Todd BECU 08-17-16

Wednesday, August 17th

Todd from BECU joins us live in studio. Caller James owns a bunch of money for his car payments along with medical debt, wants to know if he should go into bankruptcy. Caller Aubrey just opened her own business and wants to know what help BECU can offer. A texter is close to foreclosure and wants to avoid it. Caller Chad wants a new truck but doesn't have any credit.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Todd I invented numbers so I know how this stuff works peach. This drive. Funny stick your head and I feel like but I until we semi tough paper brick wall and Todd has come through like an a couple are now. Look pretty are are we didn't do it that you put cement in your money. To attempt to. I'd man of course you know what type he can be EC dot org. Todd of course got a lot of history in the world of finance many that pretty much everything twenty years he's been in the business. BC of course is a great great credit union because you're the boss appreciate do everything. That you need to have done for you they do all I just as the Xoom commercial obviously Todd you guys are helping people forgot their mortgages and lately OP ECU that's a nice thing here. So whatever you need to do and the thing is is that you all the joint that's what members arts a member old situation so unlike other banks. Don't worry about whether or not they're doing things right by you know like some banks may not me is they've had a history of doing. That's not that's the case of the credit union a Google might be ECU a credit union in equity via. So you go to BC dot org and anybody can joined by the way are you had it was a live work worship or attend school here in Washington State. School district and you are in VCU as simple as that. And tunnel that's right questions much he can let's go to the phones at 206421. Rock rock is 7625. James in elm. You rod with talk for BC EU I should they be ECU got port. Oh. Well I. Which are you calling about what kind of money it's been a teacher in immigrants. Out. Ho ho ho writes 69 dollars it's politics. I'm so I would question effort Todd and may we may be you know you season testament to me. Well I had I am under a stroke last year regret over the road and adequate to break down. And racked up acre added bigots repair bills on. I. So I was two under you know look into chapter. They go after they get rid of that all the medical bills that I live at Beck. Her breast cancer well out of this. Let's boy what a sad thing again you know the whole idea when somebody gets sick and they just get put into such debt when their when there's a sickness happens like that way it's. You know I concerts. Yeah that's even collier had insurance and you still have I hear you. All right so I guess it's audio wanna like a year and is knowing how much video as totals that I is that helpful to know when bankruptcies a good thing it. Mean. Certainly I mean I think firstly she started is obviously what today is what you're making way as the future look like. On connect can make these payments and work patterns arrangement so what I would do we talked a bit before the National Foundation for Credit Counseling and pre counselors can help you. But the other kind of there's that there's there's a couple of programs have to wait that didn't do this there's. Debt management programs where they work with the creditors. And I can work with the medical so much but it certainly anybody else but put you into a program where you're paying them and then their pain creditors. And then there's an arrangement there maybe there's some concessions on both sides. Without filing bankruptcy. And it certainly is to think that bankruptcy route to look at whether it's after thirteen artful to start at chapter seven. So James what I would do is go to an FCC dot org you can go to BJ's paid. We have the links up there. Give them a caller some local counseling agencies here clear point. Ameriprise. A few that that are non profit organizations as well. On that work work through them and then they can walk and see. Yet you know bankruptcy we've talked about this before it's there for a reason that as a last resort so let's see what makes sense it's. I was somebody does have the medical bills like that. You know ice I think it was I think it was John Oliver were right there recent episode where he just took on a lot of medical tech this helps private companies will buy medical debt. And then taken to negotiate with viewed as saying you know. Because a lot of times you know hospitals will go all right let the guy owes a hundred gram but you know will sell to your company for twenty grand. And then at that company president whenever they get above twenty grand in order to please make them profits of we know that medical debt is weird we know that. It's very inflated what does somebody do if if bankruptcies and answer is there somewhere you know they can go to get more info about how to get relief from medical that. I mean I mean they're into your point they're gonna really weren't work with you think what you have to really demonstrate and show it. You can't make those payments you can't pay it right I don't have the means that it and that's shown your income what you're expenses idea not you know living extravagant life right. The year living here you living within your means and very. Are very modest styling you just need this to survive and I mean it it there's not much you can do in the credit bureaus are looking at it after party and so. On not having medical debt count as hard on your credit. We your credit score. Yeah and because they recognize just the same thing that you actually changed is going through even if we have insurance sometimes things happen that are outside of our control. I'm that we weak it's that with the. Large bills you know we know of somebody who's you know whose husband went through you know massive treatments for cancer. And they had insurance and still the bills were astronomical rates yeah so and I'm glad that you not I'm glad that full disclosure which a lot of people don't think they should do financially because we all keep our money secret we just been trained that way in our life. But full disclosure can actually be a relief to a lot of these if you showing the united creditors hey here's