Recap: Pro Bono Workshop, September 16th
San Asato, CFP® - Pro Bono Committee Director
The Pro Bono Workshop on Managing Debt was a resounding success! 32 members attended to learn how to guide and advise clients to manage and navigate out of debt. Thanks to Melanie Hardie and Chris Davis for collaborating to present this workshop.
As financial planners, we rarely come across clients who need our counsel in managing debt. However, in working with pro bono clients, debt management is one of the top 3 subjects of their concern.
The key take aways from the workshop were as follows.
- Debt consolidation is a myth. Debts must be worked out individually.
- Contact the creditor, even if they are unresponsive or unhelpful.
- Document all communications with the creditor.
- Debt collectors are required by law to communicate in writing after an initial telephone contact. Insist that they do.
- Dictate your own payment plan, and if need to escrow payments.
A resource list for debt management and other topics is available on FPA MN's Pro Bono webpage.
The Pro Bono Committee is planning to have other similar workshops. Ideally, the Pro Bono would like this to be a regular, a quarterly offering with CE credits. If you, or you know of a member, are interested in presenting, assisting, attending future Pro Bono Workshops, or have suggestions for future topics, please email Pro Bono at ProBono@FPAMN.org