Financial Counseling

If you are an internet client and have already been given a user name and password, please select the Client Login button at the top right hand side of your screen to access your program.

The Institute’s Financial Counseling services are designed for individuals or couples who are concerned about their cash flow or how much debt they have. Financial Counseling helps determine how serious the problem is, and is available nationwide by internet and telephone. 

Unlike credit counseling and debt management organizations, the Institute does not offer debt management programs, debt settlement services, credit repair services or financial products or any type.  By focusing on financial counseling and education, the Institute avoids conflicts of interest and is able to provide its clients with neutral and unbiased information that they can use to take control of their financial futures.

 

A Financial Counseling session:

• Is available in all states by internet and/or telephone
• Helps you create a budget based on your current spending
• Compares your spending to national averages
• Discusses common causes of financial distress
• Helps you determine if there is a problem
• Provides you with recommendations specific to your situation
• Takes approximately 1 hour to complete

 

What do I need?

To complete this program, clients will need to provide enough information to construct a monthly budget for analysis. We recommend that clients gather the following information before starting their counseling session:

• Pencil, paper and calculator
• Income records, such as pay stubs or support checks
• Tax payments including home and auto taxes
• Monthly bills
• Support or assistance paid
• Any insurance premiums paid
• An estimate of home and auto repairs
• An estimate of medical expenses
• An estimate of other purchases
• Balance and minimum monthly payments for unsecured debts

The Institute for Financial Literacy will not collect asset information.

 

How much does it cost?

The cost of the Institute’s Financial Counseling session is $50 for a household (single or couple) regardless of whether it is done through the internet, by telephone or in person.  This fee will be waived for clients whose total household income is at or below 150% of the Federal Poverty Level upon request.

 

How does it work?

Internet Counseling (All States)
Internet counseling is ideal for clients with internet access at home, a friend's house or the local public library. It uses a simple text interface so it is accessible even to older clients. The process for internet counseling clients is as follows:

1. Client signs up for the program by calling 1-866-662-4932.
2. Client receives their user name and password or an email with instructions on creating their own.
3. Client logs in to the system using their unique user name and password to begin the program.
4. Client goes through informational screens and budget analysis.
5. Client does not have to complete the program at one time.  When a client leaves the program, they pick up where they left off when they return.
6. After a client completes the online portion of the program, they must call the toll free number (1-866-662-4932) and speak with a counselor who will review their information and address the client’s questions, if any.

 

Telephone Counseling (All States)
Telephone counseling is ideal for clients without internet access. The process for telephone counseling clients is as follows:

1. Client signs up for the program by calling 1-866-662-4932.
2. Client immediately completes the counseling session (no appointment required).

 

In Person Counseling (Maine Only)

1. Client signs up for the program and sets an appointment by calling 1-866-662-4932.
2. Client completes counseling session at the Institute's offices.

 

To Get Started

All clients, including internet clients, must call the Institute and speak with a counselor or educator to set up their service.  We do this to make sure we provide you with the correct service, answer all of your questions, and give you important information that you will need.

1. You will need to have the following information ready before you call:
   1. Your most recent bills, checkbook, and pay stubs; and
   2. A list of your debts, including minimum monthly payments and balances due.
      
      
2. When you call, you will need to provide payment in one of 3 ways, unless you qualify for free services as described above:
   1. Debit card. You will need to have your own debit card with you when you call.
   2. Electronic Withdrawal from your Checking or Savings Account. You will need your account number and your bank’s routing number when you call.
   3. Check or Money Order. You can mail payment in after signing up, but you will not be able to begin your session until your payment is received
   4. NO CREDIT CARDS ARE ACCEPTED!!!!!
      
      
3. Call 1-866-662-4932 during the Institute’s hours of operation and follow the instructions. If you are calling during a busy time you may have to wait up to 15 minutes before you can speak to someone, but normally you will be able to speak with someone in less than 5 minutes.  We understand that it can be frustrating to wait on hold, and appreciate your patience.  Someone will answer your call as quickly as possible.
   
   
4. When you reach a counselor or educator, tell them you are calling to sign up for a Financial Counseling session, and whether or not you are considering filing for bankruptcy.

 

If you are confused about anything, just let the counselor or educator know and they will explain your options and help you get started.

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