CESI Debt Solutions Review (for 2023)
The Following CESI Debt Solutions Review Includes Details About the Company’s –
- Debt relief services and the effect they can have on credit scores
- Licenses and accreditations
- Costs and fees for its services
- Online reputation (i.e., positive and negative reviews, and complaints)
Consumer Education Services Inc. (CESI) Debt Solutions is a debt consolidation company that offers credit card debt management plans to consumers in the United States and Canada. The company has been in business since 1994 and currently employs more than 200 people around the country.
In addition to its headquarters in San Diego, California, CESI Debt Solutions maintains offices in Los Angeles, New York City, Chicago, Toronto, and Vancouver.
The CESI Debt Solutions team is a group of highly trained, experienced, and dedicated professionals, committed to relieving their clients of financial burden. CESI Debt Solutions did make the list in 2022 for the Top 20 Best Debt Relief Companies. You may also want to check out similar companies in the industry, including Beyond Finance and CuraDebt.
Consumer Education Services Inc. (CESI) BBB Review
The Better Business Bureau (BBB) is one of the most reliable places to check company reviews. CESI Debt Solutions has an A+ rating and is accredited at the BBB.
Consumer Complaints Against CESI Debt Solutions
The BBB illustrates an outstanding record of only four complaints against CESI Debt Solutions in the last three years. That’s less than a handful of complaints!
The truth is, CESI Debt Solutions is a legitimate non-profit and licensed consumer credit counseling company. CESI Debt Solutions has very few complaints listed online. Approved credit counseling companies are strictly regulated and must comply with industry rules and regulations.
CESI Debt Solutions (The Good and The Bad)
They offer a legitimate debt management program to help you consolidate your payments into one with reduced interest rates. Consequently, you can get out of debt faster and save money on interest.
We verified at the Department of Justice’s website that CESI Debt Solutions is an approved non-profit credit counseling agency.
Debts cannot be negotiated down to less than the full balance with consumer credit counseling. For consumers needing more debt relief with a lower monthly payment, debt settlement programs may be required.
However, keep in mind that debt settlement programs require you to stop paying monthly payments and accounts become past due, resulting in a different set of potential downsides.
For more information, check out the top twenty debt relief programs.
How to Decide if CESI Debt Solutions is Your Best Option?
Option 1: Use a loan and improve credit scores
You have to decide what’s most important to you. Is your credit score the priority, and do you want to improve it? You will be best off consolidating your debt with a loan.
Option 2: CESI Debt Solutions
If you don’t qualify for a debt consolidation loan and still need help consolidating debt but don’t want to affect your credit score negatively, consider CESI’s consumer credit counseling program.
What type of effect will CESI Debt Solutions have on your credit score? Creditors continue to get paid in full with the CESI debt management program. However, your cards will also get closed out, which can slightly negatively affect your credit score. Ultimately, you should see minimal impact on your credit score with CESI debt solutions.
You can get a slight reduction in your payment and save a significant amount in interest while also getting out of debt faster with the CESI debt management plan.
Option 3: Cut balances and get out of debt fast
Is getting out of debt and saving money your priority, and you’re OK with taking a hit on your credit as a consequence?
Consider debt settlement.
You could pay off $50,000 of debt for $35,000 – $40,000 or less.
Can you get a debt settlement loan with bad credit?
Some programs, such as Accredited Debt Relief, offer clients a loan to help settle each debt faster. Not all clients will qualify for a debt settlement program loan, but those who do can get out of debt as quickly as a year to 18 months.
Of course, with debt settlement, results do vary. There is no guarantee a creditor will settle for a specific rate. Also, creditors may issue a summons to collect on a debt, which may make the debt more costly due to court fees, interest, and late fees accruing.
CESI Debt Solutions reviews on TrustPilot are exceptional.
- CESI Debt Solutions has 827 reviews on TrustPilot with an average rating of 4.8 out of 5 stars.
- At BestDebtCompanys.com, CESI reviews have an average rating of 7.6 out of 10.
- Unfortunately, at the BBB CESI’s average customer review rating is 1/5, but it’s only based on one customer review.
