Here's How You Can Receive Veteran Debt Assistance and Avoid Scams

Leaving the military requires a transition. From a financial standpoint, this can be a challenge for many. As many as 35% of Veterans find covering their bills difficult after entering civilian life. Worst of all, this goes on for a few years. All the while, the cost of living continues to increase. Because of these financial hardships, going into debt is a common issue. Fortunately, Veteran debt assistance is available. Below, we’re looking at legitimate options to fix your finances, as well as pointing out which scams to look out for.

What Is Veteran Debt Assistance?

When it comes to Veteran debt assistance, you’ll find plenty of options available. Each group helps Vets get their finances in order with a plan to manage their money and pay off debt. However, there are a lot of different groups with many of them either unauthorized, unqualified, or simply out to make a buck. There are two important resources Veterans can trust, however, with each offering assistance in different ways.

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The United States Department of Veterans Affairs (VA)

Medical debt is one of the more devastating forms of debt you can face. For Veterans who have health issues after serving our nation, it can feel like the ultimate slap in the face. The VA has resources and programs for Veterans who might owe money, while also providing tools to avoid debt altogether. These resources also extend to Vets who have debt related to education benefits and non-service-connected pensions. It’s key to let the VA know about life changes, such as your marital status, an increase in income, or if you or a dependent are no longer a student. Updating your VA health benefits information is also important, as are other major life events. This includes going to jail, a change in your active duty status, a change in school schedule, and more. Contacting your VA benefits office is important for any changes, and can help you void going into debt in the first place. If you get monthly VA benefits, the VA may keep some or all of your payments unless another repayment option is approved. Should your debt get sent to the U.S. Department of the Treasury, call the number on your letter right away. There are many reasons you might owe the VA money, including these common ones:

• VA healthcare copayments are receiving care.
• Benefit overpayments may occur when the VA provides you or your school with more funding than you are eligible for.

With that being said, the VA debt relief options are also available. They can even help you avoid late fees, paying interest, or other negative actions:

• Call the Debt Management Center if you have VA benefit debt at 800-827-0648 (or 1-612-713-6415 if you are overseas), Monday through Friday, 7:30 a.m. to 7:00 p.m. ET. You can also contact them by using Ask VA online.
• If you are facing debt from VA healthcare copays, you’ll need to contact the Health Resource Center at 866-400-1238, Monday through Friday, from 8:00 a.m. to 8:00 p.m. ET.
• Vets and service members can check their VA debt balance online using a DS Logon, My HealtheVet, or ID.me account to sign in.
• Finally, you can also appeal VA debt if you dispute the charges.

Veteran Debt Assistance

In addition to the benefits and resources provided at the VA, there is a company called Veteran Debt Assistance that can also help. This is a trusted company with an A+ rating from the Better Business Bureau (BBB) which has even worked with notable charities to provide help to the Veteran community. The overall goal of VDA is to help Vets enjoy financial freedom and overcome debt for a better quality of life. Here are a few of their notable programs:

A Collaboration with Disabled American Veterans (DAV)

An interesting program and mark of trust from Veteran Debt Assistance is the company’s collaboration with DAV to provide free benefits assistance, transportation to VA medical appointments, caregiver support, and help with employment. The partnership strengthens the efforts to support Vets and their families with essential resources and support.

Debt Free Plan

Veteran Debt Assistance helps people in need with actionable plans to attack debt to achieve financial freedom. The idea here is to start with small debts and then attack larger ones as each one is paid off. It’s a great way to quickly see results while also simplifying the process of becoming debt-free.

DIY Budget Tool

The VDA also has a free tool that provides you with the structure you need to better manage your finances and regain control. Using the DIY budget tool allows you to see where you can save, what you need to cut, and how to plan for the future. Best of all, the worksheet isn’t complicated, so you can easily follow along, adjust, and continue a brighter future as you pay off more and more debt.

Beware of Scams

Sources: Veterans and debt, Bankrate. https://www.bankrate.com/credit-cards/news/veterans-and-debt/ VA debt management, VA. https://www.va.gov/resources/va-debt-management/ Articles & Educational Resources, VDA. https://veterandebtassistance.org/resources Fraud Prevention, VA. https://benefits.va.gov/BENEFITS/fraud-prevention.asp Veterans: Need help with mortgage debt? Know your rights, FTC Consumer Advice. https://consumer.ftc.gov/consumer-alerts/2023/11/veterans-need-help-mortgage-debt-know-your-rights