Most Frequently Asked Questions - Debt Management Center

Debt Management Center
Most Frequently Asked Questions

Financial Status Report

Where can I get information on how to complete the Financial Status Report?

Where can I find the “file no.” requested in Block 2?

What’s the “Loan No” for in Block 3? I didn’t take out a loan?

Whose name goes in Section I – Personal Data, Block 4?

This has nothing to do with my spouse. Do I need to include his/her income?

Do I need to send proof of my income and send copies of my expenses?

Do I need to list my VA benefits?

All I receive is social security, where do I put this information?

I only work part-time and my hours aren’t always the same. How do I figure that on a monthly basis

Do I list my car and/or home in Section V – Assets if I don’t own them outright?

What do I put down if I don’t know the resale value of my car?

Is it necessary for me to sign the form?

What should I do with the Financial Status Report after I’ve completed and signed it?

Where can I get information on how to complete the Financial Status Report? top

You can contact us by call our toll-free number, 1-800-827-0648, and our operators can address specific questions that relate to completion of the form.

Where can I find the “file no.” requested in Block 2? top

This is your VA file number. The number is printed in the upper right-hand corner of most letters from Debt Management Center. In most cases, this may be your social security number.

What’s the “Loan No” for in Block 3? I didn’t take out a loan? top

You only have to complete this block if the debt we are asking you to pay is the result of a default of a guaranteed home loan or a loan financed by VA. Otherwise, leave this block blank.

Whose name goes in Section I – Personal Data, Block 4? top

The debtor’s name should be placed in Block 4. Even if I’m not the veteran? Yes

This has nothing to do with my spouse. Do I need to include his/her income? top

Yes. We must consider total household income to determine your ability to pay and the amount you can afford to pay monthly.

Do I need to send proof of my income and send copies of my expenses? top

No. However, we may ask for proof of income and monthly expenses at a later time, if we have additional questions.

Do I need to list my VA benefits? top

Yes. Include monthly VA benefits (compensation and/or pension), received by you or your spouse, in Section II, Block 16, “Pension, Compensation, or Other Income”.

All I receive is social security, where do I put this information? top

Place the information in Section II, Block 16, Pension, Compensation, or Other Income. Report the Medicare Deduction in Section III – Expenses.

I only work part-time and my hours aren’t always the same. How do I figure that on a monthly basis? top

Average your income on the monthly basis to the best of your ability. If you reported wages on your tax return for last year, you can divide those reported wages by 12 and use that amount. Place this information in Section II – Income, Block 16.

Do I list my car and/or home in Section V – Assets if I don’t own them outright? top

Yes. List them in Section V - Assets and include any monthly payments on those assets in Section VI – Installment Contracts and Other Debts.

What do I put down if I don’t know the resale value of my car? top

Estimate what you think you would be able to sell it for in your community. You may wish to scan the classified ads in your local newspaper.

Is it necessary for me to sign the form? top

Yes. We cannot process the information on the form without a signature.

What should I do with the Financial Status Report after I’ve completed and signed it? top

Mail or fax the form to:

Department of Veterans Affairs
Debt Management Center
P.O. Box 11930
St. Paul, MN 55111
612-970-5688 (fax)

Call us, toll-free, at 1-800 827-0648 or dmc.ops@vba.va.gov , if you have any questions about completing the Financial Status Report.

Reviewed/Updated Date: June 27, 2008