Consumer Credit Counseling Service Of Delaware Valley

Programs: Mortgage default prevention and loss mitigation counseling:clarifi works with struggling homeowners in all stages from those who are current but facing potential future delinquency to those whose homes are scheduled for sheriff's sale. The counselor and client will first determine the reason(s) that the client is delinquent and discuss options to bring the mortgage current. They then complete a current budget analysis and work to establish a realistic budget. Counselors provide assistance with interventions including hardship letters; applications for modification; and forbearance. In addition, if appropriate the counselor may refer clients to other services to provide assistance in other areas such as utilities, food and clothing to free up additional funds to pay the mortgage, and/or refer them to social agencies that may have grants for homeowners in default. Clarifi has also been asked to partner with government agencies and court systems in philadelphia, pa, new jersey, new castle county, de, montgomery county, pa, and delaware county, pa to assist homeowners whose properties are scheduled for sheriff's sale. Clarifi has counselors in court working with homeowners and counsel to explore all options including loan modification, short sale, refinancing, and application for a homeownership preservation loan if applicable. Together with local pro bono attorneys, clarifi works to continue the negotiations with the mortgage company, and submits conciliation proposals in court which outline the client's budget and efforts to make payment arrangements. If accepted, foreclosure is avoided. Clarifi has also established relationships, direct lines of communication, and ongoing borrower outreach campaigns with multiple mortgage servicers and investors to improve the line of communication with mortgage borrowers in distress. In 2014, clarifi provided over 3,700 counseling sessions to 2,800+ homeowners in various stages of mortgage default. Over 1,200 of these homeowners avoided foreclosure or were in their homes working toward a solution at 12/31/14.

financial empowerment centers:financial empowerment centers are localized hubs where low-to-moderate income people and families can receive ongoing counseling and assistance in reaching personal financial goals related to budgeting, saving, credit, debt and banking. The city of philadelphia was one of 5 cities nationally to be awarded multi-year funding in 2013 by bloomberg philanthropies and living cities to replicate this model which originated in new york city. The city of philadelphia chose clarifi as its nonprofit partner, based on our strong reputation and our long history of serving struggling individuals and families with personalized financial counseling to improve and maintain self-sufficiency. Today, after two years of program implementation, there are 11 financial empowerment centers throughout the city. During the initial session, the counselor will holistically assess the client's financial situation and create a service plan with one or more outcomes including: 1) opening a safe/affordable bank account; 2) transitioning to a safe/affordable bank account; 3) keeping a bank account open six months later; 4) establishing a credit score; 5) increasing the credit score by 35 or more points; 6) decreasing debt by at least 10%; 7) increasing savings by at least 2% of income; and/or 8) establishing and maintaining a monthly savings habit. Counselors will follow up several times with each client and expect to provide multiple sessions to most clients, increasing the chances that each client can make positive behavioral changes and maintain financially healthy behaviors over time. This high touch model has resulted in clients achieving an overall debt reduction of $5 million, improvement of savings of $600,000, and an average credit score improvement of 42 points. In 2014, the philadelphia fecs conducted over 8,200 counseling sessions and reached over 4,400 people.

education programs:clarifi offers a comprehensive array of education opportunities to address the evolving needs of our clients and community. Financial smarts includes basic courses on topics including: show me my money (money management); good credit for life (basics of credit); understanding your credit report (obtaining or maintaining a good credit score); saving & investing 101 (asset building at all income levels); keys to homeownership (financial preparation for first-time homebuyers); guard against id theft and anti-predatory lending (protecting yourself from scams). Financiallyhers focuses on female financial empowerment. Workshops include unlocking the mystery - the why behind the buy (financial motivations and decision-making); how to run your household like a business (money management); give yourself (good) credit (how to build strong credit); you can save (asset-building for everyone); and raising money-savvy kids (healthy financial habits). Financiallyhers also features educational events on various topics throughout the year, including paying for college and women and business. Financial smarts for seniors helps adults age 62+ understand the financial realities of aging and take steps to age in place at home. Workshops include: money management: (budgeting in retirement); credit basics (importance of maintaining good credit throughout retirement and aging); understand your credit report (how scores can be used for older clients); id theft, scams & financial predators (basics of self-protection for older clients; reverse mortgage (pros and cons of specialized home loan for seniors); loan smarts (smart borrowing for older adults). In response to growing student debt, clarifi college is a newer program being offered to college bound high students and their families. Counselors work one-on-one with families to put together a personalized, comprehensive plan showing options to pay for college. In line with clarifi's mission, the goal of clarifi college is to encourage families to be proactive and make informed fi nancial decisions before taking on unmanageable debt. Depending on where the families are in the college planning process, they receive a projected fi nancial aid snapshot for selected schools, a funding plan and realistic options on how they will pay for college, and a compilation of various fi nancial/school scenarios. For seniors making final decisions, we review financial aid award letters, evaluate financial aid offers, identify options to pay the balance and create a funding plan for selected college. In addition to the customized counseling, clarifi also delivers financial education workshops on college planning, financial aid, paying for college and related topics. Clarifi works through local high schools, public libraries and employers to reach its audiences.

comprehensive consumer credit education, confidential counseling, asset building and debt reduction programs.