what I ate yours or mine and it would make you were mad money go I want to pay I can't so what do we did it work it's gonna robbery in Seattle yacht with Todd from BC dot org go ahead robbery. Curry who. Town hall meeting in Seattle and I am glad you can duke it out there. I'm yeah we have is business accounts. So if you depending what year. What you're looking for obviously you'd be it's cameo businesses that it. Have a separate account for that business account and that means he can keep track of all the revenue in on the expenses that go back and and we have you know depending on what you're looking for on because you are small this year your Europe. Your credit. Isn't going to be looked upon as your personal credit can be very very tight and so you're not. The big corporations it's gonna stand on sound so where you stand personally with your credit score in your situation is going to be it is very important. So far every Watson any VCU this is look I wanna talk about what you do for my personal business they'll be able to center in the right direction absolutely I'd a big Auburn there's a good thing. And robbery young men out there do away employment that I studio. And got a text messages 7799. I'm on the verge of foreclosure Todd I don't wanna be like that woman in Bellingham and allegedly burn my house down to get out of it Al allow. I was wondering what advice do you have for me. The US during this morning there's a woman in Bellingham that is allegedly in trouble she's in trouble for allegedly. Bring your house down if only they figured out that have been started by a lighter or match NGOs like 400 something thousand dollars on the house. And I like but still catering term insurance fraud and million dollars. Line and a on. Mean this is interesting is that we've seen these kind of go away at the foreclosures now out in prices it really you know on now I'm not sure where this individual lives and getting Bellingham all of this thing this detect if that person beyond help yet what but what I would do there actually is parking services and non profit actually volunteer for that they actually have. Counselors it will work with you and and work with the creditor. To prevent that so foreclosure mitigation that. So what I do start not knowing where she lives act goes to the Washington homeownership resource and again and that link up on your page Vijay. I'm though you'll take that and LT TE to a counselor. Debt management a counselor housing counselor that will be able to work with you and in the lenders hopefully stop this foreclose or come in agreement. By the way if you don't get too. The fault lines a tie has more than happy to answer any questions via email as well that to have. And now although all those links to Todd talks about. You do is go to KIS that we dot com scrawled on you'll see a banner with Todd smiling face and click on the banner that we'll take you right where you wanna be at the links. Also how to get in touch with Todd via email and you'll answer any question weekend. It's another good reason to go to VCU because a lot of people wanna buy a house and even though it's better still you never know if the banks ago and give you along that really they shouldn't give viewers VCU you guys. We'll sit down and you know what. This is what you you can comfortably afford this is the amount a house you combine. Which we know part of the banking prices many years ago was because the banks were giving people loans. For homes that they really just on on a stable basis couldn't afford could make the payments consistently. And then of course everything fell you know underwater and people got today and you guys are a lot more you know your lot more reasonable when it comes of that and loans in and helping people get into a home of their dreams that doesn't turn to the home and nightmares. What's at stake here nightly. It should be a place where he stated that you can make the right Chad you whether he'll be the last call take today Chad still to come you're on with Todd from BC dot org or anybody. And and it gets. So my question is what's the best way to meet you bill motivated. And having kind of a crappy track right now. Yeah that. I tried going into a dealership over the weekend and stand by my friend that might wanna my best friend on like ten years. Opera because I'm on a car forming. And they don't know that I'd move right Mary do you like the little blue related. Are you what our our our army. And the only the little diploma and or any queries from other dealerships and I've been trying to get a new car for a couple of months. Do you have any credit at all yet and yet any I've I've never had anything in my name. A cracked below yet chatted and how old are you sir. This is big news I've been doing this for Sarah to not look as she's about your age. Anti U Todd you taught me this you've got to start building a presence of women within the united of the credit bureaus and Sarah didn't have and he's she had no presence either yet. Here's what I would do it yet so there's a cup and you're probably gonna have to start with a secured credit card mean. You'd keep that 200 dollars into an account that it's locked down and make it 200 dollar. Credit limit. You use that her use that keep your balance 10% or below this is on the statement in which an op every month non interest absolutely it and I want that balance on that that statement to be. In this case twenty that is making small you have now potentially. Record. I'm Kathy maybe once a month payoff rank and they've shown some activity keeping that balance float that's 30% of your credit score and paying on time it's 35%. That that's gonna help you in time to get that score because you haven't had any negatives out there and acted it should come up fairly quickly to two reasonable level. Are they go Chad hopefully that yourself for your buddy and anybody else doing it through the phone lines no worries you can email Todd and you'll try to answer any question cancer great free of charge thing that he doesn't DE CU. Just go to the IK ISW page schooled unseat the veteran Todd smiling face click on that all the links he spoke up today plus his email. Right there and Todd as usual buddy good to see Ian thanks BJ. And bigs mornings. On the rocks I mean nine point nine KI guess helps you.