30 Apr

What to Do If You Can’t Pay Your Loans During the Coronavirus

girl sitting on bed with bills and credit cards due debt

The coronavirus (COVID-19) has significantly altered how we manage our lives and our workplaces. Many people face a drop in wages or work losses entirely and may find it impossible to keep up with their student loans, mortgage payments, credit card bills, and other debts.

In this post, you’ll get details on the different solutions that may be open to you if you’re concerned about falling behind in bill payments, as well as what you can do to try and protect your credit during this crisis.

Federal Student Loans

The federal “Coronavirus Aid, Relief and Economic Security Act” or the “CARES Act” (H.R. 748) suspends payments without interest for federal student loans held by the United States Department of Education for a total of six months, until 30 September 2020. The termination of payment is automatic, you don’t have to ask for it.

Mortgage Payments 

As soon as you know you’ll be having trouble making your next mortgage payment, contact your loan service company to find out what choices are open to you. You may be eligible for default under the CARES Act or some form of short-term immediate mortgage relief, such as a late-payment waiver.

The CARES Act also imposes a 60-day foreclosure moratorium on federally funded mortgage loans and loans issued, guaranteed, or insured by the Department of Agriculture. This moratorium includes much of the country’s residential mortgage loans.

Property Tax

 If you are late in paying property taxes, several counties are enforcing a moratorium on property tax foreclosures and tax sales. Call your county treasurer’s office or search online to see if your region has a moratorium.

Credit Cards, Personal Loans, Small Business Loans

 Many credit card issuers have issued announcements on their websites detailing a range of forms of customer assistance during the COVID-19 outbreak. Accessible assistance covers credit line changes, forbearance collection, and missed payments. With our credit cards, RMLEFCU provides a free balance transfer and competitive APR*.

When you need money, various lenders, and the U.S. Small Business Administration (SBA) is providing loans to those affected by the coronavirus.

Utilities, Phone, Internet

Many phone service and internet providers also waive late charges and postpone shutdowns. Some providers provide free Internet service to new customers or unrestricted data to current customers for a limited period of time, such as 60 days.

Auto Loans 

Lenders offer payment extensions and other options to those that may have trouble paying their car payments. If you refinance your auto loan with RMLEFCU, we offer a 90-day payment free period!

You Have Options at RMLEFCU

The best thing to do is to contact your service or loan providers immediately. RMLEFCU can help you cope with financial stresses during the COVID-19 recovery period. For instance:

  • Consider a low rate personal loan to pay bills to those institutions who aren’t as understanding.
  • Debt protection offers superb financial shielding to cover loan payments in the event of death, disability, or involuntary unemployment.

These and other services are at your fingertips. Please reach out to our Member Experience Team for more information! Email them at lending@rmlefcu.org.

08 Apr

COVID-19 Skip-a-Pay with NO FEE

In good times and hard, we always stand with law enforcement and our members. We continue to monitor developments and all recommendations related to COVID-19. As an organization, we are committed to the safety and security of our members, our work family, and our community. Our core values guide us as we face the difficult challenge of responding to COVID-19.

We were very proactive in our decision to close the lobbies and want to continue to reassure you that all services will continue to be available. If full branch closures become necessary, we have designated a critical action team that will work remotely to ensure minimal disruption.

In consideration of members and their families who face issues due to lost wages, we are making Skip-A-Pay with NO FEE available immediately. Rest assured that, in the midst of these unprecedented events, we continue to stand with the law enforcement community and all our valued members.

Mortgage loans do not qualify for Skip-a-Pay at this time. For mortgage relief, contact our mortgage department.

If you need it, it’s here now. If skipping a loan payment* will help make a difference for you, fill out the form below or call us at 303-458-6660.

02 Apr

Keep an Eye Out for COVID-19 Phishing

It’s no surprise that when there is a crisis, there are bad guys quick to swoop in and take advantage of a concerned public. COVID-19 scammers are on the prowl — so warn loved ones to be alert while on their phones and online. Phishing is already being reported: criminals disguised as charities seeking donations to help those in need.

Scammers and fraudsters are scrounging for card numbers, account numbers, and online banking information by communicating using text, phone, and email. In other words, little numbers that spell big disaster for the unsuspecting. Be scrupulous with your financial data and remember you, yourself may be savvy enough to spot these scams, but others are more susceptible, particularly the very young and the very old.

Remind them, as you remind yourself:

  • Never respond to or open any COVID-19 related emails or email links requesting financial or private information, unless you can confirm you know the individual who initiated the request.
  • Be vigilant and wary of opening an email or email link of any kind if it is from an unrecognized sender. Emphasize to elders in your family that watching out for bad guys does not make you a bad samaritan.
  • Never provide information when requested. Scammers succeed because their approach looks legitimate.
  • RMLEFCU will never call and ask for personal data. NO FINANCIAL INSTITUTION will do that.
  • If a caller claims to be your healthcare provider asking for financial assistance to combat COVID-19, do not take it on face value. Hang up and call your provider’s office number and they will confirm it.

Stay educated and alert by following news reports on phishing during this critical time. Take measures to protect the financial health of those around you, even as you protect their personal health. Ongoing education and awareness are key to keep the fraudsters away from you and your family. If you have any questions or concerns, please call us at 303-458-6660 or email us at members@rmlefcu.org. We want to keep you and your bank account safe.