Helpful Hands Program
Let us help you get beyond the struggle
We realized that certain situations or unplanned events have the potential to cause absolute havoc on personal finances. At Community Savings, we are committed to helping our members through these difficult times.
If you are finding it hard to keep up with monthly bills, our free Helpful Hands Program may be able to offer some relief. During our 65-year history we have helped members overcome a variety of financial challenges:
- Lost job or cut hours: Unforeseen events can quickly make monthly bills, such as rent and groceries, seem overwhelming.
- Parental leave: With new expenses and a diminished income the arrival of a new baby can often put a serious financial strain on family finances.
- Too much high-interest debt: During difficult times, people often rely on their credit cards to get them through the month. Unfortunately, the high interest can often add up to an insurmountable challenge.
- Death or illness: Sometimes a sudden death or illness in the family can give way to a mountain of unexpected bills.
Every challenge has a solution
As your credit union, there are numerous ways we may be able to provide financial relief in cases of unforeseen hardship:
|Postpone loan payments – depending on your situation, we may be able to postpone regular mortgage or loan payment for up to three months or temporarily switch you to interest-only payments.*|
|Postpone service fees – depending on your situation, we may be able to waive your month-end service fees associated with your Community Savings chequing account, for up to 3 months.*|
|Early redemption – depending on your situation, you may be able to redeem your Community Savings non-redeemable term deposits so that you can gain quick access to needed funds.*|
|Consolidation – to lower monthly payments, we may be able to help you consolidate your debt into one low-interest loan. To receive the lowest rate possible, you can secure your consolidation loan with collateral of a vehicle, property, stocks, bonds or deposits in the credit union.*|
|Line of credit – If you’re worried that your savings might run out, a line of credit can offer needed funds in times of need. If you own a home, you may want to consider opening a home-equity line of credit to secure a low rate.*|
|Optimize accounts – to ensure banking fees are kept to a minimum, we can do a free analysis of your chequing and savings accounts to help you find ways to save money.*|
|Amortization – if you are finding it difficult to meet your monthly loan payments, extending your loan’s amortization period can free up need funds – on a monthly basis.*|
|Blend and Extend – if you are currently in a fixed Community Savings mortgage and would like to take advantage of a lower interest rate, blending and extending your mortgage may be your best option.*|
Start feeling good about your finances
At Community Savings, we understand that it can sometimes be difficult to ask for help. However, we encourage you to talk with us regarding your situation. When you are ready, we will help you take the next step by tailoring a solution that best fits your needs. Remember, as a member, you are not alone. We want to help you.
* Some conditions, restrictions, qualifications may apply.