'll likely pay offthings sooner than what you plan
, but for those that may belistening to that are thinking
I'm struggling, you know, backto school, really and truly.
There's some, there's some databehind this that says that the
(05:38):
cost of going back to school nowsupersedes the cost of
Christmas.
I can believe it, oh, wow, yeah, I can believe that, yeah.
So, with that in mind, parentsare or guardians really are hit
up right now, probably desperatelending credit cards, payday
loans, things of that nature,while they still have the
(05:59):
responsibilities of additionalloans that maybe they're worried
about not being able to pay.
Right, so if somebody's inthose situations, could you
share with them what's maybe anopportunity for them, maybe, if
they need to forego a payment.
Speaker 2 (06:15):
Oh, yes, because we have a skip a pay program.
Yeah, so you know you do pay afee.
There's a small fee for that,but it allows you to have the
rest of that payment that youwould have made.
You know, if you have a 400 carpayment, that leaves you 365
dollars of your car payment togo towards those school supplies
.
So it may help you do thatwithout having to to miss a
(06:37):
payment that wasn't planned tomiss.
And with a skip a pay, it's notgoing to hurt your credit.
Um, you know it's's going tokeep you in line.
You're not going to be past duetrying to catch up that next
month, that's right.
So there's so many things thatyou know it can help you with.
Speaker 1 (06:53):
I love what you said, that it's not anything that is
going to hurt your credit.
Speaker 2 (06:57):
Right.
It is not going to hurt yourcredit because we're going to
push the due date forward, soyou're not going to show on your
credit that you were 30 dayslate and so it's a wonderful
opportunity to have.
It gives you that immediatefinancial relief that you need.
You know it's very stressfulwhen you're not able to pay your
bills and you know you'redreading because you know the
(07:19):
phone calls are going to startright, so it'll keep you from
getting those phone calls andthe letters you know collection
letters and things like that.
So it can really help make it amore peaceful time.
Speaker 1 (07:30):
Sure, well, and with a skip a payment, like you
mentioned, I want to make surethat our listeners understand,
when you mentioned that there'sa $400 loan payment, that there
is a fee to participate withthat skip a pay.
So would you go into detailabout what that fee would cost
someone?
That fee is $35.
(07:51):
Okay, and so there are, ifpeople have a conversation about
that.
So there's a few things thatthat would the skip a pay is
available.
Right, so it's really.
We don't actually offer a skipa payment program for credit
cards.
That's not a thing that weoffer at current, but what about
anything like a car payment?
Speaker 2 (08:10):
It's going to be like your car payments, a personal
loan, your ATVs, that kind ofthing.
Speaker 1 (08:16):
It's not available for a mortgagee, See and so
that's even so, that issomething that's great, because
your average car payment now isanywhere between five and six
hundred dollars, right?
So if that's an opportunitythat could be available to
members, really I encourage them.
You know to call, speak tosomeone here, whether it be a
solutions recovery specialistlike you, or even a loan officer
(08:39):
a loan officer.
Speaker 2 (08:40):
You know you can talk to one of the CSRs in the
center.
You can call into my centricand get that set up.
So there are a lot of differentways that you can do that, and
it's a really good thing to havein an emergency.
One thing to keep in mind,though there is a limit of how
many times you can skip apayment during the life of the
loan, so you want to be surethat you're using that when you
(09:01):
really need to.
Yes, and there's also you haveto have a certain amount of time
.
You know, between skip a pace,you can't do one this month and
the next month, that's right.
So that's kind of when adeferral may be a better option.
If it's not just a short termemergency, like back to school
yes, so you know it may be a jobchange, a job loss, it might be
(09:23):
some medical, unexpectedmedical expenses, something
that's going to be a little bitlonger term.
Speaker 1 (09:29):
So that's when a deferral might be a good option
for you, because that can bedone for 60 or 90 days, see, and
that is so fantastic becauseboth of those options that
you're mentioning the skip apayment and the loan deferral
they do not negatively impactyour credit.
No, they don't, Because you'rehaving conversations with the
members and because the memberhas elected to say hey, I'm
(09:52):
waving a flag, I'm strugglingfinancially, I've had a life
situation occur, I've maybe madesome bad choices, maybe
overspent on certain things,whatever that might be, and
that's okay.
