If you’re struggling to pay off your debts, you may be considering debt consolidation. This is a popular option because it can help you reduce your payments and get out of debt faster. However, not all debt consolidation companies are created equal. So, is Preferred Financial Services a scam or is it legit? In this article, we will explore the company’s history and what they offer its clients. We will also look at some of the pros and cons of using their services.
Preferred Financial Services, or as many remember Signature Preferred Financial Solutions, is a debt settlement company that has been in business since 1999. The company offers its clients several services, including debt counseling, credit counseling, and debt management. Preferred Financial Services is not accredited by the Better Business Bureau (BBB) and has an A+ rating.
The company has a number of negative reviews online, many are very concerning. Customers have claimed that this company is a scam and that they have been ripped off. Some customers say that Preferred Financial Services has charged them hidden fees, and others say that the company has not helped them at all. Overall, it seems that this company is not very reputable.
If you’re considering using this company to settle your debt, we would recommend looking into other options first. There are many other companies out there that can offer you similar services without negative reviews.
1.5 out of 5.0 stars
Preferred Financial Services Pros and Cons
Preferred Financial Services has been in business for over 20 years and is an established debt settlement company. However, there are more cons than pros when it comes to this company.
One of the biggest complaints is that they bait and switch their customers. They will advertise a low monthly payment, but then after you sign up, they will try to increase the payment. This is extremely frustrating for customers who are already struggling to make ends meet.
Another concern is the reviews left by previous customers. There are many concerning reviews about this company online. Some customers have even said that they felt like they were being scammed by the company.
All things considered, there are more cons than pros when it comes to this debt consolidation company. If you are considering using this company to settle your debt, you may want to consult legal advice. There are many other debt settlement companies that have better reviews and don’t bait and switch their customers.
What is Preferred Financial Services?
Preferred Financial Services is a debt settlement company that has been the subject of many concerning reviews. The company has been accused of being a scam, and there are several reports of people who have lost money after working with Preferred Financial Services. If you’re considering working with this company, it’s important to be aware of the potential risks involved.
There are a few things to keep in mind if you’re thinking about working with them. First, the company has a history of not delivering on its promises. There have been numerous reports of people who have worked with the company only to find that their debt was not settled as promised. Second, the company has also been known to charge high fees, which can end up costing you more in the long run.
Finally, it’s important to remember that debt settlement works depending on your individual situation and is not a guaranteed solution. If you’re struggling with debt, you should speak to a financial advisor to explore all of your options. Working with them may not be the best decision for your situation.
How does Preferred Financial Services work?
This debt settlement company uses bait and switch tactics to lure in customers. The company advertises itself as a way to help people get out of debt, but in reality, it does very little to actually help customers settle their debt.
Instead, the company has been accused of charging high fees and then disappearing, leaving customers with even more debt than they had before. Beware of their bait and switch tactics and rip-off fees. You’re better off finding another debt settlement company that will actually help you settle your debt.
How to qualify for Preferred Financial Services?
Preferred Financial Services is a debt settlement company that offers debt relief to consumers. In order to qualify for their services, you must have a minimum of $15,000 in unsecured debt, be current on your payments, and be able to make a monthly payment of $250. If you do not meet these qualifications, then you will not be able to use their services.
There are many other debt relief companies out there that do not have such strict requirements with accurate information. If you are struggling with debt and cannot qualify for their services, then you should consider other companies.
If you are looking for ways to reduce your debt without using a debt relief company, then you can try some of the following methods:
- Debt consolidation
- Debt management
- Debt counseling
- Debt negotiation
Each of these methods has its own set of pros and cons, so you will need to research each one carefully before deciding which is right for you. If you are unsure about what to do, then you should consult with a financial advisor to get help making the best decision for your situation.
What is the cost of Preferred Financial Services?
This company charges fees for its services. The cost depends on the amount of debt you have and the number of creditors you have. The average fee charged is 15% of the total debt owed. This means that if you owe $20,000 in debt, you would pay $3000 in fees.
There are other companies that charge lower fees. It is important to compare the costs of different debt settlement companies before deciding which one to use.
How do you pay back Preferred Financial Services?
Preferred Financial Services is a debt settlement company that will work with you to pay off your debt. However, there are some things you should know before you sign up with them.
- First, it will charge you a fee for their services. This fee will be based on the amount of debt you have and the length of time it will take to pay it off.
- Second, it will also require you to make monthly payments. These payments will go towards paying off your debt and the fees charged by this company.
- Finally, if you decide to use them to pay off your debt, you should be aware that it will affect your credit score. This is because debt settlement companies will often negotiate with your creditors to lower the amount of debt you owe, which will show up as a negative on your credit report.
Please, be sure to weigh the pros and cons before making a decision.
What happens if you don’t pay for the loan?
If you find yourself in a situation where you can’t pay back what you owe, there are a few things that could happen. First, the debt settlement company may try to work with you to come up with a new payment plan. If you’re unable to make payments under the new plan, the debt settlement company may take legal action against you. This could include filing a lawsuit or garnishing your wages.
Of course, the best thing to do if you’re having trouble making payments is to reach out to their customer service as soon as possible. The sooner you communicate with them, the more likely it is that they’ll be able to work with you on a payment plan that works for both of you.
What is the minimum credit score for Preferred Financial Services?
This investment advisory services offer its services to people with poor credit scores. The minimum credit score is 550. However, the company has been known to accept clients with lower credit scores. If you are considering using them to settle your debt, you should be aware of the risks involved.
