Topic 8: Financial Topics

Your client is concerned over their very high utility bills, give a couple of general tips to reduce energy bills.

When faced with utility termination, consumers have several rights, name two.

In what type of a student loan, made directly by the Federal Government does the US Dept of Ed pay for the interest while a student is in school?

Give one reason you may be able to cancel a student loan.

Who pays the interest when a student loan is in forbearance?

Your client is worried about their student loan debt. She has been on an income based repayment plan with a low monthly payment for the past year, but thinks she should look into forbearance, as she can show financial hardship. Is this a wise choice?

In addition to not being eligible for future student loans, unpaid Federal student loans can cause a students’ wage to be garnished, can the government seize a client’s Social Security Benefits as well?

Failing to pay income tax due is a crime. (True or False?)

What is one debt repayment option of tax debt?

What is the statute of limitations on tax debt?

As far as marriage and debt are concerned, in _________ _______ states, it is assumed that a couple acts alone unless they clearly sign for a debt together.

Are most states Common Law or Community Property States?

Name 3 kinds of debt that have no statute of limitations (they never go away)

Your client has a lot of backed owed child support, and recently decided to quit her job because most of her wage went to child support anyway. She is sure that she can file a child support modification now that she has no income. Will the court likely modify the order because of this income change?

Your client comes to you seeking preventative counseling. She was living within her budget with a few dollars to spare but just got notification in the mail that her ex-husband is trying to get a child support modification. He believes he will get a substantial adjustment to what he has to pay her because of visitation changes. He used to get their son in the summer, but she sent him to live with his dad for the school year out of frustration. Will the court likely modify the order?

Does an ex-spouse who receives alimony have to pay taxes on the income they receive from alimony?

Can Social Security Income be seized to pay monthly alimony?

Give one reason an alimony order may be modified.

A client comes to see you after signing a contract with a credit repair service. She was unsure when she signed yesterday and the more she thinks about it the more she thinks it is probably just going to cost her money, is there any way to get out of the contract?

A consumer can cancel a sale w/in 3 days if their home is used as collateral, or under a few other circumstances, give one.

You buy a coat and after having it for just 2 weeks the zipper breaks, is there a warranty that covers this item?

Your brother bought a chain saw, he described to the cashier at the hardware store that he was going to use it to cut down a maple tree with a trunk bigger than his waist. The saw seemed a little small but he cashier advised your brother that it would work just fine for his needs. What kind of a warranty covers this item?

The Truth in Lending Act has been amended by the Fair Credit Billing Act and the Credit Card Accountability Responsibility and Disclosure Act. Name one of the protections it provides.

Which of the Consumer Credit Laws regulates the collection of consumer information and allows consumers to receive a free credit report once a year?

The Equal Credit Opportunity Act makes it illegal for a creditor to discriminate against an applicant based on what? (name one)

Your client is very upset because she just found out that her credit card company revoked her account. She has not received any notice in the mail what so ever. Can she potentially file a lawsuit?

George is rebuilding his credit and recently applied for a credit card, shortly thereafter he received a credit score notice in the mail explaining that although he has been approved for the card, his APR is going to be considerably higher than others. Is he entitled to an additional copy of his credit report?