But there are options that areavailable and the only way
really we can share that is ifmembers contact us about those
(10:12):
things.
Speaker 2 (10:13):
Yes.
So as soon as you realize, assoon as someone realizes that,
hey, I'm going to be a littleshort, you know I've got these
expenses.
Don't wait till the payment ispast due.
As soon as that becomes knownthat you know it's going to be a
problem, reach out.
Yeah, reach out to someone andlet them know.
That way we can keep thosethings from happening, Keep your
(10:34):
credit score where it needs tobe.
Yes, and if it's a longer termissue, then your credit's not
ruined and we can look to see ifthere are any other options
later see, that's, that'sfantastic and just.
Speaker 1 (10:49):
I want our listeners to know, and even if you're a
member or even not a member, andsay one of the things that
members can do is even take alook at what loans they already
have with us and say, hey, I'mhaving a financial emergency
right now, right, what are someoptions for me?
Right, speak specifically toloan deferral options.
Ask for a skip, a pay if it'ssomething that's a short term
(11:12):
emergency, like you'rementioning.
But for those that may not bemembers, let's look at
refinancing your loan.
We at Centric offer you'veheard a lot of different
financial institutions say, hey,90 days no pay and it's a
special promotion At Centric weoffer 90 days no pay.
That's not a promotion, that'sjust who we are.
So if there's a situation youknow and you want to refinance
(11:35):
your loan, let's see if 90 daysno pay is an option for you.
Speaker 2 (11:39):
Oh, that's a wonderful option.
Yeah, it really is.
It kind of meets that.
Need you know that you don'thave to pay that right away.
Yeah, Kind of help you get backon your track, back on track.
Speaker 1 (11:50):
Absolutely Get back on your feet, because I think
about the working families whomaybe they've had a car accident
and their insurance companydidn't pay enough to cover the
full cost of that vehicle, right, so they go in to try to
purchase another vehicle toreplace the vehicle lost.
There's going to be some fundsthat they're going to have to
(12:12):
roll over into a new loan, yeahWell, so that payment, that
payment, might be a little bitgreater than what they're used
to.
So you think about what aresome things that they can do.
If you delay that very firstpayment for a period of time,
that helps you.
Okay, let me see what I can do.
To do I need to sacrifice asubscription?
Right?
Do I need to save up?
(12:33):
You know?
So I understand what are somelifestyle changes that I'm going
to have to make.
So there's some options thatare out there, and the only
thing I just share with folks isyou know, a credit union is
someone.
We exist for members.
Our members are our owners, yes, right, yes, that's right, and
they own a share of our company.
(12:53):
They have a voting right at ourannual meeting, yes, so it is
so important that you know ifour members have an opportunity,
something that's coming to passand they feel like maybe
they're in a financial hardship.
Come talk to us.
Speaker 2 (13:09):
That's the most important thing they can do,
because we are there truly.
I know Centric.
You know I've been with them along time before I ever came to
work with them, and so they'vebeen there.
They've been there for methrough some tough times, that's
right.
Speaker 1 (13:22):
Same here and that's like I said whenever we first
started.
Now I've been here this is my12th year here at Centric and I
actually did not bank at acredit union until I started
working here and I didn't reallyunderstand the difference
between a credit union and abank and what I was able to
determine and it just really youkind of see it play out.
(13:43):
You just come visit and youtalk to people and the
conversations are just a littledifferent.
And I'm genuinely not knockingbanks that is not what this
conversation is about at all.
But what we exist for here atCentric is we exist to help
every member.
Yes, we don't care about yourstatus, your financial status.
(14:06):
We don't care if you own acompany or you don't own a
company.
I don't care if you work parttime, you're a single parent,
don't care, you know.
We just want to know what isyour circumstance and what is
your financial goal, and how canwe be a partner in achieving
that success?
Speaker 2 (14:23):
yes, because we can help them walk through that.
We can help them hair.
You know, centric, I foundmyself at 59 years old buying a
home by myself.
Yes, and I mean it was.
