Financial Solutions DMP Newsletter Spring 2021
Feb 03, 2021
Financial Solutions, DMP, Newsletter
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Should I consider refinancing my home?
Mortgage rates remain at an all-time low. You may be considering a refinance, leveraging home equity to reduce monthly payments. Lenders may suggest rolling DMP debt into the new loan. While this may be a viable option for some, there are important comparisons to make before including unsecured debt in the arrangement. Your FamilyMeans counselor is available to discuss details and answer your questions so that you can make an informed decision.
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What is the best way to use my tax refund/stimulus money?
The answer depends on your individual financial situation. Once you have a monthly
spending plan (budget) in place, you can decide if you would benefit the most by...
- Reducing monthly fixed obligations by paying 12 months in advance
- Applying the funds to reduce credit debt balances and monthly payments
- Building a savings account
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How to Stay on Track for a Successful End to Your DMP
Make your monthly payment consistently.
Sign up for automatic payments (ACH) or use SmartPay.
Watch your creditor billing statements to see that
your payments are posting and the Annual Percentage Rate (APR) is correct.
If it has been more than 6 months since we have seen your creditor statements, please mail, scan, or fax them to us. Just one statement per account.
If you see something questionable, report this to us.
Communicate your questions or concerns.
Follow your spending plan.
Contact us at 651-789-4006 or 1-800-780-2890 if you need help.
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Did you know?
Financial Solutions is just one of six programs at FamilyMeans.
Our other programs include:
Counseling & Therapy | Caregiving & Aging | Employee Assistance
Youth Development | Center for Grief & Loss
Here to support individuals and families through life's challenges.
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COVID-19 Update
For FamilyMeans, the health and safety of our clients, staff, and the greater community is a top priority. Since the beginning of the COVID-19 pandemic, our staff have diligently monitored the rapidly changing circumstances, and followed the guidance of public health officials in implementing the best policies to slow down the virus transmission and do our part to keep the community safe.
We are here for you via phone or email. If you are struggling due to the effects of the pandemic, or other financial challenges, and need to review your account, do not hesitate to contact us.
We are closely monitoring creditor communications and working with the National Foundation for Credit Counseling (NFCC) to assure we are offering all repayment and budgeting options that are available.
FollowFamilyMeans on Facebookor visit our website regularly for updates to information regarding COVID response and support.
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FamilyMeans Financial Solutions, DMP
1875 Northwestern Ave. S. | Stillwater, MN 55082
(651)-789-4006 | (800) 780-2890 | DMPFS@FamilyMeans.org
FamilyMeans.org
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