Bankruptcy
May Not Be The Answer

Our current economic state, with gas prices over $3.00 a gallon and food prices rising, has everyone feeling the financial pinch. Your financial obligations are becoming increasingly more difficult to manage. But, before you panic and run to an attorney to file bankruptcy, I urge you to consider other alternatives. Filing bankruptcy should be your option of last resort.

Unfortunately, many Americans feel bankruptcy is the easy answer to what seems like an uncontrollable financial problem. However, bankruptcy has serious consequences. The effects of having filed bankruptcy are like an earthquake’s aftershocks; long term and devastating. Your credit report is marred for up to 10 years. You will have difficulty getting a mortgage loan or credit cards. Credit that you can get will be sold to you at high rates of interest. You can experience difficulty in renting apartments, finding a job, and qualifying for a checking account. Property management companies, employers, and financial institutions along with other types of organizations regularly check credit and it is totally legal.

Filing bankruptcy can be a major obstacle to your eventual financial recovery. Filing bankruptcy should never be the first thing that you do.

• First, know your debt limit and avoid adding more debt on to an over-burden financial budget.
• Second, if you have equity in your home, you may be able to consolidate debt and reduce your monthly debt load.
• Third, liquidate any non-necessity asset relieving yourself of the monthly recurring financial obligation if you financed the
  purchase of the item, or, if paid for, use the sale of the asset to pay down debt.
• Fourth, if your debt is more than you can manage in its current state, contact your creditors to see if they can make adjustments in the terms of your debt to give the needed relief. Most creditors would prefer working with you than starring bankruptcy in the face.
• Fifth, if your creditors are unable to provide the financial relief you need, there are financial counseling services, such as the Consumer Credit Counseling Service, with professional financial counselors trained to assist over-extended consumers by setting up Debt Management Plans. There services are free to the debtor.

Clearly, bankruptcy should never be the first thing to do, but the very last thing to consider. Remember, you are not alone! There is no easy way to repay excessive debt. We have worked with many members to ease their financial burdens. Your credit union cares!

Valentine Day Basket Raffle Winner

Congratulations to Barbara Walton! She was the winner of the Relay for Life Valentine Basket. The credit union will continue to raise funds for the Relay for Life 2008 Campaign by having a Mother’s Day Basket Raffle. The basket will be on display in the credit union lobby and members will be able to make donations and enter for the raffle drawing that will be held on May 8, 2008 at 4:00 p.m. You do not have to be present to win. All funds raised will go to the American Cancer Society Relay for Life 2008 campaign.

Prepaid Debit Cards
Popular New Service

Last quarter, Georgia Power Valdosta FCU
introduced CUMONEY cards, prepaid reloadable
debit cards customized with member’s name. This new service has been greatly received by the membership. These debit cards can be used at merchants, ATM’s and for internet purchases - anywhere VISA, INTERLINK,
and PLUS is displayed.

Our Privacy Policy

The privacy principles were developed to maintain the confidentiality and security of your personal financial information.

Information we collect about you

We collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications and other forms;
• Information about your transactions with us or others;
• Information we receive from a consumer reporting agency;
• Information obtained when verifying the information you provide on an application or other forms. This may be obtained from your current or past employers, or from other institutions where you conduct financial
  transactions.

We may disclose all of the information we collect, as described above, as permitted by law.

Parties who receive information from us

We may disclose nonpublic personal information about you to the following types of third parties:

• Financial service providers, such as insurance companies, mortgage service companies, and securities broker-dealers.
• Non-financial companies, such as consumer reporting agencies, data processors, check/share draft printers, financial statement publishers, retailers, plastic card processors, direct marketers, non-profit organizations,
  and government agencies.

Disclosure of Information to Parties that Provide Services to Us

In order to conduct the business of the credit union, we may also disclose nonpublic personal information about you under other circumstances as permitted or required by law. These disclosures typically include information
to process transactions on your behalf, conduct the operations of our credit union, follow your instructions as you authorize, or protect the security of our financial records.

If you terminate your membership with Georgia Power Valdosta Federal Credit Union, we will not share information we have collected about you, except as
permitted or required by law.

How Your Information is Protected

We restrict access to nonpublic personal information about you to those employees who have a specific business purpose in utilizing your data. Our employees are trained in the importance of maintaining confidentiality and member privacy. We maintain physical, electronic, and procedural safeguards
that comply with federal regulations and leading industry practices to safeguard your nonpublic personal information.

To protect our members’ privacy, we only work with companies that agree to maintain strong confidentiality protections and limit the use of information we provide. We do not permit these companies to sell the information we provide to other third parties.