Volunteering, Credit Reports, and Dealing With Debt

Welcome to the CA$H Maine Newsletter

Volunteers Wanted!

Join CA$H Maine as a volunteer and make a difference!

We need volunteers for the following positions for the 2021 tax season:

Tax Preparers: Provide high quality free tax preparation assistance to qualified tax filers.
Opportunity Guides: Inform tax filers about financial education programs, savings opportunities, and other services to help build their financial security.
Greeters: Ensure taxpayers have a scheduled appointment and have brought or sent the required materials.

All training is provided and no experience is necessary, just an interest in helping others. Give back to your community as a CA$H Maine volunteer!

CA$H Maine places a high priority in keeping our staff, volunteers and tax filers safe and follows CDC guidelines. An expanded number of virtual volunteer positions will be available for 2021. Sign up and learn more here. For other questions contact Janet at janet.smith@maine.edu.

Finding Friendship and Helping Others

After retiring in 2018, Phil and Denise Bosse were looking for a volunteer opportunity. They both really like helping people and Phil has a secret love affair with numbers. As a small business owner, he would help young customers prepare their taxes. So he already had a sense that he would enjoy the work.

Phil and Denise did not know what to expect and honestly, were afraid to think that they could even be qualified to help people in this way. The thing that struck them both about the CA$H Maine volunteers and leaders was the obvious friendship and care they had for each other and the full support they all provided Phil and Denise during the training and during the tax preparation sessions. They were touched by the sincere emotional gratitude directed to each of them by the people who had come to Aroostook CA$H for assistance.

Read more about the Bosses here.

Review Your Credit Reports with CA$H Maine

During these times of COVID-19, accessing your credit is important. Equifax, Experian, and TransUnion are now offering free weekly online reports through April 2021. Suspicious activity or accounts you don't recognize can be signs of identity theft. Review your credit reports to catch problems early. Get your free weekly credit reports at annualcreditreport.com.

In order to provide additional support during these challenging times, CA$H Maine is offering online appointments for CA$H Maine tax filers to use Jump Credit to analyze your credit reports.

The Jump Credit analysis provides:
•   Personalized Action Plan to help you quickly identify areas to focus on.
•   Credit Score Estimate to let you know how you're doing.
•   Credit Report Card so you know what makes up your credit scores.
•   Enhanced Credit Report to give you a quick idea of what's on your credit report.

If you have no credit record or subprime credit, Jump Credit will suggest ways to build or improve your credit. If your credit is good, Jump Credit will let you know how to maintain your good credit. If you plan to apply for a loan to buy a home or vehicle, Jump Credit will provide options for increasing your credit score.

See a sample report here.

CA$H Maine volunteers are available for Jump Credit online appointments until October 15, 2020. Sign up here for an appointment. For more information contact Janet at janet.smith@maine.edu.

Dealing with debt during the coronavirus pandemic:
Tips to help ease the impact

Adapted from a blog by By Kristin Dohn, Consumer Financial Protection Bureau (CFPB)

Dealing with debt can be a stressful experience. As you plan for the potential economic impact of coronavirus, there are a number of steps that you can take to help manage debt in these difficult times.

Contact your lenders if you are at risk of missing payments
If you think you may fall behind on your payments for your mortgage, auto loan, credit card, student loan, or other debt, call your lender and explain your situation. Credit card companies and lenders may be able to offer you hardship programs, also called "accommodations," to help you. In order to receive an accommodation, you must reach out to your lender proactively.

Has a debt collector contacted you?
If you currently have a debt in collections, you can work with collectors to identify a realistic repayment plan. We have a number of resources for contacting and negotiating with debt collection companies.

Wondering how to respond to a debt collector?
Our sample letters* can help if you:

* These letters are not legal advice. You'll also want to keep copies of any letters you send.

Be careful when looking into debt relief
When researching debt relief options, make sure that you understand how the program works and potential risks of enrolling in it. There are many companies and organizations that advertise that they can help you find “debt relief” by simplifying or reducing your debt, “consolidating” your debt, or negotiating your debt. However, the actual programs offered can differ quite a lot.

Be wary of scams
Scammers seek to take advantage of consumers who are in distress. If the program seems too “good to be true,” it’s likely a scam. Avoid any debt relief or settlement organization that:

Charges any fees before it settles your debts. Upfront fees are a major red flag for debt relief services, unless it’s a non-profit credit counseling program entering you into a program like a debt management plan
Claims that it will help you take advantage of “new government programs"
Makes guarantees that it can make your debt go away
Doesn’t explain the consequences of entering the program
Won’t send you free information about services without requiring you to provide personal financial information

Also, be wary of “bait and switch” sales tactics, such as a “loan program” that requires you to enroll in a credit repair or debt settlement program first.

Consider legal representation or bankruptcy
In some situations, you may want to seek legal representation. For example, you may want an attorney if:

You are sued by a creditor
You have assets you want to protect
If you are on Social Security or other income that has certain protections from debt collection

Read the full blog here with additional resources to help with dealing with debt.

CA$H Maine is a statewide collaboration of ten coalitions, comprised of 50 non- and for-profit partners, working together to help empower Maine individuals and families to achieve long-term financial stability. Since 2003, we have offered free tax preparation to qualified filers during tax season and educated hard-working families and individuals about programs in the community that can increase their income, reduce debt, and build savings. CA$H Maine is a year-round resource, providing outreach and education about ways you can make the most of your money.

To find a coalition near you click here.

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