Financial assist focuses on educating consumers about wise money management and responsible credit use. The service goal is to resolve financial distress and assist customers in creating and achieving financial goals. Counselors are knowledgeable on a wide range of financial topics; many specialize in specific areas of credit and finance to best handle complex issues.
Top ten reasons that employees use the service.
Employees will not receive specific advice or recommendation as to investment strategies nor are they referred to specific financial consultants in their community.
| Issue |
Included in Benefit |
Excluded From Benefit |
| Bankruptcy |
Has not filed yet -"thinks has to file." Has been told has to go to financial counseling as part of new Bankruptcy law |
Revisit of bankruptcy decree. Is currently in the process of filing. |
| Budgeting |
Setting up efficient household budget, budget for paying off debt. See also description under Major Life Event Planning. |
*Detailed Retirement Planning |
| Buying 1st Home |
Steps to take throughout planning, buying and closing process, federal/state programs for 1st time home buyers (help walk thru process) review of credit score and how to improve; review of credit reports (for additional fee $10); tips for working with mortgage brokers and what types of different mortgages and interest rates/impact on changes in the rate mean |
Buying commercial property. Buying 2nd home or "vacation" home |
| College Fund Planning |
See Major Life Event Planning below |
|
| Credit Card Debt |
Assistance in stopping collection calls, lowering interest rates, consolidating debt, structured/administrated payment plans, how to manage incoming funds better, where to cut expenses so can pay down debt on own, fraud issues, how to read credit report/improve credit score |
Has already filed for bankruptcy. Wants money (loan/"free" money) to help pay creditors |
| Credit Card Fraud |
Assessment and suggestions for rectifying credit card fraud-Example: Received monthly credit card statement and there are charges for items purchased at stores or locations never been to or items purchased at retailers frequented but know did not buy |
True Identity Theft |
| Foreclosure |
Consultation around the issues leading to possible foreclosure currently or in near future, options available, benefits and consequences of each option |
Foreclosure/Lien already in process on home by mortgage company/bank |
| Financial Planning |
General (NON-SPECIFIC) overview of how to access own risk "profile"; how to read a prospectus or other financial paperwork, goals for future and how to budget to meet financial goals, retirement and estate planning basics |
Evaluate funds chosen in employer-offered 401K; comparison and review of detailed financial products with a particular provider or between 2 or more different financial service providers. No referrals are made to any financial advisors |
| Identity Theft |
True identity theft is defined as: Caller indicates they received a call from a collection agency for a credit card they did not possess with debt for items they did not own, purchased in state(s) they have never been to or resided in. Pulled own credit report and found instances of cards/loans they did not take out or possess. |
Credit Card Fraud |
| Major Life Event Planning |
Planning for a big life event - options available for savings or changing behaviors. "Big Life Events" include planning for child(ren)'s college education, own education, retirement*, divorce, wedding, buying home |
Detailed Retirement Planning or Financial Planning |
| *Retirement Planning
| *See Major Life Event Planning |
Detailed Retirement planning |
| Taxes
| NONE |
ALL Questions |
