Economic survival guide for servicemembers and veterans Created by Consumer Action for the Veterans Financial Coalition © 2014 Rev. 5/16.

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Presentation transcript:

Economic survival guide for servicemembers and veterans Created by Consumer Action for the Veterans Financial Coalition © 2014 Rev. 5/16

Consumer protections for servicemembers and veterans “Alternative financial services” to avoid Using mainstream credit and banking services Spotting and avoiding scams What you will learn

Alternative financial services

Alternatives Emergency loan or grant Loan from financial institution Pay advance from employer

Why is good credit so important?

Financing a vehicle

Servicemembers Civil Relief Act

Military Lending Act

36% rate cap Oral and written disclosures No arbitration Military Lending Act

Fair Credit Reporting Act

Debt collection

Can a collector take my VA benefits?

Student loans

Alternatives Do your research Public schools and non-profit programs Federal loans VA education benefits

Appeals to military loyalty Requires immediate action Seeks money, accounts or personal info Too good to be true Signs of a scam

Bogus charitable requests

Pension schemes

Phishing/vishing attempts

Fees for records or assistance Free or low-cost personal records Free benefits application forms Free assistance from VA-accredited individuals

Armed Forces Legal Assistance Office ABA Home Front Consumer Financial Protection Bureau State Veterans Affairs Offices Assistance and complaints

Servicemembers and Veterans Financial Empowerment Resource Sheet ( action.org/english/articles/servicemembers_and_veterans) ( action.org/english/articles/servicemembers_and_veterans VeteransPlus ( BBB Military Line ( Military Saves ( DoD Savings Deposit Program Improving your financial health

You’ve completed the training. Consumer Action Created by Consumer Action for the Veterans Financial Coalition. Funding by Visa. Visit the Veterans Financial Coalition online at Congratulations!