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What to do if you experience financial difficulty

Sometimes people experience financial problems and are not aware that their financial institution is able to assist them.  Fort Knox Federal Credit Union wants you to know that we are willing to work with you and find solutions to delinquency problems.  Please consider the following:

Actions you should take:

• If you are going to be late on a payment; contact your creditors as soon as possible and let them know you are having difficulty.  Your credit is very valuable and you should be very proactive to protect it.  Most creditors will work with you to help you through a temporary hardship.

• Prompt action is critical to resolve financial problems. The quicker you act, the greater the chance to resolve financial problems.

• If the hardship is severe; you may want to meet with your creditors face to face.

• Prepare and follow a monthly budget.

• Look for ways to increase income and reduce expenses, debt and spending.

• Can you re-finance or consolidate debt to more favorable terms?

• Do you have any family members/friends who can help you through the temporary hardship? This could include financial help or co-signing a loan.

• Do you have any other sources of income or assets?

• Can you sell any assets to reduce debt?

• If you have a lot of unsecured debt; you may consider contacting a Consumer Credit Counseling Agency.  We have had success working with Consumer Credit Counseling Services (CCCS) at 1-800-355-2227 or www.cccservices.com.

• Bankruptcy should only be considered if all the options outlined above fail.  We have found that many members get bad advice about filing bankruptcy and the ramifications will stick with you for up to ten (10) years.

Actions FKFCU can assist you with:

• FKFCU can set up a payment plan to help you through a temporary hardship.

• You may qualify for a one (1) month loan payment extension.

• If the hardship is more severe we have other workout options.

• If you have assets, such as real estate, we may be able re-finance your loans. 

• If we cannot get you to qualify for that, we have other sources who may be able to assist you.

• Negative share accounts may be closed if the balance exceeds $-500.00, if the account is negative more than 30 days or if a pattern of abuse is detected.

• Negative share accounts must be paid in full within 45 days from the date the account became negative.

Communication is the key. In order to help you we must be able to talk you. 
You may contact us at 877-799-1455 or 502-799-1400.

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This credit union is Federally insured by the National Credit Union Administration

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