When Laid Off, Turn to SECUState Employees' Credit Union understands the importance of helping members improve their financial lives – it is part of our mission and goes hand in hand with the "People Helping People" credit union philosophy.
When members experience significant financial difficulties due to loss of a job and income, the Credit Union offers the following information and services to help you during this challenging time:
- Unemployment Insurance – How do I apply?
If you have lost your job or are encountering other financial hardships, the North Carolina Division of Employment Security (NC DES) has additional information on unemployment insurance services. General information on the NC DES can be found on their website, des.nc.gov.
- Mortgage Assistance – I can’t afford my house payment. What should I do?
If you find you are having difficulty making your SECU mortgage payment, we may be able to temporarily adjust your loan payments. Visit the Mortgage Assistance Program page for more details.
- Health, Life, Auto and Home Insurance – Should I purchase COBRA health insurance? Do I need replacement life insurance?
It is typical to have questions about your insurance if you've recently experienced job loss. Decisions such as whether or not to purchase COBRA health insurance or replacement life insurance depend on your individual life circumstances. To address these insurance-related concerns, contact a trusted source by visiting your local branch.
- Budgeting – How can I adjust my budget to live on a reduced income?
Our Spending Plan Guideline offers a breakdown of general monthly expenses and the best way to allocate funds to meet your needs. It also includes information on how SECU can help you save in each of these areas. For a more detailed look at your expenses, complete the Financial Assessment available through Member Access or visit your local SECU branch.
- Credit – How can I monitor my credit rating?
Making financial decisions is easier when you know what's on your credit report. Take this opportunity to view your credit report and correct any errors. Visit the Credit Report page for information on receiving a free credit report from each of the three major credit bureaus.
- Debt Counseling – I don’t earn enough to pay all my bills. What should I do?
The Credit Union offers financial counseling and can help you make a plan to manage your debt. The first step in the plan is to manage spending. Pay essential living expenses first such as housing and transportation. Eliminate nonessential expenditures. If eligible, refinance or consolidate debt to reduce fees and interest rates. Review current debt obligations and, if applicable, contact creditors to establish (if applicable) modified/reduced payment options.
- Retirement Planning – What should I do with my 401(k), 457 or 403(b)?
A Financial Services Officer at the Credit Union can help you determine the best way to keep funds in a tax-advantaged accounts. Advice is also available in the event your retirement funds are needed to cover essential expenses. Options differ based on your personal financial situation. See a Financial Services Officer for a better understanding of when, or if, you should use existing retirement funds (401k, 457,403b) to help pay bills.
- Tax Preparation – How will unemployment income affect my tax situation?
One often forgotten part of receiving unemployment income is how it will affect your income tax liability. Generally, individuals want to avoid owing a large amount in taxes when it is time to file tax returns. To help address tax related concerns, contact your local SECU branch.
- Support Services – What government or private resources are available?
For more available resources and information on unemployment, community support services and making ends meet visit the Additional Resources page.