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.