Complaint Review: Preferred Credit

I offer my experience with Preferred Credit as a warning to others. I am very careful about paying off credit debt to insure that I don't incur interest, but this company's accrual practices left me holding the bag of additional interest to pay. I know that finance companies count on a certain percentage of people that dont make the payments on time. This is how they make their money. But predatory

companies like Preferred Credit take it a notch further; 1) you cannot monitor your account online, and 2) the quote is only good for 2 days. These were key issues in my situation.



I called in for a payoff amount and I scheduled my bank to make a payment. The check apparently took

longer to get to them through the mail than expected as l received a letter in the mail the next month telling me that I still owed money to them. When I called them the next day, they were nice enough on the phone, but there was no give in their approach. They told me that my payoff amount "was just

shy" of what was actually owed, but couldn't or wouldn't tell me the amount that I was short. This amount short was because their payoff amount was only good for 2 days and my check didnt arrive before the expiration of the quote.



I'm a standup guy and have been able to pay my bills on-time because I continue to be blessed with a job. I used Preferred Credit as a temporary financial solution for a Kirby vacuum purchase and I knew that I wasnt going to get stuck like the people they depend on for their business. We all learn lessons in life sometimes through painful experiences. My father used to call them "knowledge bumps". It would be good if you can learn from my mine.



LESSON: Financial predators like PREFERRED CREDIT not only want you to fail, they find creative ways to help you to fail!