Wescom Financial to offer debt relief to Los Angeles wildfire survivors
Wescom Financial is partnering with ForgiveCo to erase $10 million in consumer debt for residents impacted by the 2025 Los Angeles wildfires.
The Pasadena-based credit union's charitable foundation joins with the public benefit corporation to make it happen, and they are starting to reach out to select consumers to deliver the good news.
Darren Williams, Wescom president and CEO, said that they are starting to notify wildfire survivors this week through letters, emails, and text messages.
"We'll let them know that Wescom Financial and through our foundation, Wescom Foundation, and ForgiveCo, who is our partner in this, that we have acquired and we have paid off the debt," Williams said.
He said the goal is to lessen the burden for consumers in the Alta Dena and Pacific Palisades communities through this difficult time.
"We have identified those who are struggling to keep current on their obligations, acquired those obligations, whether they be medical bills, credit card debt, consumer loans, auto loans, and we've acquired those and are forgiving them so that the consumers have one less thing to worry about," Williams said.
The program includes various phases, starting with phase 1 of $5 million in forgiveness funds. This will be followed by two more phases, resulting in $10 million in debt forgiveness, taking place over the next two years.
"It's just very personal for us," Williams said of the Wescom credit union group. "We happen to be in Pasadena, so we were able to assist during the early stages of the fire relief, evacuation support."