It was a scary thing, and youknow the they were so wonderful
and helped me through thatprocess and just assured me all
the way through.
It's so comforting, isn't it?
(14:44):
It's very comforting, talkabout it.
And you know, I'm very proudnow to be able to say I have my
own home, it's all mine.
Speaker 1 (14:51):
Well, but this is so great, though.
I love you sharing that becauseyou feel so safe and secure
with talking about your personalfinances and choosing Centric,
your employer, to finance yourhome.
Speaker 2 (15:03):
I can't imagine you making another choice.
Speaker 1 (15:06):
I couldn't agree.
I could not agree more becauseI feel the same way.
My husband and I we built ourhouse and Ashley, who is the
owner she's actually our vicepresident of mortgage here at
Centric.
We started our conversationwith her and we ended the
conversation with her.
Yes, she provided the loan forus to build and then the final
(15:28):
mortgage for us, and it was justagain.
I work here.
I didn't bother me sharing myfinancial situation with her
Right, because I know that sheis professional, my information
is secure and she's not going toallow me to get into a
financial situation that wouldnegatively impact my family.
(15:48):
That's right, and I trust herso much, you know, with saying,
hey, here's the solution.
I think this is great, you know, just really offering you know,
maybe when we need to considersomething differently or if
we're right in alignment, right,and that means a lot.
Speaker 2 (16:04):
Well, it's the guidance.
Yes, it's not just somebodytrying to say yes to a loan,
that's right, because they wantto make a loan.
I mean, it's truly guidingthrough the process of what's
going to be the best for you,and that's.
I can't imagine not having thatexperience that I've had.
I don't even remember how manyyears I've been with Centric now
.
Really, yeah, I'm trying toremember when, at probably about
(16:27):
18.
Yeah, and so that's so great.
Speaker 1 (16:31):
Yeah, you've been through the long haul, through
the changing, everything youknow and a lot of people think
with a credit union you have towork at a certain location, you
have to have a family member,that is, you know, a partner
somewhere where you can actuallybecome a member.
But actually our field ofmembership has expanded to so
many different parishes inLouisiana and Arkansas.
Speaker 2 (16:54):
I know that's so exciting.
Speaker 1 (16:57):
It's so exciting it is and just because we started
to support the employees at thepaper mill and it has expanded
so much.
You know, we just started witha few people who put together
their money and said, hey, wewant to start this credit union.
And that was just a few folksthat did that and now we're
right at 40,000 members.
Speaker 2 (17:15):
Isn't that incredible ?
It's amazing In the time I'vein the time I've been here, the
growth has been phenomenal.
Yeah, it's so good.
I think we've doubled even thenumber of employees the time
that I've been here Absolutelythe short time I've been here.
Speaker 1 (17:28):
So it's amazing and you know not being.
We are not for profitorganization the profits that we
actually receive through loansand so forth.
What we do is we pass thatalong to our members.
That's how we're able to paysuch a great you know interest
rate on our savings and ourchecking account.
Speaker 2 (17:47):
That's right, and offer things you know for such
low fees.
Speaker 1 (17:51):
Yes To our members Like the skip, a pay option yes,
I mean, you don't get that.
No, everywhere you don't.
You really don't, you don't.
And especially talking about aloan deferral.
You know, I think there is justthis taboo really kind of
around saying, hey, I've got afinancial situation.
I realize that that might beembarrassing, but you know what?
That's?
Just something a lie we'vecreated.
(18:12):
You know, I don't want anybodyto feel like if they're going
through a financial hardship,there is nothing to be
embarrassed about.
Speaker 2 (18:19):
We've all been.
We've all been.
All been there, yes, andsometimes more than once.
Absolutely, you know, andthere's a lot of curves in life
that we have to go through and,um, you know, reaching out to
someone and just you know,letting them know what's going
on, that's right, the first stepand it's the hardest step.
You're right, it is the hardeststep, but it is so worth what
(18:43):
you'll get from just sharing.
That's right.
I think that's one reason I'mso free to share kind of my life
is because I know it helpsother people.
That's right, and so, you know,benefit.
