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Home > Reader Questions > I’ve been with Preferred Financial Solutions since 2007, now they garnished my account, WHY??????

I’ve been with Preferred Financial Solutions since 2007, now they garnished my account, WHY??????

I’ve been enrolled with your debt consolidation program since 2007, now one of the accounts that your company is SUPPOSED to have paid in full is garnishing my checking account!!! WHY? I’ve paid over $24,000.00 to your company in the past 4 years and was told that 3 accounts have been paid in full, but appararently not. What is going on? Where did this money go???????? I was told in the beginning that I would probably have to pay about 17,500.00 to get all 4 credit cards paid in full and now one of the accounts is garnishing my wages! I want and need an GOOD explanation!


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This is information that was submitted by a third party and not generated by or Steve Rhode.
  • Michael

    Hi Patti,

    Have you reached out to Preferred to discuss your concerns?
    From time to time debts that are settled wind up in a pool of unpaid debts that get sold to an investor, a company that buys bad debts and tries to collect on them. If this happened with you, and the documentation that substantiates the settlement and timely payment is available and in order, the issue can typically be resolved quickly and simply.
    There are instances where resolution is not simple even with documentation, but the key to fixing this will be the documentation.

    Do you have any documentation of your settlements? If not, get everything from Preferred on all accounts, not just the one in question and keep in a safe place.

    Contact Preferred and find out what they will assist you with then post an update reply here in this site.

    If you learn something that suggests YOU will need to take actions steps, you will get helpful feedback and tips here.

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