08/17/2011

LSS Financial Counseling Service Offered Through ELCA Board of Pensions

LSS Financial Counseling Service is a non-profit, nationally recognized service that can help you gain control of your finances. An enhanced service is available to sponsored and retired members.

Lutheran Social Service of Minnesota Financial Counseling Service is available to sponsored members with current ELCA employment and retired members (and members of these members' respective households) to help them in their journey toward financial well-being. If you are a sponsored or retired member (or household family member), you have access to a range of financial counseling services by a certified consumer credit counselor, most at no charge to the member.*

What types of financial wellness topics can LSS Financial Counseling Service provide?

There are a number of financial wellness topics available for you to explore through this service, including:

• Personal and family money management and budgeting
• Integrating faith values and stewardship with money decisions
• Understanding credit reports and improving credit scores
• Debt repayment options including debt management plans (DMP)
• Consumer protection and preventing and resolving identity theft
• Mortgage default, foreclosure prevention and predatory lending
• Home buying readiness, mortgage financing and reverse mortgages
• Bankruptcy consequences and alternatives
• Student loan issues including borrowing, repayment, default and consolidation
• Vehicle and other consumer loans including borrowing, repayment, default and repossession

I don't live in Minnesota. Can I still use this service?

Absolutely! All sponsored and retired members are eligible to take advantage of LSS Financial Counseling Service. Counselors are available to work with you by phone. Those who are in the Minnesota area are welcome to visit one of the nine regional offices or they can also meet with a counselor by phone from the convenience of their home or other preferred location. Counseling is by appointment only.

How many sessions are available to me through the Board of Pensions?

Each household has access to up to six sessions of financial counseling annually through this program. These sessions typically last 45 minutes.

Is there a charge for this service?

Most of the services offered are at no cost to our members. Some services, such as establishing a debt management plan (DMP) and bankruptcy pre-filing counseling, do have a fee. You will be informed in advance if the service you request has a fee.

What do I get with this service?

Financial counseling clients receive an objective assessment of their situation including a detailed budget exploring income / spending / assets / debts and an individualized case action plan with resources and coaching about options to resolve the financial problems.

What about confidentiality?

LSS Financial Counseling Service does not collect, use or disclose non-public, personal information about its clients to any entity, organization or person. No information about individual members will be released to the Board of Pensions without the written consent of the member or legally mandating circumstances. The Board of Pensions will receive quarterly utilization summaries from LSS Financial Counseling Service that report numbers of members served, demographics and problem types; however, no individual member-identifying information will be shared.

Where are the regional offices located?

LSS Financial Counseling Service has nine regional offices, eight in Minnesota (Brainerd, Duluth, Eveleth, Hopkins, Mankato, Minneapolis, St. Paul and Willmar), and one in Superior, Wis.

Sounds great! How do I get started?

You can contact LSS Financial Counseling Service through its dedicated Financial Choice line at (800) 528-2926, 8 a.m. – 7 p.m. (Central) Monday – Friday.

*Clients who sign up for a debt management plan (DMP) with LSS Financial Counseling Service will be responsible to self-pay the one-time set-up fee ($35) and monthly service fee (9% of the monthly payment to creditors, to maximum of $50). Bankruptcy pre-filing counseling required by the courts will be self-paid by clients.