Key takeaways from CESI Debt Solutions:
- Credit Counseling and Debt Management Plans: CESI offers debt management plans (DMPs) to help you consolidate your debt into one manageable payment. The DMPs typically last three to five years and can help reduce interest rates and fees. With CESI Debt Solutions consumers can expect to pay all of their debt back in full.
- Debt Consolidation Loans: CESI Debt Solutions is not a loan. For consumers interested in a loan, Credible offers a free online market place where consumers can explore loan offers from the most reputable lenders on the market.
- Bankruptcy Counseling: If you’re considering bankruptcy, CESI Debt Solutions can provide pre-bankruptcy counseling and post-bankruptcy education to help you navigate the process.
- Educational Resources: The company has a wealth of educational resources on its website, including articles, videos, and infographics, to help you learn about debt and money management.
- Accreditation: CESI Debt Solutions is accredited by the National Foundation for Credit Counseling (NFCC) and the Financial Counseling Association of America (FCAA) member.
It’s important to note that CESI Debt Solutions is a non-profit organization whose fees are generally lower than what you would pay for a for-profit debt relief company. However, we recommend you compare CESI Debt Solutions to other debt relief companies in the industry to weigh your options thoroughly.
Overall, CESI Debt Solutions is a reputable credit counseling agency that can help you get out of debt and improve your financial situation.
Below, we answer Frequently Asked Questions (FAQs) related to CESI Debt Solutions and examine what our debt experts found online about the company when doing extensive research, which all may be helpful for you to learn about.
About CESI Debt Solutions
Legal Name: Consumer Education Services Inc.
Address: 3724 National Dr Suite 220, Raleigh, NC 27612
Phone: (877) 322-8824
Licensed? Yes, for debt management
Available in all 50 states and Puerto Rico
Certifications and Accreditations: CESI is ISO certified and accredited by the Financial Counseling Association of America (FCAA).
What is CESI Debt Solutions?
CESI Debt Solutions is an organization that provides credit card debt relief for individuals who have accumulated too much debt on their credit cards. They offer various programs to help you pay off your debts. These programs include debt counseling, negotiation, consolidation, and settlement. The company offers free consultations with its counselors so they can determine if a program will work for you.
How does CESI Debt Solutions work?
CESI negotiates lower rates and fees so you can repay your debts sooner. Known as a debt management program (DMP), it’s a type of loan modification where you pay one monthly fee to a credit counseling organization (CCO). The CCO helps pay down your debt by making individual payments to your creditors. With a debt management plan creditors agree to provide certain benefits to help you repay your debt faster. These include reducing your monthly payment amounts and lowering interest rates.
Once you’ve accepted a lower interest rate or fee, CESI contacts your creditors and asks them to agree to the reduced rates. If your creditors agree to the new payment plan, CESI will work with you to ensure that you remain current on your payments.
What type of accounts qualify for CESI Debt Solutions work program?
Many different kinds of debts can be included in an individual Debt Management Plan with CESI. They typically deal with unsecured debts, which include credit card balances, collections, personal loans, medical expenses, department store charges, old utility bills, car payments, and repossession fees. CESI cannot include secured debts, for example a home mortgage or car loan.
If you receive collection calls, are late on your payments, or have recently experienced a change in your financial situation, you may benefit from a credit card consolidation plan. In some instances, you may be actively looking for a bankruptcy alternative. CESI’s free financial analysis can help determine which type of debt relief service would best suit your needs.
Is CESI Debt Solutions Legitimate?
CESI Debt Solutions is a legitimate debt relief service provider, founded in 1994. They have helped thousands of Americans reduce their debt. CESI’s staff consists of trained professionals dedicated to helping their clients achieve financial freedom. CESI has several hundred employees across the United States.
Is CESI Debt Solutions Licensed?
CESI Debt Solutions is licensed by the Federal Trade Commission (FTC) as a non-profit organization. The FTC regulates companies like CESI Debt Solutions because they provide financial advice and products. In addition, CESI is ISO-certified, ensuring that privileged information and user data are well secured.
Is CESI Debt Solutions Accredited?
