Collections phone number - (906) 475-4149 ext. 220

Mission Statement:
To maintain a member’s dignity and respect by partnering with our Members to reach a mutual goal of repayment responsibilities during unplanned life situations.

What is the Collections Department?
The Collections Department has often been tagged the ‘bad guy’ of a financial organization. In fact, your Credit Union’s Collections Department can be a source of information for preserving your credit rating, helping to make your payment plan a little easier during tough times, and working within our guidelines to make intermediary arrangements for short-term emergencies.

We realize it takes a lot of courage to approach a collector about a past due payment.Many people have an image of a collector as a rigid individual who employs heavy-handed tactics to collect on bad accounts.At Superior Iron Range Credit Union we are constantly working to disprove that stereotype.Your loan accounts are important to us and repayment difficulties are most often the result of hardship and unforseen circumstances.The best remedy during these times is open and honest communication between the collector and the member.

As your collections officer, I will send out notices to remind you of payment due. These notices go out at intervals of 10 days, 30 days and 60 days.

I may also make a phone call to you to see if there’s something the Credit Union can do to help get your payment program back on track.

Yes, I do handle the legal end of foreclosures, repossessions, garnishments, etc. But, rest assured, many alternatives are offered before any of the legal routes are chosen.

What Can You Do To Preserve Your Credit?
Talk. Communicate. Be honest.

Good communications between the member and the collections departments is a must. If you lose your job, or perhaps there’s sickness in the family that prevents someone from working, give your Collections Department a call.  

Don’t wait until the loan is 60 days past due – make a plan early. Let us know what the situation is. By all means, if you make a plan with the collector keep your promise. The same honesty our members expect of the Credit Union is expected from our members.

What Are Some of the Things the Collections Department Can Offer?
Re-writes
Extensions
Interest-Only
Notes to the File (communication of expectations)
Knowledgeable collectors that can make suggestions and communicate the next step.

What If I Just Wait and See What Happens?
Sometimes this is a good idea, especially if the payment is only a week or two late and you’re sure there are funds coming in soon.

However, it’s best if you let your collector what is going on. Each time you phone the Collector a message can be added to your file, noting what the problem is and what your plan is. Having good communication lets the Collector know you’re working on the problem and have a plan. This being the case, you will still receive the notices as reminders, however, the Collector will not phone unless the plan is not carried out.

Waiting more than just a couple of weeks can jeopardize your credit rating.

10 Days Late - Just a reminder from the Credit Union
16 Days Late – Late charges are assessed
30 Days Late – Credit Bureau reporting takes place. Another notice is sent.
60 Days Late – Final Notice from Credit Union is sent.
                         Credit Bureau reporting takes place and legal action could start.

What Happens If My Collateral Is Repossessed?
Your vehicle is not repossessed without the Collections Department working diligently to make arrangements for payment, communicating by phone and mail (sometimes e-mail), and making every effort to work with a member to make a plan to get payment.

If communication has broken down and promises broken, it can lead to legal action.

If your collateral is repossessed you will have 10 days to recover your collateral, usually by paying the loan in full. Your personal effects are available to you by contacting the Collector. There is no charge for picking up your personal belongings from a vehicle, however, arrangements need to be made ahead of time with the Collector.

If you’re unable to recover the vehicle, the Credit Union will take charge of getting the collateral cleaned, repaired if necessary and placing the vehicle for bids. (Cost of towing, cleaning and repairs are the responsibility of the member owner and will be deducted from the monies gained by sale of the vehicle. The highest bid of three will be the successful bidder. We do have blue books available for all collateral. If the collateral repairs are cost-prohibitive, based on the value of the vehicle, the Credit Union may choose to get bid from a salvage yard. It’s in the Credit Union’s best interest and in the Member’s to get the highest bid possible for collateral.

After the bid, costs are paid from sale proceeds and the rest of the bid money goes toward the balance of the loan. This does not advance the due date on the loan.

You will be notified of the sale of your vehicle and any deficiency balance that may remain. You will again, have 10 days to respond to the Collector. This response will be critical to making arrangements for monthly payment of the residual balance. The Member remains responsible for this loan balance.

If no communication is made by the Member, the Collector will seek other legal avenues to get repayment of the loan. These avenues could include Small Claims Court, Court Judgement, Garnishment of pay and tax refunds, or attachment of a lien on other properties owned by the member.

With so many alternatives, there is very little reason for a member to lose collateral. Again, communication and honesty are the best tools any Member and the Credit Union can use.

I've Had a Loan Charged Off  In The Past Due To Non-Payment.  It Still Appears On My Credit Report.
You bet there is. Records are kept by the Credit Union. Having a charge off or repossession reported to your credit report will put a bad light on your credit rating for a long time. If you’ve had problems in the past and have seen yourself clear of the them, now is the time to make good on past bad debt.

The Collector will work with you to set up full or monthly payments on past bad debts with the Credit Union.

Notation to your credit report will be made by the Credit Union. Bad debt is never good, but if you’ve made good on it, it’s viewed much differently by future loan officers.

Circumstances Beyond My Control Are Making It Necessary For Me To File Bankruptcy – Now What?
If you have outstanding loans with the Credit Union you may want to contact your Collector. Debt that is reaffirmed during bankruptcy means that the institution doesn’t suffer a loss because of your bankruptcy. You will continue to make payment to the loan during and after the bankruptcy. The Credit Union doesn’t look at your bankruptcy as a ‘bad thing’ as long as we haven’t suffered a loss.In order to help you remain a member in good standing we are even open to arranging payment plans outside of the bankruptcy.Remember, you will still need a financial institution after bankruptcy – the Credit Union wants you as a member.