>> Major funding for "Opportunity Knock$" is provided by the National Council for Financial Opportunities, a nonprofit dedicated to reducing poverty and creating economic mobility by breaking down systematic barriers, increasing equitable access to capital, and making opportunity accessible to all.

Its programmatic areas of focus include financial resiliency, financial accessibility, and income adequacy.

Additional funding provided by the Wells Fargo Foundation, which seeks to strengthen historically marginalized communities by investing in pathways to economic advancement and generational wealth.

Additional funding for "Opportunity Knock$" provided by Balance... and Callahan & Associates.

>> Previously on "Opportunity Knock$"... >> It doesn't make sense for somebody who's earning quarter million dollars a year to be thinking about filing bankruptcy.

>> 699.01%.

It's almost 700%.

>> We just jumped headfirst and dealt with the consequence of it later.

>> We got to pay the mortgage so we don't live in a car.

>> It looks like if you do not pay, then it will go to short sale.

>> My car just got taken.

>> What do you mean it just got taken?

Repossessed?

>> Yeah.

>> I'm still nervous for the road ahead.

>> Every day, millions of Americans must make the choice between paying rent... >> We're behind on rent.

>> We got to pay the mortgage.

>> ...or buying groceries.

>> I live paycheck to paycheck, and sometimes that doesn't even cut it.

>> So we got spaghetti with no meat.

Are you serious?

>> "Opportunity Knock$" is back with our three esteemed coaches and six new underestimated families to create a personalized journey... >> Are you going to do what I ask you to do?

>> ...that everyone watching can benefit from.

>> I'm just hopeful that I won't always be struggling.

>> Through these families experiences... >> This is an emergency.

>> ...you will see that a better life is possible with the tools that they are provided.

>> And we're going to turn your life around like you have no idea.

>> Are the obstacles that these families are facing too much?

>> Your mom is sick, too?

>> A loan that I obtained online, interest rate's like 600-something.

>> What I'm seeing is almost 700%.

>> You're looking at bankruptcy.

>> Or will their coaches help them open the door when opportunity knocks?

♪♪ ♪♪ >> Hello.

>> Hey.

How are you?

>> I'm here to meet Miss Rachel.

Walking up to the New Orleans Firemen Federal Credit Union, I'm nervous because I'm going through a lot right now, and I really need the help.

>> So what brings you in today?

>> So I found out about the CDFI, and I just needed a little help with a couple of things, like personal loans, my credit cards.

I made some notes because I don't want to forget anything.

>> Do you know what a CDFI is?

>> No, not really sure what a CDFI is, if you don't mind explaining.

>> A community development financial institution.

We help members get back on track in life and rebuild after life happens.

>> Yeah, and life has happened for me, and I definitely need help.

>> Tell me a little bit what happened in life that got you to this point.

>> Taking out personal loans and just my car loans, the interest rate high, just needing help with credit repair and, like, building it because my credit is really low.

So I definitely need help with those things like that.

>> And what type of interest rates do you currently have?

>> Like 30% high.

>> Oh, wow.

That's really high.

>> And I definitely need help with, like, budgeting.

So I know how to spend, but I have a big problem with budgeting.

>> Okay.

We can definitely help you with that.

Are you open to us viewing your bank statements and looking at everything?

>> I actually brought copies of those.

>> Okay.

And did anything happen in life to get you to this position?

>> Yeah.

So recently my car got repossessed and I needed help with, like... >> So your car is currently repossessed?

>> Yes, it's currently repossessed.

>> And what happened that your car got repossessed?

>> Just being late on payments.

>> What caused those payments to become late?

>> Just having bills.

Like, paying my bills, my mom bills.

And just like -- >> You're saying that you're taking care of your mom?

What's going on there?

>> So my mom don't get any income.

Once she had got laid off because she got sick, so she wasn't able to go back to work.

So it kind of like fell on me.

>> And you said your car just recently got repossessed?

>> Yes.

>> Did they work out any plan with you?

>> No.

>> I'm glad you came to us.

We are here to help.

Our philosophy is people helping people.

And we would love to see you get back on your feet.

>> As I'm talking to Miss Rachel, I'm like, "Oh, she's so sweet.

She make it -- She's making it comfortable for me."

And, like, by her being, like, all nice to me and smiling and just asking me about me.

It just made it comfortable.

>> Okay, I'm going to go speak with another underwriter, and then I'm going to come back and we'll talk about a few things and a few opportunities for you, okay?

