Author: Noelle Carter

Debt

Helping America Achieve a Debt Free Future!

The COVID-19 Pandemic has led to hardships for our neighbors, communities and our nation. Consumer Credit Counseling Service (CCCS) continues to focus on coaching people through personal financial struggles and placing them on a path to achieve their short term and long term financial goals.

CCCS took a pause on our expansion plans to focus on adjusting our operations to accommodate ease of efficient and effective remote work, but in 2021 we are strongly positioned to continue to expand throughout the U.S. so that we can help even more consumers who are in need of a trusted financial counseling organization. As of January, we now offer services to residents in Ohio!

More to come. If you or someone you know needs assistance with creating a plan to becoming debt free, please call 1-800-926-9685 or (716) 712-2060. 

Taxes

Help Us Advocate for Increased Volunteer Income Tax Assistance (VITA) Funding!

The Consumer Credit Counseling Service Niagara County Financial Literacy & Empowerment Coalition has run a VITA FREE Tax Prep Program for the past 7 years. VITA (it stands for Volunteer Income Tax Assistance) helps low income individuals and families file their taxes—and access eligible tax credits, like the Earned Income Tax Credit, which ranges from $506-$6,269. It saves people hundreds of dollars in unnecessary tax preparation fees and helps them avoid refund anticipation loans and inflated filing fees.

The average cost of tax prep is around $300 and refund anticipation loans typically cost about $200 per filer. This makes the cost of filing taxes $500 or more!

This problem is compounded by the plentiful for profit tax prep companies that specifically operate in low income neighborhoods, making it so easy for people to get their taxes done…as long as they ignore the high cost. There are over 40 of these predatory companies in Niagara Falls and Lockport and sadly only a few FREE Tax Prep Programs like ours.

VITA services ensure that low income families can easily and properly access the money they are entitled to. In 2020, some VITA programs helped with accessing stimulus payments as well.

In these uncertain times, VITA should be a steady source of help for families.

We are asking you to advocate for increased VITA funding, during this pandemic and into the future.

Specifically, we are calling for full VITA funding at $30 million.

Will you please take a minute and let your members of Congress hear from you and how important VITA is to your community???

It’s really easy!!

Here is a little more info

The Senate Appropriations Committee recently released their draft 2021 funding bill, which calls for full VITA funding at $30 million! Earlier this year, the House released a $28 million VITA funding proposal for 2021. The Volunteer Income Tax Assistance (VITA) program relies on federal funding from Congress every year, so take a moment to send our pre-drafted email below to your Members of Congress and request that they support the Senate funding proposal for VITA.

Thank you!

Parachute Services

CCCS Seeks Volunteers: Improve the Economic Stability of Niagara County Residents

CCCS Seeks Volunteers: Improve the Economic Stability of Niagara County Residents;

Seeking Tax Preparation Volunteers

Volunteers have 27% higher odds of finding a job after being out of work than non-volunteers

Make A Difference in Your Community—while adding skills to your resume

Between the pandemic and our country’s recent social justice reckoning, the financial insecurity faced by millions of Americans is finally being seen as a systemic issue in need of reform.

An emerging movement for economic justice calls for intervention from the government, employers and nonprofit organizations. Consumer Credit Counseling Service of Niagara (CCCS) and the Niagara County Financial Literacy & Empowerment Coalition are leading the efforts in Niagara County.

And while the work is complex and will take much time, CCCS and the Coalition are beginning part of this ongoing project by announcing that they will once again hold their Free Tax Prep/Volunteer Income Tax Assistance (VITA) Program in Niagara County with sites in Lockport and Niagara Falls.

Volunteers will help low income individuals and families file their taxes—and access eligible tax credits–saving them hundreds of dollars in unnecessary tax preparation fees (Average cost of tax prep=$300 and tax credits, like the Earned Income Tax Credit, ranges from $506-$6,269) and avoiding refund anticipation loans and inflated filing fees (typically about $200 per filer—this makes the cost of filing taxes $500 or more!).

