The recovery from the COVID-19 pandemic has been a rocky road for some employees. They may have been having financial problems before the crisis and got a reprieve with the stimulus checks. Not having to pay apartment rent or school loans might also have helped. However, any holiday from financial responsibilities is going away. Those with money problems discover those debts didn’t go away, and their financial resources are strained to the breaking point. Bankruptcy and foreclosure could be real threats.
A Widespread Problem
Those facing bankruptcy are not alone at all. The government assistance only delayed the inevitable for some. A false sense of security caused these people to delay filing, and the pause permitted them to acquire even more debt. They now are in deep trouble.
Advice that Matters
An individual can avoid getting into severe financial trouble by getting their house in order. Unfortunately, that starts with the personal budget, and many folks do not have one. So, they live from paycheck to paycheck instead.
Countrywide Pre-Paid Legal Services has a nationwide network of certified financial counselors who address common financial wellness problems with plan members. A primary tool our counselors will use is budget analysis. A Countrywide counselor examines the cash flow of a person to see if any improvements will help. The financial professional will then work with the plan member to construct a workable budget.
That means a budget that will pay the bills and is flexible enough to respond to any sudden emergency, with some cash left over for savings. The counselor relies on experience to advise a person on how to readjust spending, paying off credit cards, and getting rid of subscriptions that are not used. Tips on how to use money wisely are all part of the budget analysis process. The result is a money blueprint offering the discipline required to maintain financial stability.
When Disaster Appears
The quarantine period was enough time for people to develop some terrible spending habits. Basic advice may not be enough to get them out of trouble. Countrywide has a program that responds to the additional needs. It is our Debt Management Plan.
This is a unique service for those who have deep financial wellness trouble. The Debt Management Plan goes beyond our primary services. Participants are given additional counseling and customer assistance that can help consolidate debt into an affordable repayment plan, among other positive developments. The Plan does cost a little bit extra, but it is well worth the cost.
There are financial wellness plan members for whom there is no alternative but a bankruptcy filing. Countrywide can help a person go through this sometimes-traumatic experience. We will provide an approved agency that can issue the certificates showing completion of the counseling and/or personal financial wellness management instructional course required by the Bankruptcy Code. In addition, Countrywide will offer the debtor education course that meets the financial education requirement of bankruptcy.
Clients are Part of the Process
Our financial wellness plan is the product of a partnership between Countrywide and the client. We ask a prospective client to select those Countrywide options that will meet the needs of the client’s workforce. Then, we furnish the administration and the member services for the finalized program.
Concern and Empathy
Financial chaos is very stressful for a person and is shameful for many. We do not want any financial wellness plan member to feel embarrassed or hesitate to seek our assistance. Our counselors are recruited for financial expertise and emotional intelligence. These money experts listen and do not preach. Every plan member can feel comfortable working with a counselor in an environment that practices social distancing and safety.
Many will need to adjust to a new normal as the dangers of COVID-19 pass into history. We can assist in making the changes easier to handle. If you have any questions about our services, please feel free to contact us at your convenience. Countrywide is ready to be of service!