I'll be right back.

>> Alright.

Thank you.

I'm nervous.

I feel a little overwhelmed because it's like I have a lot riding on this.

I'm hoping that they change my life.

♪♪ ♪♪ >> Are you ready to go do our homework?

>> Let's do it.

Let's get it done.

>> Alright, so we need emergency money.

So emergencies, getting money for emergency.

And then we have Pelican State Credit Union.

Patrice has us looking for some nonprofits to be able to help for emergency funds, to be able to pay our mortgage.

>> It's close.

It's down the street.

>> They have something tomorrow we can do right here.

>> Okay.

Yes.

>> Being able to get an appointment tomorrow, knowing that this mortgage is due in a couple of days is definitely a lifesaver.

>> And that is... >> We need... >> Healthcare, wellness.

>> Healthcare.

So basic needs.

>> There it is.

Healthcare and dental.

>> And dental.

It's all together.

>> Wow.

>> Okay, so we have Louisiana Center for Restorative Dentistry.

So I'm going to click on that and see about an appointment.

>> Okay.

>> So when do you have available?

>> Anytime.

I'm ready to get my dental.

>> So I'm going to schedule this appointment right here.

>> Okay.

>> Alright.

So I'm gonna write this down.

Patrice also wanted us to look for dental care.

>> She wants me to get my dental work done to help build up my confidence to be able to pursue better-paying jobs.

>> And that's on Bluebonnet.

>> Oh, that's not far.

>> Then we'll go to the next one.

>> And that is the career.

>> Yeah, the career counseling.

Let's see.

Making more money.

>> Career counseling.

>> There's a good bit of options around us.

So, we have the Baton Rouge Career Center.

It's on Goodwood, so we can actually book appointments here.

Right here.

>> Okay.

>> So we can click this.

So I'm gonna put in our information.

>> And their hours are pretty cool, too.

I like that.

They're open pretty late.

I'm blown away that there was this much information just in a click of a mouse.

♪♪ ♪♪ >> Hey, Erika.

>> Hi.

>> So we got with underwriting.

We went back and forth.

We tried to look at some opportunities for you, and I think we have something that you're going to be very excited about today.

Okay?

We're going to go ahead and offer you a loan.

>> Okay.

>> And to go ahead and pay off your car and all the higher interest loans that you were speaking about, we're going to pay that off in with the car as well.

>> Okay.

>> So you're going to have one loan and you will be saving almost $650 a month.

And I'm so excited for you.

>> I'm excited too.

That's a lot.

That's good.

>> It is.

>> That's a big change for me.

>> You're getting your car back.

How does that make you feel?

>> Good.

Because I need it.

Thank you so much.

>> I have the goose bumps.

I'm so excited.

>> I'm trying not to cry.

>> Yeah, I can give you a hug.

Oh, I'm so excited.

>> Thank you so much.

I'm crying.

It's like exciting because I feel like they pretty much saved my life.

I feel like they opening doors for me.

This lady really giving me a break in life.

Like, I feel like the weight is lifted off me.

Somebody actually care.

Like, they making me feel like a family member.

Yeah, I can get back on track now and get my car back and I'm-a get to build my credit up.

So I'm excited about that.

>> It was definitely a pleasure meeting you.

>> Nice meeting you too.

I'm a hugger.

>> Yes, yes.

New Orleans, right?

>> Yes, we hug.

>> Oh, gosh.

♪♪ >> Another financial institution.

[ Laughs ] >> Do we even try?

I mean... Or we just run back to the car?

>> Today is a big day for us, and I'm excited but anxious at the same time because our credit scores are really not all that hot.

BJ's office on 17.

It's scary to have a lot of debt.

And it's hard living paycheck to paycheck.

Like, I mean, as fast as we get it, it's gone on something.

>> Omar.

>> BJ.

>> So nice to finally meet you.

>> Yeah.

You too.

>> Lynette.

>> Yes.

>> Very nice to meet you.

I feel like we know each other already from all the e-mails back and forth, right?

>> Yeah.

>> He asked us to send over all of our financials to him, and it kind of went back and forth like that.

And I'm just like, "How much paper does this man need?"

But after he got all of our stuff, he invited us in.

And I'm like, "Oh, I was expecting an e-mail of, 'We can't help you,' but okay."

>> Before we, you know, really get into details of what we've been discussing, I want to learn a little more about you, if you don't mind, because you're here today, which tells me where you are.

