Preferred Financial Services

I wish Unilocal was as popular 5 years ago as it is today. I am posting this review for those of you who may be considering using Preferred Financial Services as a debt solution. I am going to briefly share with you my experience with this company. Please take a moment to read this as it could be a crucial decision you make. I am the first reviewer and I regret that there wasn’t any reviews of Preferred Financial Services when I enrolled with them in December 2006.
I was deeply in debt and looking for a solution and in December 2006, I enrolled in the program with Preferred Financial Services. Once enrolled, this company deducted a monthly sum of money and deposited it into an account set up with another company. Each month, Preferred Financial would take $ 49.95 as a monthly retaining fee. The remaining funds would accrue in this account and would be used to negotiate a settlement with my creditors. I remained in the program almost 3 years. Over the 3 years, Preferred Financial received approximately 1800.00 (49.95×36 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 Preferred Financial 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 Preferred Financial reached a settlement agreement back when I was in the program in April 2009. Preferred Financial failed to pay the negotiated settlement. I had no idea about this. Preferred Financial 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 Preferred Financial 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 Preferred Financial Services. 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 at Preferred Financial 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 Preferred Financial 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 Preferred Financial. 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!