Personal Financial Counselor (PFC)

Services Overview

Welcome to the PFC Program!

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Origins of the PFC Program

DoD FRS PFM PFCs

“Service members are responsible for their personal finances, and are expected to pay their just financial obligations in a proper and timely manner…”

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Financial Challenges for Service Members

Lifestyle Age Easy credit

• Frequent moves• Deployment• Spouse

employment

• Away from support system

• Early marriage & families

• Predatory businesses

• Aggressive tactics• Easy to track down

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Financial Mismanagement

WARNING: Consequences!

Military• Negative evaluation• Loss of promotion• Loss of overseas transfer• Revoked security clearance• Non-judicial punishment• Reduction in rank• Discharge

Civilian• Denial of credit• Low credit score• Repossession• Foreclosure• Bankruptcy• Jail

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PFC Service Goal

WE PROMOTE financial responsibility and accountability in money management

• Preventive financial education• Personal financial counseling• Consumer advocacy• Information and referral

HOW?

• Personal Financial Readiness• Responsibility and accountability• Stability, choice and freedom

WHY?

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PFC Services - Education

PFCs deliver training on:• Military benefits• Debt management• Spending plans• Pre-and post-deployment

preparations• Retirement

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PFC Services - Financial Counseling

We can help with:• Spending plans• Thrift Savings Plan• Debt repayment• Deployment, transition, and

retirement preparation• Tax planning

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PFC Services - Consumer Advocacy

• Identity theft

• Pay-day loans• Consumer safety and rights

• Filling out forms

• Contacting and working with creditors

• Referrals

Consumer Advocacy Services:

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PFC Services - Information & Referral

I&R Resources

Military OneSource

(MOS)

Credit unions

Veteran orgs

Relief groups

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Summary

• Family Readiness and the PFC program• Financial risk factors• Consequences of financial mismanagement• PFC program goal• PFC services

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Conclusion

Questions?

Resources

Thank you!

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Assistance includes:• Temporary Rental Assistance

• Security Deposit Assistance• Utility Assistance• Temporary Emergency Hotel/Motel Assistance

If you know of a veteran in need of assistance, please have them call our 24-hour toll-free hotline 1-866-406-8449

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Mortgage Payment Deferment

• Banks will allow deferment of mortgage payments up to three months

• Some banks will allow customers to extend deferments up to six months

• However, you will be responsible for making up the missed payments when the deferment period is over

• Banks are stating that they will offer options to make up the missed payments, such as adding missed payments to the end of the loan period

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Covid-19 Unemployment compensation

• In addition to your state unemployment

compensation, an additional $600 payment is

being offered

• The $600 payment is available for unemployment

claims during the period of April 5th, 2020 to July

31st,2020

• There will be a 13 week extension available for the

regular state unemployment portion of the

payment

• Currently unemployment payments are 4-6 weeks

behind the claims

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Credit Issues

• Negative credit reporting for the missed mortgage payments has been suspended

• Most of the major credit card issuers are offering some sort of relief to their customers, such as waiving of late fees and deferred payments

• Federal student loans are automatically reducing interests rates to zero and deferring payments automatically for sixth months

• Any questions regarding credit issues: please call Ralph Fasano for assistance

• All service members and their spouses are entitled to a free credit report and score through the FINRA military program through their PFC

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Covid-19 Stimulus funds

• A payment of up to $1,200 per filer ($500 per each child under 17 years of age)

• If you did not file your 2018 or 2019 taxes, you are still eligible for these funds as a credit on your 2020 taxes or you can still file your previous years taxes and receive the funds later this year

• If you received a stimulus check already and it is determined that you made more money than the income cap, you will NOT have to pay this money back

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Important contact information and websites

Ralph Fasano, CFPPersonal Financial Counselor571-419-4867 Email: PFC1.NJ.NG@Zeiders.com

United Way:https://www.unitedway.org/recovery/covid19/luw-responses?utm_source=ho

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IRS.GOV

Check status of Stimulus payments/Tax Refunds

New Jersey Unemployment Website:

https://myunemployment.nj.gov/

Sarge Grant: https://eangus-wcfa.org/sarge-application/

500 dollars toward household expenses