Vancity Credit Union

Vancity Credit Union

January 16, 2015 08:00 ET

Vancity Offers Relief Plan for Laid-Off Workers

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 16, 2015) - Vancity is offering a relief plan for laid-off workers after Target, Sony and Mexx announced yesterday they're closing their Canadian operations, which together includes 34 stores in British Columbia.

The Layoff Relief Plan is available to Vancity members and non-members who are facing financial hardship as a result of an employment disruption, such as a layoff.

The plan offers help in three ways:

  • Loan consolidation: consolidate existing loans from Vancity and other financial institutions and defer payments for up to three months.
  • Payment deferral: defer loan/mortgage payments for up to three months.
  • Financial advice: get help managing a severance package.

Vancity works with impacted individuals on a case-by-case basis to find a solution that can provide temporary relief, without adding further financial stress in the long run. Assistance will be available to those who meet the required credit criteria.

Vancity is committed to supporting its members during financial hardships and ensuring they have access to essentials that support the well-being of individuals, families and communities.

Quote

Linda Morris, senior vice-president at Vancity

"As a values-based business, we understand that supporting people in times of financial uncertainty is key to developing a healthy community and strong local economy. That's why we support the well-being of our members in good times and bad."

About Vancity

Vancity is a values-based financial co-operative serving the needs of its more than 501,000 member-owners and their communities through 58 branches in Metro Vancouver, the Fraser Valley, Victoria and Squamish. As Canada's largest community credit union, Vancity uses its $17.5 billion in assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.

Tweet us @vancity and connect with us on facebook.com/Vancity.

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