Family Financial Education Foundation Mission Statement

The mission of Family Financial Education Foundation (FFEF) is to strengthen and support individuals, families, and communities by teaching them how to apply sound money management skills by providing free customized financial education, counseling, debt management programs and other related services.

We hope you might agree that FFEF’s mission is quite commendable, and we wanted to share with you just how we accomplish our mission. As you know, each consumer has a background and financial philosophy that is unique only to him and his family and though circumstances may be similar, they are never identical. For this reason, FFEF offers several services that can be customized to meet your particular situation. These services are listed in order of the gravity of the client’s financial situation.

1) Financial Education

FFEF provides many resources for consumers who want to learn to manage their finances. In 2010, approximately 420,000 4-page newsletters containing timely financial information were sent at no charge to consumers and we expect this number to grow to 480,000 in 2011. These monthly newsletters are also placed on the accesseducation.org website as well as the ffef.org website. We have also written 13 books that will be placed on the web sites this year and have made many other financial articles available to the reader as well. You will learn how to create and implement your budget, cut expenses, plan for retirement and unexpected emergencies, and teach your children about money. You can also learn about the steps to take before making a major purchase, your consumer rights, how to recognize scams and identity theft, keep financial records and be personally prepared. In addition to these financial materials, one-on-one education, coaching, and counseling services are provided by our certified credit counselors on staff.

2) Pay Accel Services

Imagine becoming debt free on your present income without increasing your debt payments. You can even pay off your mortgage in 1/3 of the time and build up a sizeable nest egg for your family’s future. This program is designed for clients with a credit score of 675 and above and who are financially able to meet all of their monthly obligations and can include unsecured and secured debt. FFEF makes monthly payments to the client’s creditors by printing checks from the client’s own bank account. Accounts remain open during this program. Call FFEF to inquire about this service.

3) Debt Management Program

If you have difficulty sticking to a budget, have been unable to work out a satisfactory payment plan with your creditors, find that your bills are increasing instead of decreasing, and you’re worried about losing your home or your car, Family Financial Education Foundation (FFEF) may have the help you need. Consumer credit counseling and a debt management program truly can help you regain the benefits of financial freedom by teaching you effective money management skills. Interest rates and minimum payments can be negotiated and accounts are closed. A debt management program can help you if:

• Your credit score is between 575 and 675
• You can no longer afford the minimum monthly payments required by your creditors
• Your monthly payments are at least 30 days late, or a sudden reduction in income will make it impossible for you to make your payments on time in the coming months
• Your credit report shows late payments
• A review of your income shows that, while you cannot afford full payments to your creditors, you do have enough income to use a debt management program
• You have a steady income
• You have not recently opened any new lines of credit or made charges on an account within the last three months

4) Call To Action Program (CTA)

If you have a credit score between 475 and 575, a budget surplus between $50-$150 and are no more than 60 days past due, and you have a viable reason to be on a hardship program, you may qualify for a Call-To-Action (CTA) program. Contact your FFEF credit counselor to discuss this option.

5) Debt Resolution Program (DRP)

If your credit score is between 450 and 475, you may qualify for the Debt Resolution Program. The program uses a proven algorithm to provide the creditor a transparent “assessment” of the consumer’s repayment capacity. Clients must be able to pay 20 to 60% of their debt back within 36 months. This new consumer debt repayment program through Credit Counseling is designed to offer consumers a regulated alternative to consumer debt settlement and bankruptcy when they do not qualify for enrollment in Debt Management Plans.

Pre-Bankruptcy Counseling Service

FFEF realizes that sometimes there is no other choice but to file for Bankruptcy. There are times that life throws us negative circumstances that we just have to deal with the best way we know how. If your credit score is below 500, and you are considering filing, the law requires that you receive credit counseling from a nonprofit approved agency within the 180 days prior to filing. You will receive a budget analysis, a debt repayment plan, and the required certificate from FFEF certifying the services have been provided.