VA Launches User-Friendly Online Financial Condition Report Form for VBA Debts
VA has launched a user-friendly online financial report form for VBA debts. This follows the launch of the online tool in 2021.
The tool offers veterans the ability to access information about their VBA benefit debts. The Debt Portal is part of VA’s ongoing efforts to improve veterans’ access to information. It allows veterans to download VBA Benefit Debt Notification Letters from the VA Debt Management Center (DMC) and access current and historical debt, debt balances, and status current debt. The portal also sends veterans who have provided an email address to VA a notification when new information is added to their account (such as a new debt letter) alerting them to log in.
VA has enhanced its debt portal by adding a new online feature VA Form 5655 Financial Status Report (FSR) for VBA benefit debts. This new feature makes it easier for veterans to manage their debt online through several debt relief processes available, such as requesting debt cancellation through a waiver, offering to settle debt for a lesser amount through an Offer in Compromise and support for extended repayment plan requests. . The FSR gathers financial information to allow the VA to get an idea of the veteran’s financial situation when considering applications for debt relief.
Online FSR features to enhance the veteran experience include:
- “Wizard” tool to help veterans determine if the form is needed or not
- Ability to select specific debts for which assistance is needed
- Automated mathematical calculations for income, expenses, etc.
- “Save as you go” feature allows veterans to walk away if needed and pick up where they left off by filling out the form
This feature comes at an important time for veterans with VBA benefit debt. VA resumed sending VBA Benefit Debt Notification Letters on October 1, 2021, after letters were discontinued since April 6, 2020, for COVID-19 pandemic relief. You can learn more about takeover notification letters and VA’s extensive debt relief options here. VA plans to continue enhancements to the Debt Portal over the next few years, including the addition of balance due on medical and pharmaceutical services co-pay debts, expanded use of online FSR for all types of debts and searchable transaction history.
For questions about the VBA Benefits Debt information in the portal, veterans and beneficiaries can contact DMC at www.ask.va.gov or call 1-800-827-0648. Call volumes are lower Tuesday through Friday.
For questions about copayment debt for medical and pharmaceutical services, veterans can contact the Health Resource Center at 1-866-400-1238, Monday through Friday, 8 a.m. to 8 p.m. ET.