Speaker 1 (18:56):
Yeah, and just being open and honest, and I think
that's why our listeners haveresponded so well to your
conversation, ms Lynette, reallyand truly because you are
truthful, you're genuine and youhave been in the business long
enough to earn so much respect.
I think anybody that's talked toyou for a period of time I know
you personally too, so you knowI have a, I have a.
(19:18):
The listeners may not be aslucky as I am, but it's just a
real, real joy to know that wehave people here in our
organization that haven't donethis for years and years and we
have to walk through hardship,and I think that that was like
holds a lot of credence with alot of people when they're like,
okay, hold up, now You're notjust have all these answers or
(19:40):
what.
Have you never went through ahardship?
No, we know it, because we havethe T-shirt, we can talk about
it.
You know that old saying we doso.
It's like we can go through it.
You know we get it and we havethe scars, we have the memories
from financial hardships, butit's so great to come out on the
other side of it when you havea financial partner like Centric
(20:00):
, to be right alongside you sideof it, when you have a
financial partner like Centricto be right alongside you.
Speaker 2 (20:06):
Well, you know, I had a really big life change that
resulted in my financialsituation changing, and Centric
has just held my hand and walkedme through that whole process
and I'm just so thankful forthat.
Speaker 1 (20:13):
Yes, Well, I'm thankful for you and for you
taking the time to share thisexpertise with us with me and
our listeners, and I just Ireally want to thank our
listeners so much for justhanging in here with us for our
podcast, and I invite you all totune back in next month for
another episode.
We really just don't want youto forget to subscribe to your
(20:36):
favorite podcast platform.
Just we don't want you to evermiss out on helpful tips, and so
like us on Facebook at CentricFederal Credit Union, and find
us at MyCentric on Instagram,Pinterest, TikTok and YouTube.
For all of today's information.
Feel free to check us out atMyCentricorg.
(20:57):
And, as always, Centric isfederally insured by the NCUA.
Welcome back to an episode of the Live Better
podcast with Centric.
I'm your host and CentricSenior Vice President of
Marketing, kelly Green.
I'm so excited that you're herewith us.
Every month, we post a newepisode where I'm joined by a
guest to chat about finances andall ways that you can live
better.
Subscribe today so that younever miss an episode.
(00:24):
Live better.
Subscribe today so that younever miss an episode.
Joining us today on our LiveBetter podcast is our Solutions
Recovery Specialist, lynetteKovach.
Today she'll be joining us totalk to us about all things.
411 on skip a pay and loandeferrals.
So, ms Lynette, welcome back.
Hi Kelly, it's good to be here.
(00:44):
It's so good to have you back.
This is just great.
Our listeners have so enjoyedleaning into your expertise and
the things you have to sharewith them, and I'm just so
grateful that you're back withus today talking about a similar
topic, but something a littlemore specific to ways we can
really help our members livebetter.
Speaker 2 (01:06):
I really enjoyed it.
Kelly, I've had a lot of peopleI know that have kind of
reached out.
You know that I was able topoint in the right direction, so
that's kind of a neat thing,you know.
You know you really are helpingthem live a little better.
Speaker 1 (01:18):
Even just in conversation, people just don't
know what they don't know, and Ithink I'm grateful that we have
the podcast, which allows us tohave like a level of outreach
that may not you know folks maynot have ever heard about it or
even had a conversation relatedto anything of loan deferments
or other solutions that might beavailable to them.
So by us just having aconversation, you sharing your
(01:41):
expertise, that carries a lot ofweight.
People trust you, they lovewhat you have to say and I'm
ready to dive into some thingstoday, really, and talking about
things like skip a payment andloan deferrals Right, because
really and truly, there are somereally unique benefits.
Speaker 2 (02:00):
Oh, very much they can help.
They really can help, you know,help keep your credit on track
and kind of relieve a littlepressure during a time that's a
little stressful.
Speaker 1 (02:11):
Oh yeah, as this the schedule of this podcast to
really roll out, you know what alot of folks in this, in this
particular area, are listeningarea primarily with the members
that we serve.
They're going back to school.
Our listening area primarilywith the members that we serve.
Speaker 2 (02:27):
They're going back to school, yes, and it's costly,
right it is.
I, you know I don't have anychildren, but I have friends
with children and grandchildrenand I see those.
