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Home > Reader Questions > In Debt, In Trouble and Need Help With Pentagon Federal Credit Union. – Gary

In Debt, In Trouble and Need Help With Pentagon Federal Credit Union. – Gary

Due to being laid off from my employer, I’m struggling to pay my bills and have fallen behind on my car, electric, phone and mortgage payments.

After having my current financial situation carefully analyzed, I have concluded that it is no longer possible to comply with the original terms of the agreement. I have no choice but ask you for your help on avoiding the repossession of my family vehicle.

Due to the dropping of home / vehicle prices that have affected the entire country in the last year, I currently owe more on my mortgage / auto loan than my vehicle is actually worth.

I have made a good faith effort to keep up with my payments for over 6 months while being unemployed. I have asked for assistance several times from Penfed, once I was laid off from my employer. Since I was never late in the past, Penfed advised me to call when late. Well I have with no response; I have been doing a great job of keeping my payments up to date and now need a little assistance from my auto loan from Penfed. I have been very proactive/good faith effort to show, I want to keep my vehicle. The said party nobody advised me of the hardship program until 12/21/2010.

Please consider all options for my hardship; I have every intention to keep my 2007 Dodge Ram / 2008 GMC Yukon auto loan. We have been an excellent members / customers of Penfed for several years and have had an excellent credit / payment history.

I have been to over 20 dealership in my local area and none of the dealership would give me over $10K for my truck with it being fully loaded, so I have been truly proactive to save my credit and show a win-win situation with my credit union. I have been very proactive working with pen fed from the start. I have keep Pen fed in all details and when I finally found that I was getting over my head. Being in the same industry, I did my research to find the best solution for the both of us. So if you will please accept this offer below, it truly is a win-win situation. If it was not for have an awesome relationship with Moss Bros Auto group this wouldn’t happen plus I may half to file for BK. I’m avoiding this at all causes.

I’m requesting to ACCEPT OFFER FOR PAYOFF FROM MOSS BROS AUTO GROUP AT $13,500.00.

This will allow me to settle my financial obligation to you and have a chance to get back on my feet, without having to file for bankruptcy. I have stop paying on all my credit cards to witch I regret because I know it will affect are credit but have made every attention to pay my auto loan and home loan, I have never been late on any payment over 20 years. I take great pride in my credit history with ratings over 725 for years and will continue to be a good faith customer.

I have my home loan being modified thru B of A pending modification thru the Obama hope team, to make it affordable and keep my home. I wish the same could be with Penfed.

Please understand that financial hardships can occur and many times it‘s not a choice. I deeply appreciate your help in this matter.

I can no longer keep my vehicle and want to avoid BK. So I found a solution for a dealership to pay off 80% of my loan and have approx $3500 left. You will see in my letter, I have been very proactive but my credit union has not help with any assistance. So I requested advise what I should do.

I either take my dealership offer or I file bk and put the $17100 plus my other credit into a bK. I have provide my credit union with the best solution. I have for 20+ years been excellent customer with never ever making a late payment and I have been unemployed for over 9 months now. So I take what credit i have left with great pride. I’m still waiting on a Loan Mod that will never come true but I’m hoping. I need your input…

Sincerely,

Gary & Dana

In Debt, In Trouble and Need Help With Pentagon Federal Credit Union.   Gary

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In Debt, In Trouble and Need Help With Pentagon Federal Credit Union.   Gary
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • SeanDSLegalPlan

    What will you do without an income? The loan mod is doubtful as even homeowners with an income are consistently turned down. At this point I would seek a bankruptcy attorney and discuss your situation with them.

  • Anonymous

    What will you do without an income? The loan mod is doubtful as even homeowners with an income are consistently turned down. At this point I would seek a bankruptcy attorney and discuss your situation with them.

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