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Have you Heard and Do You or Don’t You Recommend “Preferred Financial Services”? – Mindy

“Dear Steve,

I have made some seriously bad decisions when it comes to credit cards!! Way too many and now with a paycut and possibly losing my job (because my boss is an idiot!) I cannot afford to pay them anymore. I have no savings and 45 bucks in my checking and I am seriously considering bancruptcy, however, I just heard of a new program for credit card debt and i know you will have the “skinny” on it…cuz you are “that guy”, so help me out please and tell me what you know about ……(see question below)

Have you heard and do you or don’t you recommend “Preferred Financial Services”? They say they can cut your debt by 50%…. Too good to be true….probably right?

Mindy”

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The Answer

Dear Mindy,

No repayment program is going to be appropriate for you in your current situation. With a possible loss of your job and reduced income, it would be totally unreasonable to pay any debt settlement company for services. Unless that is if you have 65% of your debt sitting in cash in your bank to TRY to settle some debts and HOPE that all your debts could be settled. Which is not a given at all. Check the success rates of the average debt settlement program.

Even a credit counseling program seems like a bad fit in this situation. The problem again is the expectation you’ll be able to make a monthly payment that is about what you are paying now, which you can’t.

In my humble opinion the best course of action is to prepare yourself for potential unemployment by strongly considering bankruptcy. Click here to find a local bankruptcy attorney and go talk to them.

I did happen to do a previous review of the Preferred Financial Services web site, which you can read here.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

Have you Heard and Do You or Dont You Recommend Preferred Financial Services?   Mindy
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Have you Heard and Do You or Don't You Recommend "Preferred Financial Services"? - Mindy by

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Novan1360

    Preferred Financial Services is the biggest scam I’ve dealt with. They contacted me via email. When I signed up for them to help consolidate school loans, which was my mistake, I found out the next day I could go with an in school deferment. I called them, they quickly cashed my payment which wasn’t supposed to be withdrawn for two weeks. They then refused to refund my money by using an erroneous company that had no phone or transaction number to withdraw the amount of my refund a day before redepositing it. I’m hoping my bank can recover funds but because I’m sure they’re good at this and have had years of experience doing it, I may not be able to recover my funds.

    Thanks

  • Novan1360

    Preferred Financial Services is the biggest scam I’ve dealt with. They contacted me via email. When I signed up for them to help consolidate school loans, which was my mistake, I found out the next day I could go with an in school deferment. I called them, they quickly cashed my payment which wasn’t supposed to be withdrawn for two weeks. They then refused to refund my money by using an erroneous company that had no phone or transaction number to withdraw the amount of my refund a day before redepositing it. I’m hoping my bank can recover funds but because I’m sure they’re good at this and have had years of experience doing it, I may not be able to recover my funds.

    Thanks

  • Jason

    I went with Preferred Financial 2 years ago and have had very good results. Look at it this way, without a professional service to help me handle these accounts I would have to pay back 100% of what I owed, not to mention future fees and interest. Regardless of a fee, I still am saving thousands off what I owe. My wife and I recently went on the first vacation we have gone on in 10 years, and thats not being frivilous, it was well deserved. After paying back probally twice what I borrowed the debt reduction program finally allowed us to get ahead.

    One account I had was with American Express, I first tried working directly with them but they wouldn’t budge. Three months later my interest rate creeped up to 22%, I contacted the FTC, I sat and did the math with my wife… and lets just say it would have taken us forever and a day to make any headway going the way that we were going. So, my reply and advice is do whats best for you but Preferred Financial did give us structure to what we were doing and helped us a lot.

    Best of luck,

    Jay

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