I see those lists that come onwith all the school supplies
they need.
Speaker 1 (02:38):
I know it's so interesting.
So I have an elementary studentand a middle school student and
my daughters One we already had.
You know, elementary theyprovide that well in advance,
but then for the middle schoolyou have to wait until you meet
with your teachers before youget those.
So we have the new list now,you know, and so we're committed
(02:59):
to go this weekend to pick upthose final items that she may
need, and we're just fortunateenough to be able to do that.
You have to make a plan forwhat may come up, and I think so
often with inflation, but alsothe way I think a lot of us
maybe live above our means.
Speaker 2 (03:21):
We do.
We like to go out to eat a lotmore than we should, or have our
nails done or off, and then weshould.
Speaker 1 (03:31):
There's a lot of little things when you get down
to it and what I always sharewith people if they're
interested in just kind ofseeing.
They're like gosh, I have somuch more month left out of my
paycheck and if you just take asecond and review your bank
statements you know from theprevious month it's incredibly
telling.
Yes, where your money's going.
Speaker 2 (03:52):
I looked one time at just the little subscriptions
that I had and I had over $100in $599 and $799 subscriptions,
a lot of which I didn't even use.
So what'd you do about that?
I canceled the ones I didn'tuse.
You never went back.
I never went back.
Speaker 1 (04:11):
Yeah, I'm telling you , it's so wild.
So one of the things that Irecognized when we did this so
we went on a journey KellyBrantley is actually a Dave
Ramsey certified counselor andshe works with our credit union,
so this has been about 12 yearsago for me and one of the
things she asked us to do whenwe were working with her was to
pull our bank statements.
So, of course, that's what Idid.
(04:32):
I went on the MyCentric mobileapp and pulled our statements
just to take a look at it andthe money we were spending on
dining out.
I was embarrassed.
It's like this is ridiculous itis, and now it's so much more,
yes, and so those are somethings I feel like we really had
(04:53):
to identify.
Um, understanding the behaviorthat we have with money instead.
Of.
This is what she told me, and Ilove this.
She said instead of you knowyour money, telling you where
it's going because that's whatit was doing as I'm reviewing my
statement oh boy, it had a nicelittle narrative there but
instead, tell your money whereto go, and when you really align
(05:17):
with a budget and you nameevery dollar, your savings goals
will be achieved.
Yes, you'll likely pay offthings sooner than what you plan
, but for those that may belistening to that are thinking
I'm struggling, you know, backto school, really and truly.
There's some, there's some databehind this that says that the
(05:38):
cost of going back to school nowsupersedes the cost of
Christmas.
I can believe it, oh, wow, yeah, I can believe that, yeah.
So, with that in mind, parentsare or guardians really are hit
up right now, probably desperatelending credit cards, payday
loans, things of that nature,while they still have the
(05:59):
responsibilities of additionalloans that maybe they're worried
about not being able to pay.
Right, so if somebody's inthose situations, could you
share with them what's maybe anopportunity for them, maybe, if
they need to forego a payment.
Speaker 2 (06:15):
Oh, yes, because we have a skip a pay program.
Yeah, so you know you do pay afee.
There's a small fee for that,but it allows you to have the
rest of that payment that youwould have made.
You know, if you have a 400 carpayment, that leaves you 365
dollars of your car payment togo towards those school supplies
.
So it may help you do thatwithout having to to miss a
(06:37):
payment that wasn't planned tomiss.
And with a skip a pay, it's notgoing to hurt your credit.
Um, you know it's's going tokeep you in line.
You're not going to be past duetrying to catch up that next
month, that's right.
So there's so many things thatyou know it can help you with.
Speaker 1 (06:53):
I love what you said, that it's not anything that is
going to hurt your credit.
Speaker 2 (06:57):
Right.
It is not going to hurt yourcredit because we're going to
push the due date forward, soyou're not going to show on your
credit that you were 30 dayslate and so it's a wonderful
opportunity to have.
It gives you that immediatefinancial relief that you need.
You know it's very stressfulwhen you're not able to pay your
bills and you know you'redreading because you know the
(07:19):
phone calls are going to startright, so it'll keep you from
getting those phone calls andthe letters you know collection
letters and things like that.
