Preferred Financial Services Preferred Financial Creates More Credit Problems Then They Solve Lawrence Massachusetts
The other complaints on this company are correct. I signed up at the beginning of June and was told not to contact my creditors. They took the first payment of $275 at the end of June. In the middle of July, I received a new client package and went over the program with a rep. That's when I became suspicious and dropped out of the program.
The first two payments go to Preferred and after that $106 of the $275 goes to them for two years!!! Also, they didn't want one of my major creditors, which held several of my accounts, to know about my participation in the program as they might sue me if they found out.
Bascially, they default on your cards and then try to settle with your creditors. I think this sounds unethical and like a recipe for getting sued. Now I owe hundreds of dollars in late/over limite fees and I have $275 less to pay them with. I would recommend staying away from this company and to find a legitimate credit counseling company.
Frank
White Lake, Michigan
U.S.A.
1 Updates & Rebuttals
Anon
Salem,New Hampshire,
U.S.A.
Knowing your facts.
#2UPDATE EX-employee responds
Thu, September 11, 2008
Not only are the complaints on this company false, but I can note that this company works with honor, and integrity. To join this company there are obstacle as the client to go through. I find it interesting, as to anyone who joins the program, has an advisor to explain the program, but also paper work, clearly stating all the details of the program, in which a CONTRACt, needs to be SIGNED. So, if this company is such a "rip-off", then why arent the people who are spending more time bashing it, spending more time, joining it? People look for a place to put blame, when really it should be on themselves!