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Is Preferred Financial Service a Scam? I Want My Money Back. – Divine

“Dear Steve,

Contracted with Preferred Financial Service (PFS)
300 Brickstone Square, Ste. 102, Andover, MA 01810-1492
Ph: (866) 992-7400 or (978) 722-2488; Fx (978) 475-0656/2204

in April 2010 to get out of debt. $368.92 was e-drafted from my checking account on the first business day of the following 6 months in 2010:
April
May
June
August
September
October

The total amount drafted during that period was $2,213.52.

(I also incurred 2 bank fees of $34.00 each due to insufficient funds which my bank rep tells me is potentially redeemable if the company is fraudulent.)

NOT ONE PENNY OF THE $2,213.52 WENT TO PAY OFF MY CREDITORS!!! In the meantime, I was sued by two of my creditors for nonpayment of debt.

At this point, I have negotiated on my own for repayment of my debts meaning I never really needed a debt consolidation service at all. They made my situation MUCH worse and stressful for me. I wonder if there is a class action suit going on against them.

What should or can I do to get all of my money back?
and
Is Preferred Financial Services legit or fraudulent?
(If you only answer one question, please answer the first one. )
Thank you very much for helping me solve this money mess.

Divine”

Dear Divine,

It clearly appears Preferred Financial Services enrolled you in an advanced fee debt settlement program where the initial payments went to fees for services they eventually never delivered to you.

There is a process for to get out of a debt settlement program and get your money back. Follow all the steps of the process till you get your money back.

I also reached out to USOBA, the trade group Preferred Financial Service belongs to and they said they would be happy to investigate the matter and provide help if they can. You can contact them at [email protected] or 877-768-7622.

Please post your responses and follow-up messages to me on this in the comments section below.

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About the author

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.

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