It only took a moment for me to become very concerned after visiting their site at CBDC.us. Not only is their site distributing malicious software to unsuspecting surfers but other things appear odd as well.
According to the public return of CBDC, as a charity, in 2009 they brought in $2,341,400 in program revenue. That’s $2.3 Million! Yet the CBDC.us website appears to not have had their news updated since December of 2005.
Visiting consumer can’t even enroll in their program.
And then there is this interesting table as part of the public 990 tax return for CBDC. – Source
Their highest paid contractors have either closed in disgrace or suffer with poor reputations.
What are the odds of one nonprofit credit counseling group having four of their five biggest debt relief contractors, closed or out of business?
According to the latest information available from the State of Florida, CBDC officers are: – Source
- Isaac Bobbe – President
- Pablo Mendelson – Director
- Ray Roberts – Vice-President
As part of my search I also discovered that Anthony Francisco, Isaac Bobbe, and Ray Roberts own a new company called Bred Winners. – Source. Isaac Bobbe also is the owner of Do It Yourself Debt, LLC. – Source
The stated mission of CBDC is “Educate and counsel the public about personal money management skills and help individuals reduce excessive debt burdens by negotiating with creditors on their behalf to lower interest and waive late fees.”
But credit counseling programs don’t actually negotiate with creditors. They instead pass on to the consumer the reduced terms, if any, that a creditor offers.
If you want, you can read the last 990 return here and then post your observations in the comments section below.
Consumer & Business Debt Counseling (CBDC). What is Going On? On the Radar. by Steve Rhode
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