When Laid Off, Turn to SECUIf you have lost your job or income and are encountering financial hardships, we offer the following information and services to help you during this challenging time:
- 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 assist you. Visit the Mortgage Assistance Program page for more details.
- 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 to purchase COBRA health insurance through your former exmployer or replacement life insurance depend on your individual circumstances. For assistance with these concerns, call our 24/7 Member Services or visit your local branch to speak with a trusted advisor.
- 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 suggests ways to allocate funds to meet your needs. It also includes information on how we may be able to 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 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 obtaining 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?
We offer 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)?
We can help you determine, based on your personal financial situation, whether it makes sense to use your existing retirement funds (401k, 457,403b) to cover essential expenses and current bills. Contact us via our 24/7 Member Services or visit your local branch to discuss your options.
- Tax Preparation – How will unemployment income affect my tax situation?
Receiving unemployment income could affect your income tax liability. If you have tax questions related to unemployment, contact your local branch.