So it can really help make it amore peaceful time.
Speaker 1 (07:30):
Sure, well, and with a skip a payment, like you
mentioned, I want to make surethat our listeners understand,
when you mentioned that there'sa $400 loan payment, that there
is a fee to participate withthat skip a pay.
So would you go into detailabout what that fee would cost
someone?
That fee is $35.
(07:51):
Okay, and so there are, ifpeople have a conversation about
that.
So there's a few things thatthat would the skip a pay is
available.
Right, so it's really.
We don't actually offer a skipa payment program for credit
cards.
That's not a thing that weoffer at current, but what about
anything like a car payment?
Speaker 2 (08:10):
It's going to be like your car payments, a personal
loan, your ATVs, that kind ofthing.
Speaker 1 (08:16):
It's not available for a mortgagee, See and so
that's even so, that issomething that's great, because
your average car payment now isanywhere between five and six
hundred dollars, right?
So if that's an opportunitythat could be available to
members, really I encourage them.
You know to call, speak tosomeone here, whether it be a
solutions recovery specialistlike you, or even a loan officer
(08:39):
a loan officer.
Speaker 2 (08:40):
You know you can talk to one of the CSRs in the
center.
You can call into my centricand get that set up.
So there are a lot of differentways that you can do that, and
it's a really good thing to havein an emergency.
One thing to keep in mind,though there is a limit of how
many times you can skip apayment during the life of the
loan, so you want to be surethat you're using that when you
(09:01):
really need to.
Yes, and there's also you haveto have a certain amount of time
.
You know, between skip a pace,you can't do one this month and
the next month, that's right.
So that's kind of when adeferral may be a better option.
If it's not just a short termemergency, like back to school
yes, so you know it may be a jobchange, a job loss, it might be
(09:23):
some medical, unexpectedmedical expenses, something
that's going to be a little bitlonger term.
Speaker 1 (09:29):
So that's when a deferral might be a good option
for you, because that can bedone for 60 or 90 days, see, and
that is so fantastic becauseboth of those options that
you're mentioning the skip apayment and the loan deferral
they do not negatively impactyour credit.
No, they don't, Because you'rehaving conversations with the
members and because the memberhas elected to say hey, I'm
(09:52):
waving a flag, I'm strugglingfinancially, I've had a life
situation occur, I've maybe madesome bad choices, maybe
overspent on certain things,whatever that might be, and
that's okay.
But there are options that areavailable and the only way
really we can share that is ifmembers contact us about those
(10:12):
things.
Speaker 2 (10:13):
Yes.
So as soon as you realize, assoon as someone realizes that,
hey, I'm going to be a littleshort, you know I've got these
expenses.
Don't wait till the payment ispast due.
As soon as that becomes knownthat you know it's going to be a
problem, reach out.
Yeah, reach out to someone andlet them know.
That way we can keep thosethings from happening, Keep your
(10:34):
credit score where it needs tobe.
Yes, and if it's a longer termissue, then your credit's not
ruined and we can look to see ifthere are any other options
later see, that's, that'sfantastic and just.
Speaker 1 (10:49):
I want our listeners to know, and even if you're a
member or even not a member, andsay one of the things that
members can do is even take alook at what loans they already
have with us and say, hey, I'mhaving a financial emergency
right now, right, what are someoptions for me?
Right, speak specifically toloan deferral options.
Ask for a skip, a pay if it'ssomething that's a short term
(11:12):
emergency, like you'rementioning.
But for those that may not bemembers, let's look at
refinancing your loan.
We at Centric offer you'veheard a lot of different
financial institutions say, hey,90 days no pay and it's a
special promotion At Centric weoffer 90 days no pay.
That's not a promotion, that'sjust who we are.
So if there's a situation youknow and you want to refinance
(11:35):
your loan, let's see if 90 daysno pay is an option for you.
Speaker 2 (11:39):
Oh, that's a wonderful option.
Yeah, it really is.
It kind of meets that.
Need you know that you don'thave to pay that right away.
Yeah, Kind of help you get backon your track, back on track.
