Let's start with the first question: What's involved...
The first thing would be to determine what loans, credit cards, store cards and other debt you would like consolidated, along with their current balances. Next is to determine if you can payoff your loans early, check to see if there are any penalties involved, and if so, are you OK to pay that penalty amount.
Next is to make an appointment with a loan service representative for a debt consolidation loan. When you come in to see a lender, be sure you have up to date financial information. Having all this information at hand will speed up the lending process, making it much faster and easier for you.
- Cash Flow statement (your spending and saving plan)
- Net Worth statement (list the value of all your assets and liabilities. The difference between the two totals is your net worth)
- Statement of income from your employer (if you have had the job for less than 1 year) & a current pay stub (to verify your employment and monthly salary)
- Last year's income tax return
- How much is required to payout consolidated debts
Second question: Will payments be less...
We can't guarantee that your payments will be less until we know fully what we are looking at. However, based on other situations where members are looking for debt consolidation, they have experienced more financial freedom through one easy payment and potentially lower payment amounts.
You can make an appointment with a loan service representative by calling our Shaunavon Credit Union branch at 297-2635, toll free @ 1-800-667-0068 or connect directly to a loan service representative to schedule your appointment: Judy Krause, Kathy Wilkins, Kevin Deobald or Shelley Duxbury. |
