I had a member in my office because there were withdrawals coming out of her account that were not hers. After researching the issue, we were able to determine what had happened and worked to get it corrected for her. Before she left, she mentioned that she was struggling with her payments and thought she might have to sell her house.
I asked if she would like me to explore some loan options for her and requested permission to pull her credit. In doing so, I learned that she had been withdrawing funds from her IRA to make certain payments because she had more money going out than coming in. I was shocked by the amount of debt she was carrying, $73,000 in credit card debt and an additional $21,000 home equity loan with another bank, as well as the size of her monthly payments.
I put together several scenarios to help her save money, and she chose to move forward with a home equity loan to consolidate all of her debt. The loan amount was $94,000, and we were able to reduce her monthly payments by $1,348.
After receiving this level of support, her son also reached out to apply for a home equity loan. His loan was used to consolidate some of his debt and help pay for private school tuition for his children.
