When Laid Off, Turn to SECU
State Employees' Credit Union understands the importance of helping members improve their financial lives – it is 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 income, we are here to help during this challenging phase.
Here are some of the products and services your Credit Union offers 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 Division of Employment Security has additional information on unemployment insurance services. General information on the Employment Security Commission 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. 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 help plan for 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 tips where 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.
- Debt Counseling – I don’t earn enough to pay all my bills. What should I do?
Knowing what's on your credit report makes financial decisions easier and can save you money in lower interest rates. Visit the Credit Report page for information on receiving a free credit report from each of the three major credit bureaus.
- Credit – How can I monitor my credit rating?
The first step toward managing debt is managing spending. Pay essential expenses first such as housing, transportation, and living. Eliminate nonessential expenditures. If eligible, refinance or consolidate debt to reduce fees and interest rates. Review current debt obligations and 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 account. Advice is also available in the event that 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 unemployment income is how you will be affected during tax season. You will want to avoid owing a large amount in taxes. To help plan for these 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.
Remember, SECU will investigate all opportunities that may help members improve their financial wellbeing.
Please visit your local branch
for additional resources and tips.