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#36
Preferred Financial Services Logo

Preferred Financial Services

12 years in business

Our Score
3.2
User Score
--

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Our Score
3.2
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt / % of debt saved
Varies

Accreditations

AFCC or IAPDA
Unknown

Free Consultation

is one included?
Yes

Time in Business

total # of years
13 years

Min. Debt

Min. debt accepted
$5,000

Guarantee

money back guarantee?
Unknown

Number of Reviews

User reviews here on BDC
0

This Review is maintained by

Review Last Updated: December 21, 2016

Preferred Financial Services is a company specializing in debt settlement with over a decade of experience in the financial arena. They have helped clients under the burden of unsecured debt successfully negotiate and settle debts with thousands of creditors. Click Here for Our Top Recommended Debt Settlement Providers

Rank Chart
Price (% of debt)
Smallest Debt Accepted
Review

15-25%
$7,500

#2

15-25%
$7,500

#3

15-25%
$7,500

#36
Preferred Financial Services Logo

Varies
$5,000

The Good

Preferred Financial Services requires each consumer to have at least $5,000 in unsecured debt types, such as credit cards, department store cards, medical bills, repossessions, and personal loans. Many of their competitors require $7,500, $10,000 or more to secure settlement services, so this is on aspect we appreciate about the company.

The company’s objective is to help clients resolve debt in fewer than 36 months, as the risk of litigation is too high, especially on past due debts in collections. Company fees are structured on a case-by-case basis and be seen from 15-20% of the total amount of debt enrolled into the settlement program. 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.

Preferred Financial Services provides:

  • Minimum debt of $5,000
  • Free Consultation

The Bad

We have quite a few concerns with the product offering of the company. For example, there is no information regarding the background and experience level of those who will negotiate or settle the clients’ debts. We would like to see them outline company procedures, background and debt negotiators experience level. It would be nice to know if the debt management specialist is, indeed, a specialist and has adequate experience handling creditors effectively and helping the debtor to feel some degree of relief and hope that the debt will be taken care of by an experienced professional.

They offer little help in the form of resources or tools, which would be an influencing factor for many potential candidates researching their company. Financial literacy is one of the most important aspects to getting and keeping consumers out of debt and creating a financially independent lifestyle. Many clients also appreciate a user dashboard allowing them to monitor the process of their settlement however, they lack this feature as well.

We are also concerned with the lack of “Terms and Conditions” and “Privacy Policy” which many of the leading companies offer as fine print on their company web pages. This fine print is always a good source to scour through when getting down to how a business operates, yet they do nothing to provide consumers with a sense of security in that aspect.

Finally, Preferred Financial Services provides a lack of transparency in regards to pricing. In our research we discovered some consumer were paying 15% of debt, while others may pay up to 20, or even 25%. Because our emails were rejected as undeliverable and our phone calls were never responded to, and no information regarding pricing or even a basic fee structure is outlined on their company page, we are a little weary about how they operate. We also found a consumer complaint stating they charge a $30 monthly maintenance fee for the duration of the program, which is a little unreasonable.

The Bottom Line

There are several factors taking away from our recommendation of this company. They leave too much to the imagination of consumers, and require a phone consultation to explain any details about who they are and what to expect from their services. This may not be so bad if they would provide a legitimate email address or pick up their phone when consumers call.

Because of their overall lack of company transparency and fee structure, we suggest consumers who take advantage of the free consultation to ensure they are getting a clear image of what they are signing up for. Overall, we would not recommend this company in comparison to our other top recommended companies.

Price

The overall cost of working with one of their 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.

Up-Front Fees

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

Free Consultation

They do offer a free consultation, or as they refer to it as, “a free estimate”. There’s a form on the site for potential clients to fill out their first and last name, their email address and phone number, the state they live in, the best time for them to call you, how much debt you’re in and how many days behind you are on your payments. Those who are interested are also welcome to simply call in to start their free estimate (consultation) over the phone right away.

Time In Business

Preferred Financial Services has been in business since 2003.

Debt Education

No official debt education services are provided during the debt management relationship with Preferred Financial Services.

Money Back Guarantee / Cancellation Policy

Though they say they don’t offer an official money back guarantee, they do mention that there is no financial “penalty” for completing the agreed upon program with them earlier than initially expected.

If you’re involved in a debt settlement program, and you cancel, you can keep the accumulated funds.

Unsecured vs. Secured Loans

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

Mobile Friendly

Their website is not currently mobile friendly.

Contact Information

E-Mail:

[email protected]

Address:

300 Brickstone Square

Andover MA 01810

Types of Services Available

Debt consolidation and debt settlement services.

Minimum Debt Accepted

The minimum amount of debt that Preferred Financial Services accepts is $5,000.

Online Dashboard

There really isn’t a dashboard for customers. You can log in to see the account, but it offers nothing other than a view of the payments going into it and such.

Accreditations

They are IAPDA accredited.

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Poll

  • When looking for a debt settlement company, which of these two aspects is most important to you?
  • 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
3.2
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt / % of debt saved
Varies

Accreditations

AFCC or IAPDA
Unknown

Free Consultation

is one included?
Yes

Time in Business

total # of years
13 years

Min. Debt

Min. debt accepted
$5,000

Guarantee

money back guarantee?
Unknown

Number of Reviews

User reviews here on BDC
0
Our Score
9.5
User Score
9.6
Rank this Company

Ratings Breakdown

Price

% of total debt
15-25%

Accreditations

AFCC or IAPDA
AFCC & IAPDA

Free Consultation

is one included?
Yes

Time in Business

total # of years
14 Years

Min. Debt

Min. debt accepted
$7,500

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
284