Yes, CESI Debt Solutions has been accredited with the BBB since 2008 and is also a member of the NFCC (National Foundation for Credit Counseling).
CESI Debt Solutions Debt Relief Program Pros
- Free consultation
- A strong track record of on-time DMP payments may qualify you for additional benefits with your creditor (lower interest rates, acceptance of your proposed payoff amount, even elimination of late fees.
- Flexibility with scheduling payments, for example automatic billing, or choose which days you want to make payments.
- Lower Interest rates – the average interest rate with CESI is between 9 and 12%.
- Ability to pay off the debt in a much shorter time, typically 3-5 years.
CESI Debt Solutions Debt Relief Program Cons
- Your creditors might refuse to participate
- CESI charges a monthly membership fee, which varies depending on whether you continue using their services after your initial consultation.
- You must meet your goals to maintain your eligibility for future services
- CESI makes no guarantees about your ability to fully pay off your debts within a given timeframe, or about the outcome of your specific case. Your success depends entirely on your ability to follow through with the steps outlined in their agreements.
Does CESI Debt Solutions hurt your credit?
CESI doesn’t report to the crediting agencies, and it is beyond the scope of their Debt Management Programs to know what your creditors report. Your financial situation, spending habits, and lifestyle may affect whether your score improves, worsens, or stays the same.
With that in mind, however, paying off debt with a program like CESI Debt Solutions can also have positive and long-lasting effects, such as a lowered credit score in the future.
Being enrolled in a DMP may impact your ability to secure additional or outside loans. We strongly recommend that you speak with your lender or bank first, as enrolling in a DMP may sometimes disqualify you from additional loans.
Does the CESI Debt Solutions debt settlement program work?
CESI has assisted thousands of people to get out from under their debts, and has a high level of expertise in this field.
In addition to the CESI Debt Solutions programs, CESI offers an extremely comprehensive Digital Learning platform. This platform is feature-rich and has different modules for each area of your financial life, including:
Budgeting Basics: Learn to build and adjust a personalized budget
College Finance & Student Loan Debt: Explore how you can pay for college and learn about repayment options for student loans
Financial Goal Setting: Create your own SMART financial goals and savings plan
Planning for Retirement: Learn how to start preparing financially for retirement and answer some of the basic questions regarding retirement planning
Preventing and Protecting from Identity Theft: Empower yourself to guard against identity theft, scams and frauds
The Basics on Saving Money: Start taking simple steps to save money
Understanding Credit and Debt: Managing credit and debt
Understanding Credit Reports and Scores: Learn how to request and read your credit report, dispute any errors in your report, and find potential ways to improve your credit score
Budgeting for Homeownership: Learn the budgeting skills necessary to maintain homeownership
If you utilize this digital learning platform with a debt management program through CESI, your path to regaining control of your financial life can become significantly shorter.
How much does CESI Debt Solutions cost?
The total cost of a CESI Debt Solution program will completely depend on the amount of debt that you have incurred. The best way to see what it would cost you to enroll in the program is to schedule a consultation with a CESI Certified Financial Counselor.
What does CESI Debt Solutions charge for their debt relief service fee?
For no charge, CESI offers a free credit counseling session with a Certified Financial Counselor, who will then create a personalized debt relief plan. For qualified individuals, a one-time set-up fee of $37 is required, and then monthly fees which will never exceed $25.
One factor that will determine your fee is the state you reside in, as each state has a different fee. In certain cases, a CESI credit counselor can help reduce some of those fees, depending on your situation and ability to pay them.
CESI Debt Solutions Complaints at BBB
Currently, CESI Debt Solutions has three complaints on BBB, with users reporting that they have seen little movement in their overall credit score since starting with CESI and that support has been hard to reach.
Reviews on CESI Debt Solutions at BBB
CESI Debt Solutions has two reviews on BBB, with an average score of 1 out of 5 stars. No comments or notes were left with these reviews.
Can I cancel my CESI Debt Solutions Program?
You can call the Client Care Center at CESI at (866) 484-5373 to discuss paying off your accounts or closing them.
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