Speaker 1 (11:50):
Absolutely Get back on your feet, because I think
about the working families whomaybe they've had a car accident
and their insurance companydidn't pay enough to cover the
full cost of that vehicle, right, so they go in to try to
purchase another vehicle toreplace the vehicle lost.
There's going to be some fundsthat they're going to have to
(12:12):
roll over into a new loan, yeahWell, so that payment, that
payment, might be a little bitgreater than what they're used
to.
So you think about what aresome things that they can do.
If you delay that very firstpayment for a period of time,
that helps you.
Okay, let me see what I can do.
To do I need to sacrifice asubscription?
Right?
Do I need to save up?
(12:33):
You know?
So I understand what are somelifestyle changes that I'm going
to have to make.
So there's some options thatare out there, and the only
thing I just share with folks isyou know, a credit union is
someone.
We exist for members.
Our members are our owners, yes, right, yes, that's right, and
they own a share of our company.
(12:53):
They have a voting right at ourannual meeting, yes, so it is
so important that you know ifour members have an opportunity,
something that's coming to passand they feel like maybe
they're in a financial hardship.
Come talk to us.
Speaker 2 (13:09):
That's the most important thing they can do,
because we are there truly.
I know Centric.
You know I've been with them along time before I ever came to
work with them, and so they'vebeen there.
They've been there for methrough some tough times, that's
right.
Speaker 1 (13:22):
Same here and that's like I said whenever we first
started.
Now I've been here this is my12th year here at Centric and I
actually did not bank at acredit union until I started
working here and I didn't reallyunderstand the difference
between a credit union and abank and what I was able to
determine and it just really youkind of see it play out.
(13:43):
You just come visit and youtalk to people and the
conversations are just a littledifferent.
And I'm genuinely not knockingbanks that is not what this
conversation is about at all.
But what we exist for here atCentric is we exist to help
every member.
Yes, we don't care about yourstatus, your financial status.
(14:06):
We don't care if you own acompany or you don't own a
company.
I don't care if you work parttime, you're a single parent,
don't care, you know.
We just want to know what isyour circumstance and what is
your financial goal, and how canwe be a partner in achieving
that success?
Speaker 2 (14:23):
yes, because we can help them walk through that.
We can help them hair.
You know, centric, I foundmyself at 59 years old buying a
home by myself.
Yes, and I mean it was.
It was a scary thing, and youknow the they were so wonderful
and helped me through thatprocess and just assured me all
the way through.
It's so comforting, isn't it?
(14:44):
It's very comforting, talkabout it.
And you know, I'm very proudnow to be able to say I have my
own home, it's all mine.
Speaker 1 (14:51):
Well, but this is so great, though.
I love you sharing that becauseyou feel so safe and secure
with talking about your personalfinances and choosing Centric,
your employer, to finance yourhome.
Speaker 2 (15:03):
I can't imagine you making another choice.
Speaker 1 (15:06):
I couldn't agree.
I could not agree more becauseI feel the same way.
My husband and I we built ourhouse and Ashley, who is the
owner she's actually our vicepresident of mortgage here at
Centric.
We started our conversationwith her and we ended the
conversation with her.
Yes, she provided the loan forus to build and then the final
(15:28):
mortgage for us, and it was justagain.
I work here.
I didn't bother me sharing myfinancial situation with her
Right, because I know that sheis professional, my information
is secure and she's not going toallow me to get into a
financial situation that wouldnegatively impact my family.
(15:48):
That's right, and I trust herso much, you know, with saying,
hey, here's the solution.
I think this is great, you know, just really offering you know,
maybe when we need to considersomething differently or if
we're right in alignment, right,and that means a lot.
Speaker 2 (16:04):
Well, it's the guidance.
Yes, it's not just somebodytrying to say yes to a loan,
that's right, because they wantto make a loan.
I mean, it's truly guidingthrough the process of what's
going to be the best for you,and that's.
I can't imagine not having thatexperience that I've had.
I don't even remember how manyyears I've been with Centric now
.
Really, yeah, I'm trying toremember when, at probably about
(16:27):
18.
Yeah, and so that's so great.
