Credit Counselling Service (Abhay)

FREQUENTLY ASKED QUESTIONS

Q. What is the role of Credit Counseling Center?

Ans. The main aim of the Credit Counseling Center is to guide people in all aspects of money management and help them to improve financial literacy, have proper control on their finances and properly organize monthly financial commitment. It is a voluntary organization.

Q. What are the credentials of the Center?

Ans. The centers, the 1st of its kind in the country are non-profit organization established with a view to help all those who are those who are in need of advice on financial management. Bank of India as a part of corporate social responsibility to commemorate its centenary has sponsored the Center. The services offered by retired Bank officials are absolutely at no cost to the client. More importantly confidentiality is ensured.

Q. How is Counseling available?

Ans. You need to visit the Credit Counseling Center, Fill up the data form submit photocopies of required documents as suggested by the Counselor. The Counselor will fix mutually convenient date and time for one to one Counseling session.

Q. What happens at the Counseling session?

Ans. The Counselor will review your financial situation in a non-judgmental manner and provide possible suggestions / solutions. He / She will help you to develop a spending plan that covers your living expenses and payments to your creditors.

Q. What are benefits of the programme?

Ans. The Counseling session will help you in understanding and drawing a most appropriate solution to manage your finances. In case of a debt, the counselor may provide further assistance by contacting your banker to consider the plan and if it fits into the guidelines set out by your banker it will save you from further action, saving penal interest etc.

Q. What is the cost of the programme?

Ans. It is absolutely FREE.

Q. Who is funding the Center?

Ans. The Credit Counseling Center is a non-profit organization. BANK OF INDIA has sponsored funding.

Q Is counseling confidential?

Ans. Absolutely. The Counselor will not divulge a client's financial position to any body

Q. How do I get started with your programme?

Ans. Please contact the Counselor who will provide you with a datasheet. Complete the sheet and submit. The Counselor may request you to provide some more details / photocopies of certain records / documents and also will fix the date and time for one to one counseling session.

Q. What is financial Planning?

Ans. Financial Planning is to help individuals to achieve their long-term financial goals through investment, asset allocation, risk management, retirement planning etc.

Q How does it help me?

Ans. You will know the different avenues of investments, liquidity preference, risk tolerance level Vis-à-Vis risk mitigation etc to reach your financial goal. 

Q. Do you loan money?

Ans. No. The Center provides guidance for your financial freedom. Neither any products offered by the Banks are discussed nor there is any advertisement of any financial products offered by the Banks.

Q. What is Debt Management Plan?

Ans. It is a plan to assist those who are in financial distress by drawing a suitable repayment plan. The counselor will assist you in understanding the financial budgeting and find a way out to reduce / lessen the burden of debt.

Q. How does it help me?

Ans. The Counselor helps you in drawing a suitable repayment plan spread over a period of time which will help you in saving penal interest, charges etc. He will also try to act as a facilitator for an acceptable solution to your Banker. However your banker has the discretion to accept / give a counter offer for an installment plan and also terms of repayment

Q Do you collect repayment of debt and pass it on to my bankers?

Ans. No