CCCS and the Coalition announced today that they are seeking volunteers for a few hours per week February through April 15th2021 to help with its Free Tax Prep Program. Those interested in becoming volunteers are urged to register with CCCS by contacting Robby Dunn at robert.dunn@cccsbuffalo.org by November 30th.  There is no prior experience required. Volunteers will receive free training and be part of a program that helps thousands of households every year. We encourage all those who want to help the individuals and families who are hurting the most to join our team.

Student Loans

What’s College Tuition Insurance?

What is Tuition Insurance?

·        Insurance that can cover and provide reimbursement of financial losses for students who are forced to leave school for unexpected medical reasons, such as serious injury or illness, chronic illness, and mental health conditions.

·        Most insurance plans can refund expenses such as tuition, housing, academic fees, and deposits

·        Estimated cost is $200 in premium for every $10,000 worth of coverage

·        Offered by select insurance providers, and even some schools offer it themselves

*Pandemics are typically excluded from the policies, but this year companies may be making exceptions – Likely “You have to become ill, you have to have a positive diagnosis, and your doctor should recommend you leave school” – Quoted by John Fees, co-founder of GradGuard, a tuition insurance provider.

When does it not provide coverage?

If a student chooses to withdraw from school voluntarily, perhaps due to how classes will be taught (virtually) or for other COVID-19 related reasons, they will not get their money back.

What steps to take when considering purchasing tuition insurance?

·        Take a close look at the school’s refund policy. Experts warn many colleges don’t provide refunds after the first few weeks

·        Consider a few likely scenarios that could occur to the student forcing them to potentially withdrawal from school. Students with pre-existing conditions are eligible for the plan.

·        Explore the type of insurance that is being offered by the school, or by an outside provider and analyze the costs.

·        Read the fine print!

·        Review the cost vs. the benefit to determine if appropriate to purchase

Parachute Services

Consumer Credit Counseling Service Announces Free Virtual Workshops

Consumer Credit Counseling Service Announces Free Virtual Workshops:
Protect your Financial Health During the Pandemic
Wednesday May 6th at 1:00 pm
Protect your Financial Health During the Pandemic–Special Workshop Just for Veterans
In Partnership with the Veterans One Stop Center of WNY/Sponsored By Bank of America
Thursday May 14th at 12:00 pm
Consumer Credit Counseling Service (CCCS) has been experiencing the impact of the pandemic since its ugly beginning. Over the past six weeks, we have worked with hundreds of area residents from various financial situations who have been deeply affected by current events. The sudden and profound shock to an individual and to a family’s well being is overwhelming.
CCCS urges Western New York residents to come to us for help: through free financial checkups by phone and through workshops to be held during May.
CCCS has been providing free financial checkups since March and is now offering Virtual Workshops.
The Protect Your Financial Health During the Pandemic Workshop will be held on Wednesday, May 6th at 1:00 pm. It will include an overview of relief options and benefits with information about:
  • Economic Stimulus Checks
  • Unemployment Benefits
  • Community Resources & Benefits
  • Mortgage Relief Options
  • Student Loan Payment Options
  • Car Loans & Credit Card Payment Options
  • Protecting Your Credit Score
  • Emergency Budgeting Tips
To register for the workshop, you must email cccs@cccsbuffalo.org.
This workshop will also be held on May 14th BUT is limited to veterans only.
For those interested in a free financial checkup by phone, call 712-2060. A Certified Financial Counselor will help address your financial concerns during these extraordinary times and can assist in creating an emergency budget.  CCCS urges you to take some positive action that will help quell anxiety and potentially alleviate fears.
About CCCS
CCCS is a non-profit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling and credit repayment assistance to consumers since 1965.  CCCS of Buffalo helps consumers trim expenses, develop a spending plan and repay debts.  Counseling is available at our Main Office in West Seneca, in one of our Satellite Offices, by telephone and via Internet.
Student Loans

Consumer Credit Counseling Service Applauds NYS Student Loan Borrower Bill of Rights