But I want to learn where you want to go.

That way, I can best partner with you and help you get there.

>> Where we're trying to go is we want a house.

>> Okay.

>> And that's the ultimate goal right there.

I guess number two on that list will be trying to -- we've been struggling trying to pay back these online payday-loan-type deals.

>> I wanted to touch on it quickly because putting myself in your position, you know, you've probably felt, you know, a little defeated at times, felt like, "oh, gosh, I don't want to go to friends and family again.

I don't want them to think poorly about me.

So I'm just going to do what I have to do in the moment."

This situation is not unique to you, and it's important for me that you know that you're not alone.

Really, bad things happen to good people in a lot of different situations.

This is just you need some help from somebody that has a little expertise in this area.

And again, thank you for choosing us to partner with you to kind of help figure things out, right?

>> He's not talking down to us.

He's not making us feel ashamed of the mess that we made.

And we're not the only ones in the situation like this.

And so it is really nothing to be ashamed of.

He's talking to us like we're humans.

>> So after reviewing that spreadsheet that you sent over and collectively with two payday loans, two credit cards, two installments of the six we identified and monthly obligations on, those are just shy of $2,000.

The most stressful thing, really, about those two payday loans, annual percentage rate on these loans is almost criminal.

It's like 699%.

I'm going to step out for a few minutes, kind of run a few numbers and, you know, see if we can get you out of those things.

So I'm going to be right back with you.

>> Sitting in BJ's office waiting on him to come back is nerve-wracking, to be honest, because we've basically pleaded our case to him and he was like, "Okay, go consult with a few people, come back and tell you what we can do for you if anything."

I think he's going to help.

♪♪ ♪♪ >> Let's see what notes we have.

And so she suggested us to use The Opportunity Finder to find money for emergencies.

So I'm gonna click on that one.

Jean gave us so much information and I'm very excited.

Ohio Credit Union.

Here it is.

And it's not far.

It's amazing that we can just do it right there on our phone.

Alright, so we booked an appointment for next week.

Next we need to look for financial counseling.

>> As we're looking for financial counseling, Money Management International pops up and we're able to set up a video chat.

>> That is great.

We don't have to leave our house, and we can sit right here.

>> In our pajamas.

>> In our pajamas, and learn how to manage our finances better.

Wes, what was our next step?

>> I'd like to get some advice to start my business.

>> "Get advice to start my business," and look, it takes us to Ohio Small Business Development Centers.

Let me schedule your appointment today.

And you are booked.

What's next on the list?

>> Next was mental health for grief.

>> Yeah.

Look, OhioHealth has free grief counseling for both of us.

♪♪ ♪♪ >> So, there's a big "if" in the room and there's an uncertainty that's kind of lingering, you know.

If BJ can help us or are we back to square one?

>> Omar, Lynette, thank you so much for your patience.

As a reminder, those minimum payments are just shy of $2,000.

That's just the minimum payments.

I know it was a lot.

It's not always comfortable talking about finances, right?

All the numbers and getting things straight.

But after we reviewed all those obligations, we want to partner with you and invest in you and let you know that we want to make a difference in your life.

And how are we going to do that is we've approved you for a loan.

We're going to consolidate all these debts for you into one payment.

The loan that we've approved you for is for a total of $14,126 to consolidate all these debts.

>> What?

>> And we're going to have it in a 72-month term for you.

And we touched on that criminal rate with the payday lenders of 699%.

How does a rate of 18% sound to you compared to 699?

>> [ Laughing ] Oh, my God.

>> Oh, wow.

>> And the most important number -- We haven't even touched on the most important number yet.

Those numbers are all great, but this number is even better.

>> Wow.

>> The most important number is your monthly.

Your minimum monthly payment obligation is going to go from just shy of $2,000 to a payment of $333 a month.

>> [ Laughs ] >> My God.

>> So your savings on that is going to be a little bit over $1,600 a month.

>> I'm crying right now because I feel such a weight off of me because it was so much money coming out every month.

And to see that financial stability, I'm preparing for college for our kids, saving, you know, putting money away for a rainy day.

I feel like all this is now possible.

>> We're grateful for you coming in because you are why we're here.

We're member-owned and operated.

You're a member of us now.

You're a member of the family.

And today is just day one.

You identified some earlier goals, and we're going to help you get there.

Obviously, it's going to take some work.

>> I can actually say that yeah, BECU did save us.

Yeah.

>> Lynette, pleasure.

