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BALANCE Financial Fitness Program Financial Education and Counseling as a Benefit of Membership COPYRIGHT © 2006 BALANCE FINANCIAL FITNESS PROGRAM.

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Presentation on theme: "BALANCE Financial Fitness Program Financial Education and Counseling as a Benefit of Membership COPYRIGHT © 2006 BALANCE FINANCIAL FITNESS PROGRAM."— Presentation transcript:

1 BALANCE Financial Fitness Program Financial Education and Counseling as a Benefit of Membership COPYRIGHT © 2006 BALANCE FINANCIAL FITNESS PROGRAM

2 BALANCE  A free service for members and employees  Certified counselors provide financial counseling and education by phone Money management Credit reports Housing Savings plans Debt management and bankruptcy prevention Identity theft

3 Services BALANCE services InfoLine Credit report review Money management counseling Debt management Housing education Bankruptcy prevention Nationwide non-profit referral database Educational resources

4 Member Benefits  Confidential, comprehensive counseling  Services for members of all financial situations  Provides an alternative to bankruptcy  Helps members improve their credit-ability Avoid alternative financial services Reduce debt Rebuild credit Build assets  Members pay no fees for financial counseling and debt management services

5 Credit Union Benefits  Supports mission of education  Prepares members for financial services  Provides a resource for struggling members  Offers an alternative to bankruptcy  Assists staff in helping members reach their financial goals

6 InfoLine  Immediate access to financial counselors by phone (day, evening and weekend phone hours)  Callers get answers to a wide variety of money management and credit questions  Multilingual staff  Phone access provides convenience and privacy

7 Phone Hours Eastern Time Zone Central Time Zone Mountain Time Zone Pacific Time Zone Monday thru Thursday 8 a.m. – 11 p.m.7 a.m. – 10 p.m.6 a.m. – 9 p.m.5 a.m. – 8 p.m. Friday8 a.m. – 8 p.m.7 a.m. - 7 p.m.6 a.m. – 6 p.m.5 a.m. – 5 p.m. Saturday11 a.m. – 8 p.m.10 a.m. – 7 p.m.9 a.m. – 6 p.m.8 a.m. – 5 p.m.

8 Credit Report Review  A line-by-line review of the member’s credit report Members declined for loans Members preparing to apply for a loan Members with inaccurate information Members struggling with fraud and identity theft  Counselors will review reports from most sources Free reports from bureaus with adverse action Free reports from Annual Credit Report Request Service Fee-based reports from bureaus Fee-based reports through BALANCE  Comprehensive educational materials and action plans are provided with credit report review

9 Counseling  Some calls will result in setting a counseling appointment for more detailed discussions. Money management Credit Spending and savings plans Goal setting Housing Debt repayment  Counseling appointments are offered weekdays, evenings and weekends.

10 Debt Repayment Options  Counselors explore multiple options for debt repayment  The member and counselor weigh pros and cons of each option  Member may be referred to credit union for a loan if appropriate  A Debt Management Plan may be appropriate

11 Debt Management Plans  A debt repayment plan in which payments are consolidated and made through BALANCE  Creditors may establish new payment terms including lower interest rates and payments  DMPs generally last 3 to 5 years  BALANCE does not charge any Debt Management fees

12 Housing Counseling  First time homebuyer education Money management Credit report review  Early delinquency intervention counseling Avoid foreclosure Determine options and consequences for handling mortgage delinquency  Reverse mortgage counseling

13 Bankruptcy Prevention  Help members explore alternative options  Ensure members understand consequences  Determine possibility of loan extensions and hardship programs

14 Get Familiar With BALANCE  Review the materials on our website,  Test drive BALANCE – call and ask a money management question, check your credit report or update your household budget  Services are free, confidential and convenient


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