Just as I would recommend for any major policy transformation, FSFS programs should be piloted in diverse areas around the country before the program is implemented widely.
Similar to the MABS Money Advisers and Administrators discussed previously, FSFS would employ people called financial planners, a title conforming to the professional title used by private companies who provide financial planning services in the United States.
FSFS clients would be asked to bring certain documents to their first meeting, including all paperwork on debts, such as any notices, judgments, or court paperwork; income tax returns; and paperwork related to household spending, such as receipts and credit card bills.
Further, FSFS should offer flexible appointment times outside of the typical nine-to-five workday so that people do not have to take off work to seek help.
Finally, in addition to the advice from financial advisers, FSFS would have a comprehensive website providing self-help material, such as steps to take in order to negotiate with creditors, budgeting tools, and other money-management resources.
Though the overall goal of FSFS would be to help clients avoid owing substantial debt and falling into negative debt cycles, inevitably a share of its clients would be people who are seeking help because they are drowning in debt.
FSFS would have several programs designed to help people in debt that would serve as alternatives to bankruptcy.
FSFS would adopt a similar protocol plan with creditors.
For debtors, FSFS plans would not be reported on a credit report as a bankruptcy and would offer a more personalized solution to debt.
FSFS might also develop partnerships with local lawyers.
293) FSFS would have a program allowing anyone to take out a loan for $2,000 or less.