Welcome, visitor! [ Register | Login

Post an Ad

The Financial Recovery Process

Financial recovery July 23, 2021

The Financial Recovery Process

When discussing the financial recovery process, we will break the process down into four basics steps:

  1. Evaluate Your Current Financial Situation
  2. Develop a Financial Recovery Plan
  3. Implement Your Plan
  4. Evaluate and Adjust Your Plan

 

As we work through the module, we will examine these steps in more detail and discuss what actions you should take for each step. There are a few things to keep in mind as we discuss the financial recovery process:

  • The financial recovery process is a slow and steady one. It can take several years to fully recover financially and repair, or rebuild, your credit.
  • You may need to ask for help along the way. This allows you to accomplish your financial recovery goals faster. For instance, a reputable financial counselor may be able to negotiate lower interest rates than you can, or you may be able to pay off your debt quicker if you seek assistance through local programs (e.g., rent, mortgage, food, and utility assistance programs).
  • You should expect to experience an occasional setback during the financial recovery process. When setbacks occur, you may need to re-evaluate and adjust your plan. However, try not to let setbacks discourage you or take you off course from your plan. By being prepared for setbacks, you will be able to adjust and recover quicker.
  • Remember that you are not alone. Many people are embarrassed to share their financial situation with others. However, you may find that it helps to talk with and learn from others who are, or have been, in a similar situation.

 

No Tags

507 total views, 1 today

  

  • Debt Collectors -Recovery Services- MA

    by on November 21, 2021 - 0 Comments

    Entity Address Telephone Bonded Collection Corporation 49 Winter Street, Weymouth, MA, 02188 (312) 279-8300 GC Services Limited Partnership  GC Services 5230 Washington Street, West Roxbury, MA, 02132 (405) 621-6414 Western Mass Credit Corp. 70 Post Office Park, Suite 7011, Wilbraham, MA, 01095 (413) 596-9977 United Collection Bureau, Inc. 15 Union Street, Lawrence, MA, 01843 (419) […]

  • FAIR DEBT COLLECTION PRACTICES ACT

    by on January 21, 2022 - 0 Comments

    FAIR DEBT COLLECTION PRACTICES ACT   The federal law, the Fair Debt Collection Practices Act (“FDCPA”), protects consumers from abusive or harassing, false or misleading, and/or unfair practices of third party debt collectors or attorneys attempting to collect debts incurred for personal, family, or household purposes. Business or agricultural debts are not covered by the […]

  • Debt Collection FAQs: A Guide for Consumers

    by on November 30, 2021 - 0 Comments

    Debt Collection FAQs: A Guide for Consumers If you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector may be contacting you. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from […]

  • Credit Counseling & Auto and Home Loans

    by on December 29, 2021 - 0 Comments

      Credit Counseling   If you aren’t disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling service. Your creditors may be willing to accept reduced payments if you enter a debt repayment […]

  • Credit Counseling Courses and Financial Management Courses : Pennsylvania (PA) USA

    by on December 13, 2021 - 0 Comments

    Financial Management Instructional Courses /Debtor Education Agencies Name,  Website , Courses Offered & Languages Supported  Debtor Education Agencies   address Affinity Federal Credit Union         Website – affinityfcu.org:      Financial Management Instructional Courses (Debtor Education) Delivery Method – Telephone :   Language (other than English) in which the service method is provided, either through a translator, written materials, or […]