Credit Counseling and Management Services Non-Profit
Monday-Thursday: 5am-10pm PT
Friday: 5am-7pm PT
Saturday-Sunday: 7am-7pm PT
based on 1 review.
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This business is not a member of Business Consumer Alliance. This fact does not disparage the company in any way.
high price compared to competitors/ $750 family monthly income does not qualify for waiver
I used this service for my mandatory class for bankruptcy. The information it gave me was irrational (ex. your spending to much on electricity) I can't change TECO's rates. The class kept advising me to change the things in my budget that are the only things I can not control so it was not relevant to real life. Secondly as a mother with 2 children at home and one outside of the home, I didn't qualify for the fee waiver with an income of $750 a month. But they do not tell you this until you have finished the class and now owe them money. Several sites offering the same service are under $10 with no waivers. For $20 I could have completed both the before bankruptcy class and after if I had used a different program. But instead this one trapped me into paying $20 and then expects $35 for the after class. I feel like using this service was a poor choice. However, they did send the certificate of completion to my attorney. I will not be using them for the second class.
BCA's Summary and Analysis:
We have received no complaints against this company.
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Complaint Closing Statistics
Abacus Credit Counseling provides consumer credit counseling and management services. Their online courses help you to analyze your spending and debts, and review the basics of good financial planning to help you get a fresh start after bankruptcy.
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As of our last verification August 16 2010 we verified that this compay is registered with the Department of Corporations. You may verify bonding by calling the Department of Corporations at (213) 576-7690 or visiting their website at www.corp.ca.gov. ~~Nonprofit credit counselors are exempt from the licensing requirement for companies performing similar services if among the other requirements for exemption they maintain a $25 000 bond with the Commissioner of Corporations.
BCA has no information regarding government actions at this time.
Credit counselors perform services that include education and counseling and debt management, whereby they collect money from you and make monthly payments to your creditors. Credit counseling organizations are nonprofit organizations and are, therefore, exempt from the provisions, including licensing, that would otherwise apply. They are subject to limitations on what they can charge you. For example, if they make payments to your creditors of $300 in a month and may charge only the lesser of 8 percent or $35, their charge could be no more than $24. Debtors may not realize that if their creditors do accept a negotiated settlement, the amount forgiven constitutes taxable income. For businesses outside of California, please check with the agency that regulates this industry.
We know of no other matter or practice relating to this company that may assist you in your consideration of this company.
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