Debt is not always a bad thing. It helps create credit ratings and mortgage debt can reduce a person’s taxes. Trouble rears its head when expenses are more than income and interest accrued drives personal debt higher and higher. The situation gets out of control and will destroy financial wellness if a person doesn’t get needed help.
What Causes the Trouble
Yes, some people live beyond their means but that is not true for everyone. The expenses sometimes arrive without advance notice such as the end of a college loan grace period. Medical bills, or other emergencies will arise without warning. When you add these new expenses to an existing debt a person’s budget is disrupted. The debt dilemma may need more than ordinary help. Countrywide Pre-Paid Legal Services has a financial wellness service that resolves a major crisis.
Countrywide makes use of a nationwide network of certified counselors. These are professionals who have considerable experience in helping people manage their financial wellness. The counselors are more than just a web page on the Internet site and having a face-to-face meeting with one of them is easy to arrange.
Trail of Discovery
The Countrywide counselor makes recommendations based on facts. He or she will look at the entire picture of a plan members finances. This means a budget analysis, which is thorough and revealing. It points out where the trouble can be found and, hence, how corrections are possible.
If things look nearly hopeless, the counselor will suggest a debt management plan. It is a way of taking proactive measures to avoid a financial wellness calamity. The plan itself is a road map for the creditors. It explains how a person is going to be able to honor financial commitments. The plan can ask certain things of the creditor to make the process more efficient. This can include
- lowering or waiving current interest rates;
- lowering existing payments to a more reasonable amount;
- waiving any existing fees;
- consolidating the debt into a comprehensive and affordable repayment plan.
The Countrywide debt management plan will cost a little bit more because additional services are going to be needed. It includes ongoing counseling and additional customer assistance. This can help convince creditors that the plan member is serious about the financial responsibility. We submit that the additional cost is worth it if a person is in dire straits.
There Are Additional Services
Some people are at the point of bankruptcy. The bankruptcy abuse prevention and consumer protection act of 2005 requires people who are filing for bankruptcy to undergo credit counseling within six months before they file. They must also complete a financial management instructional course before their debt is placed into bankruptcy. The Countrywide financial wellness plan can provide the appropriate agency with those certificates which show evidence of completing counseling and a personal financial management instructional course. It enables a financial wellness plan member to file for bankruptcy in compliance with the law.
Employers should take note that they may have employees who are in serious financial trouble. We have other benefits to help with other possible problem areas. We allow client organizations to choose what they want in their plan. We provide superior member services so that employees get what they need and receive courtesy and respect in the process. Our counselors are problem solvers who do not preach sermons to anyone who is facing financial problems.
Drastic financial trouble requires highly professional assistance. Countrywide will provide that, and our counselors will steer a person in the right direction. The result is a person who feels less stressed out and who appreciates more what their employer is doing for them. If you have any questions about our benefits, please feel free to contact us at your earliest convenience. We can help your employees get out of serious financial difficulties.