Consumer Credit Counseling Service Applauds NYS Student Loan Borrower Bill of Rights
Student Loan Debt Continues to Cause Problems; Only Local Program Available
Consumer Credit Counseling Service (CCCS) announced a new initiative today, sponsored by the New York State Department of Financial Services (DFS), the first ever Student Loan Borrower Bill of Rights which outlines protections for New York student loan borrowers.
Last month, NYS DFS officials embarked on a statewide tour to advise student borrowers of their rights and hear directly from parents and students about their experiences with paying their loans. This is part of DFS’s “Step Up for Students” program where they hold town hall style events to bring together DFS representatives, including the Department’s newly announced Student Loan Advocate, with student borrowers, their families, college financial aid officers, legislators and the general public to hear and address concerns about the growing issue of student debt.
Underscoring these new efforts is the undeniable fact that student loans continue to negatively impact millions of millennials. At present time, 1 in 4 Americans have student loan debt, approximately 45 million people.
As the local nexus for student loan debt issues, CCCS is working to expand its student loan counseling services which are the only available services in the region.
The fact of the matter is that with average student loan debt per graduate a staggering $37,200—typical monthly payment $393/month--student loans continue to create problems for individuals, families and the economy at large.
CCCS’ collaboration with NYS is an added measure to protect the 2.8 million student borrowers living here.
“As the federal government steps down from protecting student borrowers, DFS will step up for students by enforcing our state’s consumer protection laws and making sure borrowers know where to turn when faced with predatory or unfair lending practices,” promised Department of Financial Services Superintendent Linda A. Lacewell.
The Student Loan Borrower Bill of Rightshighlights significant protections that DFS’s regulation of student loan servicers provides to student loan borrowers. They include borrowers’ entitlement to:
  1. Detailed financial aid award letters from schools in New York;
  2. Clear, accurate and complete information about the borrower’s loan terms;
  3. Information about any available loan repayment plans and options;
  4. Information about any available discharge, forgiveness, and cancellation options;
  5. Loan payments applied to the borrower’s account in best interest of the borrower;
  6. Knowledgeable customer service representatives who treat you respectfully and fairly;
  1. Detailed loan account histories that are easily and securely accessible online;
  2. Seamless transfers if your loan is serviced by a new company
  3. Accurate payment history reporting to credit agencies; and
  4. Responses to complaints you make to your servicer.
Anyone seeking assistance navigating student loan repayment should contact CCCS at 712-2060. Many individuals with student loans feel overwhelmed with anxiety and fear as they try to set up payment plans, with some falling prey to the abundance of unscrupulous companies claiming to help. At CCCS, we specifically designed our program to meet the needs of this growing population segment.
CCCS’ Student Loan Counseling Program provides the assistance, support, direction and sometimes hand-holding that our clients need, helping them create a solid plan to pay their debt.
We began the Student Loan Counseling Program in 2012, in response to the growing need for education and assistance with student loans. In the past seven years, we have helped nearly 1,000 individuals achieve a level of financial freedom previously unknown. 
In our program, Nationally Certified Student Loan counselors work to:
•                    Evaluate student loan debt (current or in default)
•                    Explore options for student loans including deferments, forbearances, alternative repayment plans, and consolidation loans and forgiveness options
•                    Assist in applying for the appropriate option
•                    Assist in communicating with the lender, as needed
•                    Review credit score, credit report and living expenses
•                    Set appropriate financial goals
The financial counseling services we provide help student loan borrowers chart a course for financial stability. Most borrowers are young and economically unstable, usually very low income at this point in their lives. Many of our clients are Millennials, saddled with, and drowning in student loan debt. Every day we see young people with substantial student loan debt who had only passing knowledge of what the ramifications of missed payments would be.
Our goal is to help our clients achieve financial stability and we give them the tools and support needed to get to that point. We recommend our services to anyone who wants to achieve a financially healthy life. We are not just for people in crisis—we can help people who proactively want to take charge of their finances, creating budgets and developing spending plans so that they can live a stable and successful life free from financial stress.