Financial Consulting vs Credit Counseling

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Acredex - Financial Health Consultant

Plan Type: Self-administered Repayment Plan

Origination or Start-up Fee: None

Consultation Costs: $95

Monthly Service Fee: None

Credit Review: Included with consultation if client provides credit report.

Cancellation Fee: None

Payments from Creditors: None

Action Plan: $75

Propposal Submission: $5 per proposal [only applies to clients who choose a repayment solution]

Potential Cost to You*: $195

Credit Counseling Agency

Plan Type: Agency-administered Debt Management Plan (DMP)

Origination or Start-up Fee: $25

Consultation Costs: None

Monthly Service Fee: for profit and non-profit agencies typically receive up to 15% of your scheduled monthly DMP payment. (Percentage varies by state.)**

Credit Review: $25 per individual or $40 per couple [Some agencies charge quarterly for credit reports.]

Cancellation Fee: Up to 25% of remaining balance due to agency per contract.

Payments from Creditors: Non-profit agencies may receive rebates from creditors - up to 15% of the payments made on your behalf, with most averaging 1-8%.

Action Plan: None

Propposal Submission: None

Potential Cost to You*: $3,750

*Estimate based on individual repaying five creditors; total indebtedness of $25,000 with no early cancellation.

** Credit counseling fees based on Nebraska state law.