There are various reasons why you might seek credit counselling – managing debt, improving credit scores, or simply obtaining advice on financial matters However, if you’ve ever worked with the Foundation for Credit Counselling (FCC), you might be entitled to a refund.
Here’s what you need to know about FCC refunds and how to get them.
First, let’s understand what FCC is The Foundation for Credit Counselling is a non-profit organization that provides education, advice, and assistance to consumers in the areas of credit and debt management It was established in 1997 and has since helped millions of Canadians manage their finances.
However, FCC was also notorious for charging high fees for its services In fact, in 2018, the organization was exposed for charging its clients with excessive fees for debt management programs that they could not afford As a result, the company was shut down and its assets frozen.
Afterwards, the Office of the Superintendent of Bankruptcy (OSB) initiated an investigation, and it was found that FCC had overcharged its clients by $7.9 million between 2011 and 2017 As a result, the OSB ordered FCC to issue refunds to all its clients who were overcharged.
Here’s the good news: if you were one of FCC’s clients who were overcharged during that period, you may be entitled to a refund The OSB has set up a claims process for clients to apply for a refund.
The claims process is straightforward You will need to complete a claim form that is available on the OSB’s website and provide supporting documentation to prove that you were overcharged The documentation may include copies of contracts, invoices, or other evidence of the fees that you paid to FCC.
The deadline to submit a claim is September 17, 2020, so don’t wait too long to apply if you think you’re entitled to a refund Foundation For Credit Counselling refunds. Once your claim is processed, you will receive a refund for the amount that you overpaid plus interest.
Bear in mind that only clients who were overcharged during the period of 2011 to 2017 are eligible to receive a refund Clients who have not yet received their FCC services or received services outside this period are not entitled to a refund.
It’s worth noting that FCC is not affiliated with the Credit Counselling Society (CCS) or Credit Canada Debt Solutions, two trusted credit counselling organizations in Canada While FCC’s reputation has been tarnished, these organizations have a long-standing commitment to helping Canadians manage their finances and providing services at reasonable fees.
If you’re currently in need of credit counselling services, it’s worth looking into these organizations They offer a range of tools and services to help you manage your debt and improve your credit score, including counselling sessions, debt consolidation programs, and financial education programs.
In conclusion, if you were a client of FCC during the period of 2011 to 2017 and you suspect that you were overcharged, you may be eligible for a refund The process for making a claim is straightforward, and you will need to provide supporting documentation to prove that you were overcharged The deadline for submitting a claim is September 17, 2020, so don’t wait too long to apply if you think you’re entitled to a refund.
Moving forward, it’s essential to do your due diligence in selecting a credit counselling organization Look for non-profit organizations that offer transparent pricing and a commitment to helping you achieve your financial goals without breaking the bank With the right support and guidance, you can take control of your finances and achieve financial stability.