Thank you so much for coming in.

I appreciate you.

Omar, I appreciate you as well.

Maybe not as much as Lynette, but you're okay, too.

Thank you so much.

>> Thank you.

♪♪ ♪♪ >> You nervous?

>> I'm nervous, but excited.

>> Okay.

Today is our meeting at SkyPoint, the CDFI, and we're just wondering if they can help us.

Hi, my name is Tanda.

>> Chris.

Nice to meet you, Tanda.

>> Nice to meet you.

>> Donnell.

>> Donnell, nice to meet you.

I'm Chris.

You guys have a seat.

>> Thank you.

>> Thank you.

>> So, I got your application online.

I know we've been e-mailing some, but what exactly brings you to SkyPoint today?

>> We have about 14 to 15 credit cards, and we have some really high interest rates that we need help with getting those interest rates down.

>> Okay.

Well, I think you've come to the right place.

We are a credit union.

I'm not sure if you're familiar with credit unions, if you've dealt with credit unions in the past, but we are owned by our members.

We are also a CDFI, which is a community development financial institution, which allows us to offer home equities that go to a higher loan to value that may allow us to wrap all of those into one low fixed-rate payment.

>> The message of SkyPoint, they provide us with a lot of support.

They make us seem like they're on our side, and they're really here to help us get out of a situation that we've dug ourselves into.

>> Yeah, right now I know with all of your debts, it looks like you're looking at about $110,000 total, and you're making a monthly minimum payment of $3,500.

So what I'm going to do, if you don't mind, I'm going to go consult with my team for a few minutes and see if there's something we can do to try to bring that number down for you.

>> Okay.

>> Sounds great.

>> Sounds great.

>> Okay?

Sounds good.

I'll be right back.

Just a few minutes.

>> Alright.

>> We've laid everything out on the table and now we're waiting for an answer.

Other situations I've been in, when people step away, it's the unknown and fingers are crossed that it is something that can help us.

$3,500.

>> That's a lot of money.

♪♪ ♪♪ >> Hello.

>> Hi.

We have an appointment with Miss Lisa.

>> Miss Lisa?

>> Yes.

>> This way.

>> Hello.

How you doing?

>> I'm Bobbye.

>> Nice to meet you, Bobbye.

>> I'm Wesley.

How are you doing?

>> Hi, Wesley.

Nice to meet you.

Lisa Lee.

Have a seat.

>> I am feeling terrified.

>> It's pretty scary knowing that our whole, like, life depends on this, knowing that if they can't help us, that we're going to lose our house.

>> So what brings you in to Pelican State Credit Union today?

>> We met with a financial coach and she sent us here.

>> Well, I'm excited to help you.

We're going to talk today.

Just, you know, give me the story about what kind of happened, what brought you to this point.

You know, because I love to get, like, the full story on individuals that I'm helping.

And I'm a little bit of a note taker.

>> That's fine.

>> We bought a house about a year ago.

>> Okay.

>> And then a month after that, we both lost our jobs within days of each other.

>> Oh, wow.

>> So we both went about a month and a half without a job.

>> Okay.

>> So that drained our savings.

He found a job.

>> Basically in retail management.

>> Okay.

>> I wasn't working at all.

And so we got behind on mortgage.

>> Just living off of my income.

>> Yeah, just one income.

You know?

And, I mean, we hear that story often, you know.

It's just some tough times right now.

>> Yeah.

I don't feel judged while sitting here with Miss Lisa because she understands life's struggles and random, crazy things happen all the time to working people and that you just sometimes just get in a hole.

But she's here to help us.

She's wanting us to be better, to succeed.

>> Now that I've kind of heard a little bit about what happened and what kind of caused you to get in this circumstance, let's talk a little bit about the debt itself.

If you don't mind, just kind of tell me a little bit more about the mortgage and, you know, what do you have outstanding?

>> Okay.

>> She is my number-- She is the numbers person.

>> [ Laughs ] I can tell.

She's organized.

>> This is the main thing that we came in for because we had applied for mortgage assistance.

So we actually have a payment due in a couple of days, and then another payment due a couple of days after that.

>> Okay.

>> And we don't have any money for any of those payments.

>> Sure, sure, I understand.

>> And I know our coach said that if we didn't get it paid, that we were going to go to short sale and we would lose our house.

>> Yeah, I know.

That's definitely not what we want.

You know, we want to see what we can do to help.

And do you have any other debt besides your mortgage?

