What can I do if I am experiencing financial hardship?

We want to assist you as best as we can through this difficult time. Hardships can be both short-term and long-term difficulties with repaying your debts to us. We will work with you to identify the best solution for your individual situation.

The first step is identifying what qualifies as a hardship? A hardship is the result of a reduction in household income. Some examples are loss of a job, reduction of work hours, or illness/death of a contributing individual in the household. It can also be the result of an unexpected expense. Some examples are car/household repairs or medical bills. Some examples of situations that are not considered hardships would college tuition payments, or seasonal income.

In order to begin the process, please provide a detailed letter explaining your hardship, when you believe your situation will improve, your actions to better your financial situation and your credit union account(s) you are looking for assistance with. Also, include best contact number(s) and the best time to reach you. We will respond within 48 business hours. DO NOT stop paying your debts with us while you apply.

You may fax to (516) 714-2834 ATTN: Collections Department, drop it off at any of our branches, or email Collections.

Documents you may be asked to provide:

  • Proof of hardship (e.g. change in your financial position, termination letter, disability award letter, unemployment documentation, etc...)
  • If currently employed, two recent & consecutive pay stubs from all individuals responsible for the loan.
  • Household budget form (income/expense). We can provide if needed.
  • W2’s from all individuals responsible for the loan.
  • Previous two year’s Income Tax return (form 1040)
  • A summary of all accounts outside of our institution, investment properties, and any judgment(s) or lien(s) against your property

Please note:

  • Submitting the following information does not guarantee an approval
  • If approved for the hardship/workout program, you will be ineligible for any future lending with the credit union until the accounts under the hardship program have been satisfied
  • If the account(s) are approved under our “Hardship/Loan Workout Committee”, they will be reporting to the credit agencies under the status of “payment arrangement”, since you are not making payments under the original terms and conditions of your security agreement.

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