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Reviews for Preferred Financial Services | 2019 Debt Relief Reviews
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#41
Reviews for Preferred Financial Services | 2019 Debt Relief Reviews

Preferred Financial Services

The Preferred Financial Services website no longer exists. Click "compare" to see top debt relief companies.

Our Score
2.1
User Score
0.0
Our Score
2.1
User Score
0.0
Rank this Company

Ratings Breakdown

Price - % of Debt

Varies

Accreditations

Unknown

Free Consultation

Yes

Min. Debt Accepted

$5,000

Money-Back Guarantee

Unknown

Number of Reviews

1

This Review is maintained by

Review Last Updated: September 18, 2019

This company appears to no longer be in business. Please see our top debt settlement companies below
Rank Chart
Price (% of debt)
Smallest Debt Accepted
Review

#1

15-25%
$7,500

#2

15-25%
$10,000

#3

15-25%
$7,500

#41
Reviews for Preferred Financial Services | 2019 Debt Relief Reviews

Varies
$5,000

Pros

Low Minimum Debt Threshold

Preferred Financial Services requires clients to have at least $5,000 in unsecured debt, such as credit cards, department store cards, medical bills, repossessions, and personal loans. Many other debt settlement companies require at least $7,500 or more in debt to secure settlement services.

No Upfront Fees

There are no upfront fees required to get started with Preferred Financial Services to negotiate or settle your debts.

Satisfaction Guarantee

Though Preferred Financial Services says it does not offer an official money back guarantee, the company does state that there is no financial “penalty” for completing the agreed upon program earlier than initially expected. This means that if you’re involved in a debt settlement program and you cancel, you can keep the accumulated funds.

Additionally, if clients are unhappy with the results or a negotiated amount, they are free to keep any money in their savings account, as settlement companies are required to work on a performance-based model as ruled by the FTC in 2010.

Industry Accreditation

Preferred Financial Services is accredited with the International Association of Professional Debt Arbitrators, or IAPDA.

Nationwide Service

Preferred Financial Services offers its debt settlement program in all 50 states across the U.S.

Cons

No Assistance with Secured Debt

Preferred Financial Services is only able to help settle or negotiate unsecured debt, which is typical of most debt solutions companies. Secured loans are designed in such a way as to guarantee creditors a payback on the loan that was issued, so there generally isn’t any negotiating of secured loans of any kind.

Lack of Transparency

Preferred Financial Services reveals little regarding the background and experience level of those who will negotiate or settle clients’ debts. The company also fails to outline company procedures, background, and the experience level of its debt negotiators on its website.

No Educational Resources

Preferred Financial does not provide any sort of educational resources or tools on debt management for consumers. In addition, the company does not provide a very robust account dashboard that allows users to monitor the process of their settlement. Clients can log in to see their account, but the dashboard offers nothing other than a view of the payments going into it.

No In-House Servicing

Preferred Financial Services partners with third party service providers who negotiate on behalf of the enrolled clients. The company does not perform its own servicing in-house.

Varying Fees

Preferred Financial Services charges up to 50 percent of settled debt as a service fee. However, fees are structured on a case-by-case basis and are charged as a percentage of the total amount of debt enrolled in the settlement program. The overall cost of working with one of the company’s associates will depend on several factors, including the state of residence (there are different state laws and regulations regarding debtor/creditor relationships that might affect service fees), as well as how long the debt will take to pay off. This means that some consumers will pay 15 percent of their debt for the company’s services, while others may pay up to 50 percent. Preferred Financial Services does not disclose further information regarding pricing or even a basic fee structure.

Strange Customer Service Hours

Preferred Financial Services is open from 6:00 AM to 3:00 PM Eastern time Monday through Friday. The company is not open on the weekends, which makes it difficult for customers to reach a customer service representative during the evenings or on weekends.

Our Recommendation

Due to the lack of company transparency and fee structure and outsourced servicing, we suggest consumers who are interested in working with Preferred Financial Services take advantage of free consultation to ensure they are getting a clear image of what they are signing up for. However, ultimately, we recommend going with a more reputable debt settlement company, such as Freedom Debt Relief or Pacific Debt Inc.

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1 Preferred Financial Services Reviews

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  1. User Score
    0
    August 21st, 2018 Port Charlotte, FL
    5 people found this review helpful!
    They are great at setting you up and taking your money out of your account every month BUT they are lazy in paying off accounts. They milk it and after the three year contract, they still left two of my accounts open with over $3200 in my account. Plus I received 1099’s on two accounts they settled which meant that I had to file that as INCOME and totally screwed me up!! They never get back to you either! My contract was up in May 2018 and I have not received a reply call or email regarding the closing of my other two accounts!! Nothing!
    Terrible company!
    Read More
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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Our Score
2.1
User Score
0.0
Rank this Company

Ratings Breakdown

Price - % of Debt

Varies

Accreditations

Unknown

Free Consultation

Yes

Min. Debt Accepted

$5,000

Money-Back Guarantee

Unknown

Number of Reviews

1
Our Score
9.1
User Score
9.1
Rank this Company

Ratings Breakdown

Price - % of Debt

15-25%

Accreditations

AFCC & IAPDA

Free Consultation

Yes

Min. Debt Accepted

$7,500

Money-Back Guarantee

Yes

Number of Reviews

1,261