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 Credit Counselling Service (Abhay)
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Details about the Credit Counselling Service
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FOCUS
Our primary concerns are the financial and emotional well being of the entire society in general and particularly those who are in financial distress
FINANCIAL LITERACY
This is an ethical organization and a non-profit institution with sole objective of imparting Financial Literacy to those who are in need and help those who are struggling with debt, with an acceptable solution
EDUCATION
We firmly believe that education is the corner stone of financial health. Financial literacy programmes will be an on going process at "ABHAY". We will strive to conduct educational sessions frequently to create awareness about proper financial planning.
FACILITATION
We do understand how difficult it is to take that first step and contact us for help. In fact we take that first step. Our counselors are available for face to face counseling whenever you need it. Most importantly confidentiality is maintained.
The Set Up
Presently the Credit counseling Centers are will functioning at the following places:-
1. Mumbai
2. Wardha
3. Chennai
The client of any Bank can approach the center. The benefits to the clients briefly stated are
a) Client gets guidance for financial freedom
b) Counseling is absolutely free
c) Counselor helps in drawing a suitable repayment solution.
d) Counseling sessions are held on one to one basis in most confidential environment.
e) Drawing up of a rehabilitation programme with the willingness of the clients.
In Metro/urban areas the focus is given to credit card, personal loans and housing loans defaults and related problems.
Rural areas assumed great importance as the farmers and people there are still largely depending upon informal sources to meet their financial requirements. There is an urgent need to educate them about availability of finance at reasonable rate of interest from formal financial system. Such a step, we believe, will greatly benefit the farmers and others in rural India to reduce the debt burden and avoid mishaps and resorting to extreme steps.
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Helping Clients - I
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Credit Card Tips:-
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Keep a list of credit card numbers, expiry dates, and phone number of each card issuer in a secure place.
Open credit card bills promptly and compare with your receipts to check for unauthorized charges and billing errors.
If any of your credit cards are missing or stolen, report the loss as soon as possible to your card issuers/ lodge FIR. Generally toll free numbers are printed on the statements for your own protection, follow up your phone call with a letter to each issuer. The letter should contain your card number, the date the card was missing and the date you called.
Unless otherwise urgently needed, do not have more than one / two cards.
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When using your Card:-
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Watch your card after giving it to the person at the point of sale terminal. Take your card back promptly, make sure that it is yours.
Never sign a blank receipt
Never give out your credit card number / CVV number over phone unless you have initiated the call.
Never put your credit card number on a postcard or on the outside of an envelope.
Leave infrequently used cards in a secure place.
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When getting a new card:-
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When selecting a card compare the terms offered by several card issuers to find out the card that best suits your needs.
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Sign new cards as soon as they arrive.Cut all unwanted cards into two pieces and return to the issuer.
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STRESSORS
1. Not wanting to answer your phone in the fear of, it being from a creditor
2. Late fees or penalties on your credit card / Late payment of bills
3. Creditors calling at home or office
4. Utility bills being paid late
5. Late payment of loan from Bank / Credit institution
6. Bounced cheque
7. Not knowing which bills to be paid out of which months salary
8. Applying for other credit cards/ using cash advance to pay others
9. Family squabbles over money matters.
What a Counselor will do for you?
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Reduce one's anxiety about debts.
Help you to be on the right track to perform financial behaviours that will bring personal success and increase happiness.
Provide you access to budgeting as well as information and education on credit money management.
Assist you in planning for increasing savings/returns.
Help you to managing money pre - post retirement without anxiety.
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In short the Counselor will assist you in reducing the "stressor - event" in a significant way.
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