There are many companies out there that promise to help you settle your debt for less than what you owe. However, these companies often charge high fees and interest rates. They may also require you to put up collateral, such as your home or car, in order to secure the loan. Please make sure to also check with tax professionals.
How does Preferred Financial Services affect your credit?
Preferred Financial Services is a debt settlement company that negotiates with your creditors to settle your debt for less than what you owe. While this can be a good option if you’re struggling to make ends meet, it’s important to be aware of the potential drawbacks before you sign up for their services.
One of the biggest ways that it can affect your credit is by negotiating settlements on your behalf. When you settle a debt, it’s noted on your credit report as “settled for less than the full balance,” which can stay on your report for up to seven years and may hurt your score. Additionally, the act of settling a debt can also lead to more debt in the future, as creditors may be less likely to work with you if they know you’re willing to settle for less than what you owe.
While Preferred Financial Group can be a helpful resource, there are some potential risks that you should be aware of before moving forward. Talk to a financial advisor or debt counselor to see if Preferred Financial Services is right for you.
“The opinions expressed and material provided are general information and should not be considered a solicitation for the purchase. The content is developed from sources believed to be providing accurate information. Please consult legal or tax professionals for specific information regarding your situation.” These are some of the things this company is not clear about.
How to cancel Preferred Financial Group?
If you’re unhappy with the debt settlement program offered by them, you may be wondering how to cancel it. Unfortunately, cancelling your program can be difficult and may result in negative consequences.
It uses a third-party debt settlement company to negotiate with your creditors on your behalf. This company charges a percentage of your debt as a fee for its services. If you cancel your program, you will still owe this fee.
In addition, if you cancel your program, the debt settlement company will keep any money that you have already paid into the program. This means that not only will you still owe the fee, but you will also have lost any money that you have already paid towards your debt.
It’s important to remember that debt settlement is not a guaranteed solution and there is no guarantee that you will be able to settle your debt for less than what you owe. If you decide to cancel your program, you may end up having to pay back your debt in full.
Preferred Financial Services BBB Reviews
Preferred Financial Services has an A+ rating from the Better Business Bureau, but is not accredited by the BBB. On Trustpilot, some opinions expressed by customers have complained about being misled and feeling like they were scammed.
Here are some Preferred financial Services Reviews:
Ed L. Cranston, RI 11/16/20111.0 out of 5.0 stars
Over the 3 years, the lender received approximately 1800.00 (49.95x 36 months). They also received a fee for each account that they settled. After being in the program for nearly 3 years, I received a letter from this lender in October 2009 stating that I completed the debt solution program and that all my accounts were settled. What a relief, I finally felt like I’ve reached financial freedom and had a fresh start.
Nearly two years have passed and I received a letter from a law firm representing Citibank. Citibank and this company reached a settlement agreement back when I was in the program in April 2009. They failed to pay the negotiated settlement. I had no idea about this. They told me that everything was paid and settled. When I received this letter from the law office, there was also a motion that they were going to attach my wages.
Since they NEVER paid the settled amount, Citibank now wants the full amount plus additional charges and fees. For 6 weeks after receiving this letter, I have tried countless times to obtain help from this company. I have sent them a copy of the letter I received from the lawyer. I’ve called and emailed them. Not one person would email or return my call. Every time I’d call them, I get sent to a voice mail. No one would help.
To avoid my wages being garnished or having further legal action taken against me, I obtained a loan and paid off Citibank. Upon further investigation, I determined that my account that they used for the funds they withdrew from me each month had $1254.00 left in it and that Citibank was NEVER paid as agreed.
I have since filed a complaint with the Better Business Bureau and Consumer Affairs. I have found that I’m not the only person that has experienced the same problems with this company. I am looking into filing a suit against them. I wouldn’t be surprised if a class action suit comes along as there are many others like myself with the same issues.
They are known for not paying your creditors as agreed. They also never return your phone calls, emails, or provide any help.
Bottom Line – DO NOT USE THEM!
CC F. Hicksville, NY 1/10/20131.0 out of 5.0 stars
I echo the previous reviews. I paid off all of my debt much earlier than scheduled. Once everything was completed, I was waiting for their “credit enhancement” services to help repair the negative points on my credit rating. I emailed several times and finally got a person on the phone. The quick answer was “we don’t do that anymore.” I stated that each and every person I spoke with during my relationship stated that the step after paying everything off was repair my credit rating.
The only recourse was that they gave me a name and number of another group that helps people repair their credit rating. I haven’t bothered to call because I know it’s going to just be another fee for someone to make calls.
I don’t know of a “good” company out there who can really help people in debt. I will say, based off of the other reviews, I will be double checking all of my paperwork to make sure everything has been paid off and that I have written confirmation of such.
Is It Legit or a Scam?
Preferred Financial Services is a debt settlement company that has been in business for over 20 years. The company has an A+ rating with the Better Business Bureau but it’s not accredited.
However, there are some concerning negative reviews about psf1.net online. Some customers have accused the company of bait and switch tactics, saying that they were promised one thing but then received something else entirely. Others have said that the fees charged by Preferred Financial Services are exorbitant and not worth the debt relief they receive.
If you’re considering using this company to help you get out of debt, it’s important to weigh all of your options before making a decision. There are other debt relief companies out there that may be a better fit for you. Be sure to do your research and choose the company that’s right for you.
Have you used Preferred Financial Services to get out of debt? Tell us about your experience in the comments below.
Thank you for reading!