Post 341 Credit Counseling is a Joke!

[ccmisery]

I had my 341 the other day, went well not sure yet where things are going but now I am taking the mandatory online Credit Counseling course, pure cut and dry nonsense to tell you the truth, while I agree on a lot of it much of it seems to be out of date related to the current economic times, salaries that are not rising while the cost of living is going up.

I found the savings examples to be really unrealistic, 10% interest? Really?

I also got a kick out of the APR for car loan, said 18% for a 5 year loan with a 580 FICO, I got 9.99% APR for a 5 year loan a few months ago with a slight lower FICO score.

Okay, end of my rant.

[Pjmax]

Well, I kind of agree with you. Did nothing for me, but I can see that it may help those with little understanding of finances. I don't think the intent is to provide unknown info to those on a more sophisticated finance-knowledge level, but maybe to insure that ALL BKers have a certain minimum understanding. For 2 hours of time, ya get through it and on to discharge.

[tobee43]

didn't do much for us either other than it was 4 hours each one. ridiculous!! and $50...i didn't learn a thing, just another money making scheme to make money from us poor folk with no jobs.

but that's just us, i'm sure some people get something out of it? learn something? i'm not certain what.

[AngelinaCat]

I got the better value out of the pre-filing credit counseling that we had to attend. We met the counselor in person for about an hour. It was this person that, after looking at our itemized lists of income and outgo, told as that we were better suited for a CH7, rather than the CH13 we were trying for. She also had us add some items that we had overlooked, such as 'personal grooming'; "who cuts your hair, and how much does it cost?"

The post-filing online course? Not so much. Most of it is common sense stuff--which is good to be reminded of--but didn't really cover some of the causes for bankruptcy, such a major medical crisis; serial frivolous lawsuits, etc.

But you do what you have to do.....

[tobee43]

yes, you do! and you must attend before and once again before the close of your case. it is what it is and we just have to go with it. i just wish we didn't have to pay $50 for our class. after we did that i heard so many on this site that got to take it for free or a minimal fee.

[ccmisery]

I did the both the pre filing and post 341 filing online, prepaid my lawyer both. The certificate is going to my lawyer and a copy in the mail to me.

I just felt some of the info was dated and much was obvious.

[AngelinaCat]

We paid $70.00 for the pre-filing session--$35.00 per person. I do not remember what, if anything, we paid for the post-filing course. It may have been included in our lawyer fee.

Oh, well, we dood it anyoldhoo.....

[TRfromillino]

Geez, mine were both $15. Maybe ya'll shoulda had my lawyer...hehehe...

[ccmisery]

Mine was through CredAbility, did the pre-filing in the lawyers office, than post 341 was given a deadline of 45 days to do the online one which is timed and has to equal 2 hours of reading and answering questions, it's actually 115 minutes but if you finish it sooner it makes you read more of it to make up the time. They make it very easy, that is providing a link next to the questions to take you back to the chapter, which clearly lists the answers. The certificate goes via e-mail to my Lawyer for filing.

I think mine was $45, for both?

After seeing the amount of people in the 341 waiting room, someone is making money, it's almost like the 2005 laws created another industry for people to profit from the misfortunes of people like us.

[Forthebirds]

We paid $9.95 for pre and post-filing! So, less than $20 altogether. Guess we got a good deal! It was info we already knew.

[IBroke]

(..)someone is making money, it's almost like the 2005 laws created another industry for people to profit from the misfortunes of people like us.

And THIS is what it's all about. Period.

[AngelinaCat]

I second THAT ^^^^^^^ motion!

[pamkev]

I totally agree with Cat

[tobee43]

Geez, mine were both $15. Maybe ya'll shoulda had my lawyer...hehehe...

how lawyer really had nothing to do with who we chose to do the course with, we did. the reason we did and i heard back then people had the class and it was 15 minutes while ours was 4 hours long, BOTH in and out! the difference here is the certification goes directly to us, the court and our law firm. i guess that's the extra costs? we were provided a list of companies that did did the course, so i guess we had a choice.

as someone mentions it became also like a cottage business for some already established businesses, as a result of all the filings and someone made some nice change off of us!

[lillymarlene]

I agree it's just another little scheme to make money off us. I'm not sure exactly how much my credit counseling cost, but my attorney included it in his fees. At the time, I just sort of "went along" and took the two online courses. I wasn't aware that I could shop around.