Debt getting in your w ay? - PowerPoint Presentation

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Debt getting in your way?

Get a handle on it

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DISCLAIMER

This presentation is being made by a Consumer Financial Protection Bureau representative on behalf of the Bureau. It does not constitute legal interpretation, guidance or advice of the Consumer Financial Protection Bureau. Any opinions or views stated by the presenter are the presenter’s own and may not represent the Bureau’s views.

This document includes links or references to third-party resources. The inclusion of links or references to third-party sites does not necessarily reflect the Bureau’s endorsement of the third-party, the views expressed on the

third-party

site, or products or services offered on the third-party site. The Bureau has not vetted these third-parties, their content, or any products or services they may offer. There may be other possible entities or resources that are not listed that may also serve your needs.Slide3

Debt getting in your way?

Overview of the training and introductionsSlide4

Training objectives

Understand the content of

Debt getting in your way?

Be able to identify moments in which you could introduce the tools to the people you serve

Be able to use its tools to help people take steps to reach their financial goals

Understand how this resource complements the information and tools in the full

Your Money, Your Goals

toolkit

Have an increased understanding of the Consumer Financial Protection Bureau and be able to access and refer people to its resourcesSlide5

Training objectives, continued

Prepare you to train on

Debt getting in your way?

Colleagues within your organization and partner organizations

One-on-one and group settingsSlide6

Debt getting in your way?

Introduction to the CFPB and financial empowermentSlide7

Consumer Financial Protection Bureau

We are a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives.

Introduction to the CFPBSlide8

Office of Community Affairs

Part of the CFPB’s Division of Consumer Education and Engagement

Serves populations who may lack full, affordable access to financial services

Low- to moderate-incomes

Low wealth

Otherwise financially underserved or vulnerableSlide9

Financial empowerment

What is financial empowerment?

How is it different from financial education, financial literacy, financial capacity, or other commonly used terms?

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Financial empowerment and service providers

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Your Money, Your Goals toolkit

The toolkit (English, Spanish, and Mandarin)

The training (English and Spanish)

Implementation guide

Resource and referral guide

Sample survey instruments

The suite of

Your Money, Your Goals

resourcesCompanion guides for special populations

Focus on Native Communities

Focus on People with Disabilities

Focus on Reentry

Access electronic materials and order printed copies online:

consumerfinance.gov/your-money-your-goalsSlide12

Behind on bills?

Available in English and Spanish

Debt getting in your way?

Want credit to work for you?

Building your savings?

Specially formatted copies available for correctional facilities

The suite of

Your Money, Your Goals

resources

Access electronic materials and order free printed copies online:

consumerfinance.gov/your-money-your-goalsSlide13

Debt getting in your way?

Get a handle on it.Slide14
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Introductions

Your name

Where you work and who you serve

How are you using the

Your Money, Your Goals

family of resources in your work? (Or how do you

plan

to use

Your Money, Your Goals materials?)Slide16

Exploring

Debt getting in your way?

Use a pencil and sticky notes to annotate your copy or jot down notesSlide17

Table of contents

Eight tools related to debt

Blue-Green

– can be used to take stock of your debt situation

Yellow

– can be used for planning

Red

– can be used for immediate challenges and needsSlide18

Tool structure

Tool description

Worksheet

A step further

Unfold…

…refold and turn pageSlide19

Debt action plan

Set goals to build toward the future you want

Take steps to get a handle on debt and achieve your goals

Identify resources that can help you

Track your progress

Pick a payback strategy that works for youSlide20
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Debt action plan:

A step furtherSlide22

Debt log

See a full picture of all your debt payments

Figure out when you will pay off your debts with your current repayment plan

Remember when all your debt payments are due

Understand how much money you may be able to put towards paying down debt fasterSlide23
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Debt log: A step furtherSlide25

Credit report

Get free copies of your credit reports

Understand what's included in your credit reports

Check your credit reports for errors and signs of identity theft

Dispute any errors you findSlide26
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Credit report: A step furtherSlide28

Prioritizing debt payments

Understand the consequences of missing or delaying payments when you can't pay the monthly minimum

Figure out the trade-offs in your situation

Create a plan to make this month's most important debt paymentsSlide29
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Prioritizing debt payments: A step furtherSlide31

Dealing with debt collectors

Take action to verify

whether the claim is valid

Know how to dispute

the claim if you do not owe the debt

Know what to do next

if you do owe the debtSlide32
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Dealing with debt collectors: A step further

Resources:

CFPB resources on debt collection

Submit a complaint

Debt counseling

Finding an attorneySlide34

Student loan checklist

Find out if your loans are federal or private

Identify your loan payback status

Determine your eligibility for an income-driven or alternative repayment plan

Talk to your loan servicer about enrolling in a more affordable repayment planSlide35
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Student loan checklist:

Additional informationSlide37

Seasonal snapshot

Think about expenses that led to debt last year

Plan for expenses that could lead to debt this year

Take action to keep these kinds of expenses from turning into new debtSlide38
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Seasonal snapshot:

A step furtherSlide40

Resource cards

Connect to resources to

Get

your mortgage back on track to save your home

Manage

medical bills

Deal

with debt

Get a response from banks and debt collectorsFind a lawyerSlide41
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Resource cards:

A step furtherSlide43

ClosingSlide44

How will you use the tools?

Throughout the training you have attached sticky notes to your booklet

Place the sticky notes on the appropriate flip chart page

Work together to categorize the notes placed by the group

Report out the similarities and differences in potential usageSlide45

Wrapping up

How will our organization share this resource with our staff and volunteers?

How will they share it with the people we serve?Slide46

Closing

Visit

consumerfinance.gov/your-money-your-goals/

to

Order and download

Your Money, Your Goals

materials, including

Debt getting in your way?

Sign up to receive Your Money, Your Goals email updates.Let us know what you think!Let us know how you use Debt getting in your way?

with economically vulnerable people that you serve.

News of your successes and constructive feedback helps the CFPB to develop new resources and enhance existing resources.

Email

YourMoneyYourGoals@consumerfinance.gov

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Training others on

Debt getting in your way?Slide48

Varying training methods tool-by-tool

Demonstrate and apply

Experience and reflect

Role play (in-person trainings)Slide49

Materials needed

One copy of

Debt getting in your way?

for each participant

Photocopies of each tool (In a folder or clipped together)

Pens or pencils

Markers

Sticky notes (15-20 per participant)

Flipchart(s) to use as “parking lot”