Select Financial Solutions, Inc. ratings, reviews and complaints - Credit Counseling and Management Services Non-Profit

Complaints and Resolutions

Complaint Experience

N/A

Complaint Resolution Index (CRI)

Complaint Resolution Index (CRI) Explained The Complaint Resolution Index (CRI) is an indicator on how responsive a company is in addressing and resolving customer complaints brought to their attention by BCA. If they are considering doing business with the company, consumers can use this indicator to forecast the likelihood of having their issues addressed if a problem arises. CRI measures the company's customer satisfaction abilities through BCA’s complaint mediation process.

A variety of factors are considered when calculating CRI. This includes how quickly a company responds to complaints, the number of complaints against a company, whether the company addressed complaint allegations, and the outcome of the complaints. CRI is just a subset of the overall rating for the company. Consumers are encouraged to take into consideration the company's CRI, their overall BCA letter rating and other relevant information about the company so they can make a well-informed purchasing decision.

BCA's Summary and Analysis:

Complainants allege the company fails to honor cancellation requests and prematurely deducts money from accounts causing NSF charges, or other monetary hardships. Several customers complain they experience difficulty canceling services, even if they contact the company within the five day cancellation period. Complainants claim the company fails to acknowledge verbal requests, and continues to deduct monthly fees even after contracts are cancelled. A few complainants state creditors continued to call, payments are not being made to creditors, and debts are not negotiated as represented.

The company responds to most complaints by refusing refunds, and contends that cancellations were not received within a timely manner, customers failed to cancel within the alotted three or five day time period, or that their services are not free, claiming considerable efforts had been made on their part on behalf of the client. The company contends that cancellations are valid only when clients call their customer service number leaving their name, number, and a brief message indicating the reason for cancelling. In some cases, the cmpany provided refunds, offered to place customers in other low cost programs at no additional cost, or indicated that clients did not have funds upon negotiating a debt, or customers cancelled the program when creditors wanted to negotiate accounts. One customer disputed the company's refund denial claiming no services were provided after honoring the company's request not to pay creditors. As a result, the balances on the customer's account increased.

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Complaint Closing Statistics

0 complaints against Select Financial Solutions, Inc. closed in last 3 years.

Complaints	Type of response
0	Making a full refund, as the consumer requested
0	Making a partial refund
0	Agreed to make an adjustment
0	Refusing to make an adjustment
0	Refuse to adjust, relying on terms of agreement
0	Unanswered

Other Information

Company Info

This company's business is a for profit company that refers clients to various credit counseling and debt management programs for an enrollment fee up to $499.00. They also claim to sell educational information on budgeting, and personal finances.

Primary Contact:	Antonio Breen
Business Started:	2/11/2003
Social:

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Licensing

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 Business Oversight.

You may verify bonding by calling the California Department of Business Oversight at (213) 576-7500 or visiting their website at http://www.dbo.ca.gov.

For businesses outside of California, please check with the agency that regulates this industry.

Government Actions

BCA has no information regarding government actions at this time.

Comments and Analysis

We routinely advise consumers get specific information from the company performing the credit consolidation, or debt negotiation services. Our complaint experience with debt negotiation companies generally allege: that creditors continue to harrass them, interest continue to accrue, credit is worse than before, that creditors were not contacted or paid, and sue for payment. These types of companies generally collect fees in advance before performing services and rely onnegotiating with the creditors for a lump sum payment, which requires the consumer to withhold payments for an extended period of time. These companies instruct the consumer not make payments to their creditors, but instead to them and they will hold the funds until they believe their is enough funds to make an offer. For the foregoingreasons, we advise caution in dealing with debt negotiation/settlement companies. Any non-profit offering credit counseling services should provide you with information and assistance on how to better manage your finances, as well as assist you with obtaining re-payment plans. California law limits the fees of a non-profit company providing debt management services may charge to California residents. Those fees include a one-time sum not to exceed $50 for education and counseling. In addition, charges cannot exceed 8% of the money disbursed monthly or $35 per month, whichever is less.

Other Considerations

We know of no other matter or practice relating to this company that may assist you in your consideration of this company.

Industry Resources

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Additional Info

DBAs:
There are no additional DBAs.

Websites:
There are no additional web sites.

Contacts:

Herlica Garcia (Customer Service)

Addresses:

7340 East Firestone Suite 218, Downey, CA, 90241

P.O. Box 4795, Downey, CA, 90241

Reputation Report

Select Financial Solutions, Inc.

Complaints and Resolutions

Other Information