Finding Debt Help

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One of the questions we frequently get asked at the Washington Department of Financial Institutions (DFI) is where can I go to get help with my debt?
 Credit counseling agencies work with you to solve your financial problems. These organizations offer services through local offices, the internet, or via phone.
 Credit counselors will discuss your financial situation with you, and help you develop a personalized plan to solve your money problems. Credit counselors typically negotiate lower payments with your creditors, and then make payments using money you send them each month.
 Ask these questions when seeking a debt counselor:

1. What are your fees?
   Ask what fees you will be charged. Specifically, ask about any set up fees.
2. How will the debt plan work?
   Ask for details on how the debt management plan will work. Which debts can be included in the plan and will you receive balance updates?
3. Ask for a contract.
   All verbal promises should be in writing before you pay any money.
4. Are you accredited or certified?
   Legitimate credit counseling firms are affiliated with either the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies.
5. Check if any complaints have been filed.
   Check with the Better Business Bureau to see if any complaints have been filed against the counseling service.

Finding a Credit Counseling Agency near You
 Both the National Foundation for Credit Counseling and the Association of Independent Consumer Credit Counseling Agencies allow you to search for counselors near you via their websites.
 Visit http://www.nfcc.org/FirstStep/firststep_01.cfm or http://www.aiccca.org
 Warning on Debt Settlement Scams
 Be wary of organizations that pressure you to enter debt settlement programs and charge substantial up-front fees. Also be wary of organizations that promise to remove accurate, but negative information from your credit report. The Federal Trade Commission says that negative information, if it is accurate, cannot be removed legally from your credit report.
 Debt Consolidation vs Credit Counseling
 Many people confuse debt consolidation services and credit counseling services. Debt consolidation typically involves taking out a new lower interest loan to pay off multiple high interest debts. The consolidation loan is generally secured against the borrower’s assets such as a home or a car. For more information on the difference between debt consolidation and credit counseling visit the FTC website at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre19.shtm.

Top Consumer News for Week

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Here's a roundup of news from this past week of interest to Washington consumers:

American Express to Compensate Customers for Illegal Practices
The Consumer Financial Protection Bureau announced that American Express must repay an estimated $85 million to approximately 250,000 consumers. American Express will return the money directly into the accounts of the affected consumers.

Federal Trade Commission Halts Tech Support Scams
The Federal Trade Commission has launched a major international crackdown on tech support scams in which telemarketers masquerade as major computer companies, con consumers into believing that their computers are riddled with viruses, spyware and other malware, and then charge hundreds of dollars to remotely access and “fix” the consumers’ computers.

Investor Bulletin: Hedge Funds
The Securities and Exchange Commission released a bulletin to educate investors about hedge funds.

FDIC Warns of Fraudulent Emails
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of fraudulent e-mails that have the appearance of being sent from the FDIC.

Advance Payday Loan Not Licensed to Offer Payday Loans in WA
DFI is warning Washington residents that Advance Payday Loans, using the website 2000loans.net, is not licensed to offer payday loans in Washington state.

Washington Foreclosure Prevention Resource Guide Updated (pdf)
The Seattle King County Asset Building Collaborative has updated and revised the Washington Foreclosure Prevention Resource Guide.

Protecting Yourself from a Loan Modification Scam

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Today, DFI announced that we have filed 40 Statements of Charges against businesses preying on Washington homeowners facing foreclosure.

None of the companies or individuals charged with offering these so-called mortgage rescue services are licensed with DFI, a requirement that provides essential consumer protections. In addition, none of the attorneys charged are licensed with the Washington State Bar Association (WSBA) to practice law in the state.
With this multi-company sweep, DFI intends to send a clear message to unlicensed individuals and companies taking advantage of Washington consumers — “You are not welcome in this state.”

More information about today’s announcement: www.dfi.wa.gov/consumers/news/2012/loan-modification-companies.htm.
  Protect Yourself from Loan Modification Fraud

Homeowners facing foreclosure need to check the licensing status of companies offering residential loan modification services with DFI, and to check the licensing status of attorneys offering those services with the WSBA.

• Work Only with Licensed Individuals and Companies
  Make sure you’re dealing with a licensed individual. Companies and individuals must be licensed under Washington’s Mortgage Broker Practices Act, or Consumer Loan Act, before offering to modifying your loan, or taking money from you. Verify a license with DFI at www.dfi.wa.gov or by calling 1.877.RING DFI (746-4334).
  
  Some companies claim they do not need to be licensed in Washington because they are licensed in another state. This is not true.
• Work Only with Licensed Attorneys
  Some companies also claim they don’t need a license because there is an attorney involved in the process. That alone is not an exemption from licensing. Attorneys from other states must be licensed to practice law in Washington if they are providing you with legal advice. Verify their law license with the Washington State Bar Association at www.wsba.org.  
• Read and Understand All Documents
  Be sure to carefully read and understand any documents you are asked to sign. Do not sign anything you do not understand. 
• Refuse to Allow Direct Access to Checking Accounts or Credit Cards
  Protect your money and refuse to allow direct access to your accounts. 
• Consider Your Options
  You can contact your lender yourself to seek a loan modification.
  
  Also, consider taking advantage of free homeownership counseling to see if you qualify for other tpes of mortgage assistance. Visit www.homeownership.wa.gov for more information.

