FAQ

Frequently Asked Questions

What is the Monytek Financial Protection Program?

This program is designed to help people who are having difficult financial problems managing their money. These people usually are behind on bills, are having difficulty writing checks, can’t manage their bank accounts, etc. Through this program, creditors (landlords, etc) will usually work with us to get you back on track with them, in an effort to help you meet your financial obligation with them.

How do I know if this program can benefit me?

Every prospective client is offered a free, no-obligation consultation with a counselor. At the consultation, your financial situation is discussed in detail, and benefits to the program are explained. Although every situation is unique, this program can be tailored to fit most people's needs.

How does the program work?

Your counselor will go over your entire budget with you, seeing how much money is coming in and how much is going out every month. Since many people are already behind in bills at this point, the creditors are more willing to work with us because it is the more appealing alternative to them getting their payments in a timely manner. You monthly income checks are sent each month to Monytek, which is put into a trust account. From this account, Monytek pays all your creditors each month and gives you a pre-determined weekly check for groceries and other personal expenses, relieving you of this time-consuming task.

What if I need more money for personal reasons?

If you need more money than what we have already given to you, all it takes is a phone call to one of our counselors or a visit to our office during office hours. We will assess your current financial situation (how much money you have left in your account, what bills have and have not been paid yet, etc). After all that is determined, we will determine how much you may receive. One of the purposes of our program is to budget your money in a way that at the end of every month, you have some savings that will add up in case of emergency or personal needs.

What if I get a bill from a creditor in the mail?

After coming onto our program, we will contact all your creditors and let them know that you have come onto our program. We will ask them to send all future bills to us in your name so that we are able to identify the bill when we get it. If you do get a bill in the mail, we ask that you mail or fax it to us, or you can call us and give us the information over the phone. You can even bring the bill into our office, if needs be. If you have funds available, we will pay the bill that day or the next business day.

What is the fee for these services?

Social Security allows us to take a fee (or contribution) of $34.00 a month for these services. This fee increases by $1.00 a year, or as Social Security sees fit. If you are receiving income other than Social Security, the monthly fee is based on a sliding scale, based upon your budget.

What if I am not required to have a Representative Payee?

We do have numerous people on our program who are not required to have assistance from a Representative Payee. These clients typically go onto our Bill Pay Program. Our Bill Pay Program runs just like our Representative Payee Program. You are just simply not REQUIRED to have the assistance.