The reason why Colville Tribal Credit supports holds on per capitas

Tribal Credit supports holds on per capitas for delinquent borrowers. We understand these are tough economic but these payments ensure future generations will have a Tribal Credit with enough money to fund our yearly allocations for our home loan, home refinance, consumer loan, vehicle loan and land purchase programs. Reasons we support the holds are for the following; the customers have signed an assignment of per capitas and an assignment of trust income when they received their loan from tribal Credit. The last reason we support per capita holds are to collect payments from customers to ensure we have cash flow to lend to future borrowers.

During the closing process our customers sign, among other documents, an assignment of per capitas as security for their loan(s). The assignment of per capita says – I, Mr. Payback Debt (fictitious customer name), being of sound mind, hereby assign to Colville Tribal Credit Corporation as a security interest, all “Colville tribal per capita payments,” including future per capitas payments that arise after the date of this assignment. This assignment excludes the Grand Coulee Dam settlement but has other language to ensure payment of per capitas. The borrower signs the assignment of per capitas.

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