National Save for Retirement Week

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October 21-27, 2012 is National Save for Retirement Week. Organizations across the country and the state of Washington are raising public awareness about the importance of saving for retirement.

Americans’ confidence in their ability to afford a comfortable retirement is stagnant at historically low levels according to the Employee Benefit Research Institute’s 2012 Retirement Confidence Survey. According to the survey, just 14% of workers are very confident that they will have enough money to live comfortably in retirement.

 This week, be sure to take advantage of the free information and resources made available by DFI and our partners. Consider looking at your retirement strategies, plans, and needs as well.

Resources

Washington State Department of Retirement Systems
The Washington State Department of Retirement Systems has setup a Save for Retirement Week website with new video tips posted each day for state employees. View the website at http://drs.wa.gov/retirement-planning/ns4rw/index.html.  

Free DFI Publications
DFI, in partnership with the Investor Protection Trust, offers free investor education publications available in hard copy or PDF formats. Topics covered include: stocks, bonds, mutual funds, retirement saving strategies and much more. Visit http://dfi.wa.gov/sd/investor_education.htm for more information.

 Local Financial Education Classes
Organizations across Washington are offering financial education classes for free. Attend a topic of interest to you. Visit http://dfi.wa.gov/financial-education/calendar.htm to find a class near you. 

ChooseToSave.org
ChooseToSave.org offers online tools and information to help you save for retirement. Their Ballpark E$timate tool is a great place to start. The tool allows you to quickly identify approximately how much you need to save to fund a comfortable retirement.Visit http://choosetosave.org for more information.

Avoid Hurricane Sandy Charity Fraud

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We know far too well: wherever the headlines are - scammers will strike.

Washington residents should do due diligence before giving to anyone soliciting donations on behalf of hurricane victims. Solicitations can originate as emails, websites, door-to-door collections, mailings, telephone calls, and other similar methods.

Protect Yourself When Donating to Charities
If you are asked to make a charitable donation to help people in disaster-affected areas, consider these tips from the Federal Trade Commission on giving wisely:

• Donate to charities you know and trust. Be alert for charities that seem to have sprung up overnight. You can verify the a charity is registered to do business in Washington by checking with the Secretary of State website at www.sos.wa.gov/charities/search.aspx  
• Ask if the caller is a paid fundraiser, who they work for, and what percentage of your donation goes to the charity and to the fundraiser. If you don’t get a clear answer — or if you don’t like the answer you get — consider donating to a different organization.
• Do not give out personal or financial information. Do not give out your personal information such as your credit card or bank account number – unless you know the charity is reputable.
• Check out a charity before you donate. Contact the Better Business Bureau’s Wise Giving Alliance at www.give.org.  

Investors: Beware of Hurricane Sandy Investment Pitches
The North American Securities Administrators Association (NASAA) is also warning investors to beware of Hurricane Sandy investment pitches.

Investors should beware of cold-calling telephone salespeople, advertisements, and Internet postings that promote investment pools or bonds to help storm victims, or tout water-removal or purification technologies, electricity-generating devices and distressed real estate remediation programs should be a red flag for investors.

For more information about Hurricane Sandy related investment fraud, visit www.nasaa.org/17185/nasaa-warns-investors-to-watch-for-sandy-scams/

Report Fraud
Suspected fraudulent activity pertaining to relief efforts associated with Hurricane Sandy should be reported to the toll-free National Center for Disaster Fraud hotline at 866-720-5721. The hotline is staffed by a live operator 24 hours a day, seven days a week, for the purpose of reporting suspected scams being perpetrated by criminals in the aftermath of disasters.

Learn Chinese Calligraphy at the Bridgewater Library

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Fred Hsu will teach Chinese Calligraphy on Saturday, October 13th at 1:00 pm in the Bridgewater Library Meeting Rooms A,B,C.

Bridgewater Library
1 Vodt Drive
Bridgewater, NJ 08807
908-526-4016
www.sclsnj.org

Chinese calligraphy, the writing of characters, is an art which has developed over many centuries in China. Fred Hsu has been practicing calligraphy since 1971. His expertise is with Lishu, known as the clerical script and the most common 'regular' script called Kaishu.

You must register to attend. Click on this link to sign up: http://bit.ly/R7vY7w.

Patrons with further questions can call the Bridgewater Library at (908)526-4016 or visit the website at http://www.sclsnj.org. The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, Manville, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung.

The Bridgewater Library presents Society of Children's Book Writers and Illustrators Networking Night

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The Society of Children's Book Writers and Illustrators Networking Night
October 23, 7-8:30PM

Bridgewater Library
Meeting Rooms ABC
1 Vogt Drive
Bridgewater, NJ 08807
908-526-4016
www.sclsnj.org

Join us at the Bridgewater Library for an evening of mixing and mingling with newly appointed Regional Advisor Leeza Hernandez. Learn more about the Society of Children's Book Writers and Illustrators (SCBWI) and how this group can work for you. Hear from local authors and how SCBWI helped them to get published.

Stay after the event for networking and light refreshments.

This event is FREE. Registration is required. Call Adult Services, 908-526-4016 x105, to sign up, or register online at www.sclsnj.org. Or click on this link: http://bit.ly/SFbmSD.

Patrons with further questions can call SCLS at (908)526-4016 or visit the website at http://www.sclsnj.org. The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, Manville, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung.