Preferred Financial Services is a company that has over a decade of experience in the financial sector and specializes in debt settlement. They have successfully lifted thousands of individuals out of the vicious cycle of debt.
Low Minimum Requirement
Preferred Financial requires a minimum debt of $5,000 in credit cards, department store cards, medical bills, repossessions, and personal loans to be able to qualify for their services. Much of the competitions require $7,500 to $10,000 or more to secure settlement services.
The company’s goal is to resolve a client’s debt in fewer than 36 months because the risk of litigation becomes too high anytime after that. The company charges clients on a case-by-case basis, and on average, they can expect to see charges range from 15-20% of the total amount of debt enrolled into the settlement program. In the case that a client becomes dissatisfied with the results or the settlement 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 offers potential clients a free consultation where they will discuss whether or not the client's debt needs fit the services that the company provides
Questionable Level of Experience
There are a few points of concern with this company. First off, there is no information regarding the history or experience of the debt negotiators. We would also like to see some sort of spark note version of the company’s procedure, background, and experience within the team. It would be very helpful to know if the debt negotiators are actually experts and if the client can count on them to take care of their very serious debt issues.
Lack of Resources
Lacking Transparency in Pricing
Last, there are many questions surrounding their pricing structure. From the research we conducted, we found that some consumers were paying 15% of debt, while others were paying upward of 25%. It was made nearly impossible for us to gather any more information as the e-mail address for the company wasn’t active and the phone number was inactive. We were also able to find a customer complaint about a monthly $30 maintenance fee for the entire duration of the program, which is unnecessary and excessive from our point of view.
The Bottom Line
There are several key points to keep in mind when considering this company for your settle needs. They do not exercise any transparency in regards to their pricing, and they lack greatly in general information about how the company operates. There wasn’t even a working phone number or e-mail for us to use to clear the confusion. Due to this, we suggest individuals take advantage of the free consultation to get a better picture of what Preferred Financial Services is about. Overall, we would not recommend this company.