A member, who has been with Langley since 2015, came to us feeling overwhelmed after receiving a notice from an outside company regarding an outstanding balance tied to a past medical expense. The notice indicated that his promotional period was ending and, if the balance was not paid in full by mid-April, more than $9,000 in deferred interest would be added, increasing the rate to 30%.
At the time the loan was originally taken, the member had not fully understood the long-term implications of the terms. We took the time to walk through several potential solutions, including reopening a HELOC, exploring a personal loan, balance transfer options, and other lending avenues. Through a deeper review of his financial picture, we identified available equity in his vehicle. This allowed us to refinance his auto loan and increase the loan amount to fully cover the outstanding medical debt. As a result, the member not only avoided significant additional interest but also secured a lower rate and reduced his monthly payments by approximately $750. We also discussed strategies to strengthen his financial position moving forward and establishing automatic transfers to build an emergency savings fund.
The member expressed immense relief and gratitude, sharing that this solution lifted a significant burden. This experience reinforces the impact of taking a consultative approach listening carefully, exploring all options, and delivering solutions that create long-term financial stability.
