Services and Fees
What services do you offer?
Do you have educational materials? If so, will you send them to me? Are they free? Can I access them on the Internet?
In addition to helping me solve my immediate problem, will you help me develop a plan for avoiding problems in the future?
What are your fees? Do I have to pay anything before you can help me? Are there monthly fees?
What is the source of your funding? Will I have a written contract with you?
Who regulates, oversees and/or licenses your agency? Is your agency audited? Will I work with one counselor or several?
What are the qualifications of your counselors? Are they accredited or certified? If not, how are they trained?
What information do I need to have for my first appointment (such as a list of monthly income, expenses, and most recent bill statements).
What information about me (including my address and phone number) will be kept confidential and what information will be shared with creditors?
Repayment Plan
How much do I have to owe to use your services?
How do you determine the amount of my payment? What happens if this is more than I can afford?
Can you get my creditors to lower or eliminate interest and finance charges or waive late fees? How does your debt repayment plan work? Is a debt repayment plan my only option?
What debts will be excluded from the debt repayment plan? Will you help me plan for payment of these debts?
How will I know my creditors have received their payments? Is client money put in a separate account from operating funds?
How often can I get status reports on my accounts? Can I get access to my accounts online or by phone?
Who will help me if I have problems with my accounts or creditors? What if I can’t maintain the agreed-upon plan?
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WHPE Credit Management & Counseling
List Your Creditors worksheet
List as much information as you can about each of your creditors. Don’t rely on the current balance as listed in your credit report since this information may not be up to date. Instead, use your most recent bill or contact your creditor.
Name of Creditor Minimum Payment Due Current Balance Date Of Last Payment Interest Rate % Default Interest Rate % Annual Fee Late Fees
Total $
$
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WHPE Credit Management & Counseling
Sample Letter to Your Creditors handout
Use the template below as a guide when writing to or talking with creditors. Replace the blanks with your own information.
(Creditor/Company name) (Company Address) (City, State, Zip)
Attention: Account Representative Date: __________________________
Name(s) on account: ______________________________ Account number: _________________________________ Date loan/account opened: _________________________ Total amount due: ________________________________ Monthly payment amount: __________________________
This letter is to let you know that I’m currently having some financial difficulties. I’m not able to pay the complete monthly payment on my account because
____________________.
(List your personal reason here – job loss, illness, etc.)
Looking at my financial situation, I have set up a budget for my basic living expenses and have come up with a debt repayment plan based on my reduced income. I’m contacting all of my creditors to explain my situation and to ask for a reduced payment until my situation improves.
I would like to offer a reduced payment of $_______________ per month. This is the most that I can pay regularly at this time. You can expect this amount as soon as possible until the debt is totally repaid.
I hope you find this repayment amount acceptable. I look forward to your letter of acknowledgement. Thank you.
Sincerely, (Sign your name) (Your address) (City, State, Zip)
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WHPE Credit Management & Counseling
Household Assets worksheet
What do I own? What am I willing to sell?
Cash/investment assets Current Value Cost of fees/penalties/taxes Am I willing or able to sell?
Cash on Hand Over $100
$ Checking Account $ Savings Account $ Anticipated Tax Refunds $
Money Market Funds $ $ Stocks/Bonds/CDs/
Annuities/etc.
$ $
IRA /Keogh Accounts $ $
Household Assets Price Paid Amount Owed
How much could you sell
it for? Am I willing or able to sell? Automobile #1 $ $ $ Automobile #2 $ $ $ Automobile #3 $ $ $ Computer/TV/Electronics $ $ $ Furniture $ $ $ Jewelry $ $ $
Boats / Jet Skis $ $ $
RV/ Recreational Homes $ $ $ Motorcycles / Snowmobile $ $ $ Farm Equipment $ $ $ Trailers $ $ $ Other Property $ $ $ Other: $ $ $ Total $ $ $
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WHPE Credit Management & Counseling
Checklist for Comparing Credit Cards worksheet
Think about how you will use your credit card. Do you expect to: Pay your monthly bill in full?
Carry over a balance from month to month? Get cash advances?
Once you have decided how you will use your credit card, you can use this checklist to compare cards.
Information about most of the features is given in the disclosure box that must appear in all printed credit card solicitations and applications. For more information about the disclosure box, visit
Feature Card A Card B Card C
What are the APRs?
For purchases? ___________ ___________ ___________ For cash advances? ___________ ___________ ___________ For balance transfers? ___________ ___________ ___________ If you pay late? ___________ ___________ ___________ What type of interest does the card have?
Fixed or variable? Tiered? ___________ ___________ ___________ How long is the grace period?
If you carry over a balance? ___________ ___________ ___________ If you pay off the balance each month? ___________ ___________ ___________ For cash advances? ___________ ___________ ___________ How is the finance charge calculated?
One cycle or two? ___________ ___________ ___________ Including or excluding new purchases? ___________ ___________ ___________ Average or adjusted? ___________ ___________ ___________ Minimum finance charge? ___________ ___________ ___________ What are the fees?
Annual ___________ ___________ ___________
Late-payment ___________ ___________ ___________ Over-the-credit-limit ___________ ___________ ___________
Set-up ___________ ___________ ___________
What are the cash advance features?
Transaction fees ___________ ___________ ___________
Limits ___________ ___________ ___________
How much is the credit limit? ___________ ___________ ___________ What kind of card is it?
Secured? Regular? Premium? ___________ ___________ ___________ Does the card offer other features?
Rebates, Frequent Flyer Miles, Other ___________ ___________ ___________ Adapted from the Federal Reserve Board “Choosing a Credit Card”, March 2007