Financial Literacy Success Stories

Mr. P

Mr. P scheduled an appointment with Financial Services Manager Dulce Sanchez so she could review his unemployment denial letter. After creating a budget and reviewing his financial situation, she found he was late on his property taxes and other bills and responsibilities in the amount of about $2,500. Mr. P was desperate and didn’t have any clue where to find the amount of money by the end of January 2016. On top of that, he also received a warrant for his arrest for an unpaid ticket. With no other options Dulce went the extra mile by reviewing his previous paystubs and found he had a 401K and that the company was holding the money. After speaking to the company with the client’s authorization she found out he currently had $4,500 in the 401K retirement plan. After 3 unsuccessful attempts to submit reimbursement paperwork to the company, she had to personally talk to the HR manager of the company to explain Mr. P’s financial need.  On February 19, 2016 the client called to say that he received the check and deposited it in his account. In addition, she was able to go to the Justice Center with Mr. P who was beyond nervous because of his language barrier and assisted him in resolving the ticket issue and removing the warrant. He was so happy and recently came by the office for help making his property tax payment to the Cuyahoga County treasurer. Not long after that, Dulce received a call from him to thank her because he was finally able to sleep through the whole night knowing that his financial situation was resolved. She also referred Mr. P to the employment program to try to ensure that his financial success can be long term, to a financial institution to set up an emergency savings account, and will be working on helping him build his credit.

 

Mrs. V

Mrs. V came in looking to consolidate 7 credit cards currently affecting her credit for nonpayment due to unemployment. After reviewing Mrs. V's financial situation and creating a budget based on her unemployment income, I was able to communicate with the credit card companies and lower 4 of the credit cards with the higher interest rate of 24.99% to 18.25% and consolidate the remaining 3 with a low monthly payment of $55.00 a month. I was also able to review her mortgage loan and applied for a loan modification. Modification was approved and her mortgage payment from $860.00 is now $525.00 for a trial period.

 

Mr. N

Mr. N came in with an identity theft situation and was concerned about not being able to receive a refund for earned income credit for the last 2 years. After going over Mr. N’s tax situation, I discovered the reason for the mistake (Tax mistakes like choosing the “married filing separately” filing status can prevent taxpayers from claiming the Earned Income Credit)and was able to file his taxes and get him a refund of $7,824 federal and $560 from the State. We also amended the taxes for the previous years of 2014 and 2013.

 

Mr. S

Mr. S wanted help repairing his credit. He came to the appointment but after reviewing the documents I found that Mr. S had a car loan from an accident that happened a few months ago and the bank needed to be contacted. The amount on the loan was $1,000 and after talking to the financial institution, I was able to settle the account for $550. The debt was due to a total loss of a vehicle Mr. S purchased and the insurance was not able to cover the whole amount of the loan. Working with Mr. S on the situation I found a few credit cards and loans and started the financial review. As a result, I found that Mr. S had 4 accounts that did not belong to him; however, a dispute was filed and submitted to the 3 credit bureaus. After 7 months, his credit score of 590 is now at 640 and Mr. S is on the right track to reach his goal of homeownership within the next year. 

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