Speaker 1 (16:31):
Yeah, you've been through the long haul, through
the changing, everything youknow and a lot of people think
with a credit union you have towork at a certain location, you
have to have a family member,that is, you know, a partner
somewhere where you can actuallybecome a member.
But actually our field ofmembership has expanded to so
many different parishes inLouisiana and Arkansas.
Speaker 2 (16:54):
I know that's so exciting.
Speaker 1 (16:57):
It's so exciting it is and just because we started
to support the employees at thepaper mill and it has expanded
so much.
You know, we just started witha few people who put together
their money and said, hey, wewant to start this credit union.
And that was just a few folksthat did that and now we're
right at 40,000 members.
Speaker 2 (17:15):
Isn't that incredible ?
It's amazing In the time I'vein the time I've been here, the
growth has been phenomenal.
Yeah, it's so good.
I think we've doubled even thenumber of employees the time
that I've been here Absolutelythe short time I've been here.
Speaker 1 (17:28):
So it's amazing and you know not being.
We are not for profitorganization the profits that we
actually receive through loansand so forth.
What we do is we pass thatalong to our members.
That's how we're able to paysuch a great you know interest
rate on our savings and ourchecking account.
Speaker 2 (17:47):
That's right, and offer things you know for such
low fees.
Speaker 1 (17:51):
Yes To our members Like the skip, a pay option yes,
I mean, you don't get that.
No, everywhere you don't.
You really don't, you don't.
And especially talking about aloan deferral.
You know, I think there is justthis taboo really kind of
around saying, hey, I've got afinancial situation.
I realize that that might beembarrassing, but you know what?
That's?
Just something a lie we'vecreated.
(18:12):
You know, I don't want anybodyto feel like if they're going
through a financial hardship,there is nothing to be
embarrassed about.
Speaker 2 (18:19):
We've all been.
We've all been.
All been there, yes, andsometimes more than once.
Absolutely, you know, andthere's a lot of curves in life
that we have to go through and,um, you know, reaching out to
someone and just you know,letting them know what's going
on, that's right, the first stepand it's the hardest step.
You're right, it is the hardeststep, but it is so worth what
(18:43):
you'll get from just sharing.
That's right.
I think that's one reason I'mso free to share kind of my life
is because I know it helpsother people.
That's right, and so, you know,benefit.
Speaker 1 (18:56):
Yeah, and just being open and honest, and I think
that's why our listeners haveresponded so well to your
conversation, ms Lynette, reallyand truly because you are
truthful, you're genuine and youhave been in the business long
enough to earn so much respect.
I think anybody that's talked toyou for a period of time I know
you personally too, so you knowI have a, I have a.
(19:18):
The listeners may not be aslucky as I am, but it's just a
real, real joy to know that wehave people here in our
organization that haven't donethis for years and years and we
have to walk through hardship,and I think that that was like
holds a lot of credence with alot of people when they're like,
okay, hold up, now You're notjust have all these answers or
(19:40):
what.
Have you never went through ahardship?
No, we know it, because we havethe T-shirt, we can talk about
it.
You know that old saying we doso.
It's like we can go through it.
You know we get it and we havethe scars, we have the memories
from financial hardships, butit's so great to come out on the
other side of it when you havea financial partner like Centric
(20:00):
, to be right alongside you sideof it, when you have a
financial partner like Centricto be right alongside you.
Speaker 2 (20:06):
Well, you know, I had a really big life change that
resulted in my financialsituation changing, and Centric
has just held my hand and walkedme through that whole process
and I'm just so thankful forthat.
Speaker 1 (20:13):
Yes, Well, I'm thankful for you and for you
taking the time to share thisexpertise with us with me and
our listeners, and I just Ireally want to thank our
listeners so much for justhanging in here with us for our
podcast, and I invite you all totune back in next month for
another episode.
We really just don't want youto forget to subscribe to your
(20:36):
favorite podcast platform.
Just we don't want you to evermiss out on helpful tips, and so
like us on Facebook at CentricFederal Credit Union, and find
us at MyCentric on Instagram,Pinterest, TikTok and YouTube.
For all of today's information.
Feel free to check us out atMyCentricorg.
(20:57):
And, as always, Centric isfederally insured by the NCUA.
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