Personal Financial Counselor (PFC) Services Overview Combined May UTA_1.pdf• Early marriage &...
Transcript of Personal Financial Counselor (PFC) Services Overview Combined May UTA_1.pdf• Early marriage &...
Personal Financial Counselor (PFC)
Services Overview
Welcome to the PFC Program!
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Origins of the PFC Program
DoD FRS PFM PFCs
“Service members are responsible for their personal finances, and are expected to pay their just financial obligations in a proper and timely manner…”
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Financial Challenges for Service Members
Lifestyle Age Easy credit
• Frequent moves• Deployment• Spouse
employment
• Away from support system
• Early marriage & families
• Predatory businesses
• Aggressive tactics• Easy to track down
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Financial Mismanagement
WARNING: Consequences!
Military• Negative evaluation• Loss of promotion• Loss of overseas transfer• Revoked security clearance• Non-judicial punishment• Reduction in rank• Discharge
Civilian• Denial of credit• Low credit score• Repossession• Foreclosure• Bankruptcy• Jail
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PFC Service Goal
WE PROMOTE financial responsibility and accountability in money management
• Preventive financial education• Personal financial counseling• Consumer advocacy• Information and referral
HOW?
• Personal Financial Readiness• Responsibility and accountability• Stability, choice and freedom
WHY?
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PFC Services - Education
PFCs deliver training on:• Military benefits• Debt management• Spending plans• Pre-and post-deployment
preparations• Retirement
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PFC Services - Financial Counseling
We can help with:• Spending plans• Thrift Savings Plan• Debt repayment• Deployment, transition, and
retirement preparation• Tax planning
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PFC Services - Consumer Advocacy
• Identity theft
• Pay-day loans• Consumer safety and rights
• Filling out forms
• Contacting and working with creditors
• Referrals
Consumer Advocacy Services:
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PFC Services - Information & Referral
I&R Resources
Military OneSource
(MOS)
Credit unions
Veteran orgs
Relief groups
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Summary
• Family Readiness and the PFC program• Financial risk factors• Consequences of financial mismanagement• PFC program goal• PFC services
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Conclusion
Questions?
Resources
Thank you!
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Assistance includes:• Temporary Rental Assistance
• Security Deposit Assistance• Utility Assistance• Temporary Emergency Hotel/Motel Assistance
If you know of a veteran in need of assistance, please have them call our 24-hour toll-free hotline 1-866-406-8449
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Mortgage Payment Deferment
• Banks will allow deferment of mortgage payments up to three months
• Some banks will allow customers to extend deferments up to six months
• However, you will be responsible for making up the missed payments when the deferment period is over
• Banks are stating that they will offer options to make up the missed payments, such as adding missed payments to the end of the loan period
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Covid-19 Unemployment compensation
• In addition to your state unemployment
compensation, an additional $600 payment is
being offered
• The $600 payment is available for unemployment
claims during the period of April 5th, 2020 to July
31st,2020
• There will be a 13 week extension available for the
regular state unemployment portion of the
payment
• Currently unemployment payments are 4-6 weeks
behind the claims
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Credit Issues
• Negative credit reporting for the missed mortgage payments has been suspended
• Most of the major credit card issuers are offering some sort of relief to their customers, such as waiving of late fees and deferred payments
• Federal student loans are automatically reducing interests rates to zero and deferring payments automatically for sixth months
• Any questions regarding credit issues: please call Ralph Fasano for assistance
• All service members and their spouses are entitled to a free credit report and score through the FINRA military program through their PFC
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Covid-19 Stimulus funds
• A payment of up to $1,200 per filer ($500 per each child under 17 years of age)
• If you did not file your 2018 or 2019 taxes, you are still eligible for these funds as a credit on your 2020 taxes or you can still file your previous years taxes and receive the funds later this year
• If you received a stimulus check already and it is determined that you made more money than the income cap, you will NOT have to pay this money back
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Important contact information and websites
Ralph Fasano, CFPPersonal Financial Counselor571-419-4867 Email: [email protected]
United Way:https://www.unitedway.org/recovery/covid19/luw-responses?utm_source=ho
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
IRS.GOV
Check status of Stimulus payments/Tax Refunds
New Jersey Unemployment Website:
https://myunemployment.nj.gov/
Sarge Grant: https://eangus-wcfa.org/sarge-application/
500 dollars toward household expenses