Delinquent borrowers at STCU ($4.4B, Liberty Lake, WA) receive more than phone calls, letters, and emails seeking to make payment arrangements.
Since the Great Recession, the Evergreen State cooperative has used a dual approach that offers assistance, including troubled debt restructuring (TDR), in conjunction with financial counseling and related services.
The approach has worked for more than a decade, with the pandemic putting the team’s skills to the test during the past year and a half.
“Our TDR portfolio performs well with charge-offs less than 1%,” says Jessica Golladay, a 10-year employee at STCU who has served as the credit union’s director of consumer lending and servicing for the past two. “It’s worth our investment to support our members.”
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