>> Yes, we have credit-card debt and then student-loan debt.

>> The credit-card debt is around $23,000.

>> And this is the paper.

I'll show you the paper.

>> I am very embarrassed knowing that everything I've put into my work and still not making enough money to be able to pay for the mortgage, and it's depressing.

We're having to honestly ration just to make the dollars, you know, last longer.

>> Right, right, because everything's going toward trying to save the house and, you know, all of the credit cards and everything.

>> I just can't even look at bills because I know we don't have the money for it.

So it's like, why even look at it and stress out -- like, stress over it more when I know I can't pay it.

>> Right.

That's why we're here today, you know, and we're able to try to see what we can do to to help you guys out, so without Pelican's help, you'd be in a different situation and possibly lose your home.

So we definitely don't want that to happen.

Right.

Alright.

Just give me a second.

Let me see if I can step out for a moment, you know, and see what these numbers look like and what kind of recommendations we can make, okay?

>> This one conversation can end it all.

I feel like I'm failing pretty consistently.

♪♪ ♪♪ >> Alright, thank you, guys, for being so patient.

So I went over and discussed it with my team.

And I have something I think we may be able to do for you, which is going to save you quite a bit of money.

So you said right now you have about $110,000 in total debt, and you're making a minimum monthly payment of $3,500.

With what we are proposing, using the equity in your home, we can wrap everything into one fixed interest rate, bring your total monthly payment down to about $1,400 per month, which will save you over $2,000 a month in payments.

>> [ Laughs ] >> That's crazy.

>> That sounds unreal.

>> Yeah.

>> I was expecting another shoe to drop like, "You can do this, but..." But there was no but.

It just seemed like there was a weight lifted.

>> You know, bankruptcy is something that was on the table.

>> Mm-hmm.

>> And this will save us from, you know, going through something like that.

>> Without a coach, without you, we were not able to get there and you're helping us get there.

So who knew that this was here?

I had no idea that this existed.

Last week to this week, night and day.

[ Laughs ] I feel like there's hope and it just feels so good.

It feels good.

>> Well, it's very nice to meet both of you.

We're glad to have you as members of SkyPoint.

♪♪ ♪♪ >> Thank y'all so much for waiting.

I was able to kind of look at some numbers and, you know, kind of look over all of the information that you've given me to make a good recommendation.

What we can do today is offer you a loan for $20,000.

Okay?

And the payment we were looking at is $348 a month for five years.

Okay?

So what that's going to do is help you first with the mortgage because we really want to catch this mortgage up so you don't lose your house.

The remaining balance, we're going to start chipping away at the credit cards.

You okay?

>> I'm good.

>> Oh, Wesley.

You okay?

You sure?

>> Mm-hmm.

They saved our home, our kids' lives, and having that is beyond words.

>> Well, I just want to say thank you so much, you know, for sharing the story.

>> Thank you.

Thank you.

This is... >> We have been super stressed about... >> ...tons just lifted off.

>> Yes.

>> I'm gracious of them.

>> Let's take a walk out.

>> Yes, ma'am.

>> And I'll follow up with you guys next week.

>> Alright.

We'll see you next week.

>> Thank you so much.

Nice meeting you.

>> Oh, I appreciate you.

Thank you.

You're awesome.

>> [ Laughs ] You guys are awesome too.

>> To find your own opportunities, please visit opportunityknocks.net.

Next time on "Opportunity Knock$"... >> I have two kids.

I'm a single mom.

I'm a little nervous because if they cannot help me, I don't know what I'm going to do.

>> Glen.

>> Donnell Johns.

Nice to meet you.

Wherever you are, we can help.

I was like, "Where have you been?"

>> We need to fix things so that we don't lose our house.

>> So, look like you need to do your returns from '19, '20, '21 and '22.

>> Yes.

I'm ready to get started.

>> There's some teeth that will need to come out.

>> Major funding for "Opportunity Knock$" is provided by the National Council for Financial Opportunities, a nonprofit dedicated to reducing poverty and creating economic mobility by breaking down systematic barriers, increasing equitable access to capital, and making opportunity accessible to all.

Its programmatic areas of focus include financial resiliency, financial accessibility, and income adequacy.

Additional funding provided by the Wells Fargo Foundation, which seeks to strengthen historically marginalized communities by investing in pathways to economic advancement and generational wealth.

Additional funding for "Opportunity Knock$" provided by Balance... and Callahan & Associates.

♪♪ ♪♪