What can you say about a debt settlement company that has been in business for six years? Stable, in it for the long run are things that come to mind. But, there is little information that could be found on the important things like fee structure and categories of complaints against them. One area in which they do get points for is in offering more information than other debt settlement companies.

Quick facts about Preferred Financial Services:

Founded in: January 2003

Years in Business: 6

Number of employees: 40

BBB Rating: Not rated

BBB complaints: There are no complaints on file with the BBB because the rating is being reviewed and/or updated, but an independent review showed 29 complaints as of June, 2008. Whether these had been resolve or not was not disclosed as were the categories in which the complaints were filed.

Free Information: By visiting their website, you can find free information or by contacting them via various web forms or by their toll-free number.

Escrow or Payment Plan Available: You will be placing your money into a “trust” account with Global Client Solutions.

Source of Funds: Your monthly payments.

Fee Structure: Not disclosed or could be found via search on review sites. They do state that they set up their fee structure based upon the individual needs of each client. It could be that they offer a sliding scale of a percentage based upon the total amount of debt that you have to enter into their program.

Avg Settlement: Not disclosed.

Refund Policy: None given.

About the Company

Preferred Financial Services is headquartered in Andover, Massachusetts and has been in business for six years.

Beginning the Process

This company has many web forms that you can fill out in order to obtain information from them about their programs. On their home page, there is a form to fill out for a free debt reduction quote. Then, you will also find forms for literature requests, debt consolidation, and a form to simply contact them for more information. Sound confusing?

Types of Debt Serviced

Unsecured only.

Worth Noting

Preferred Financial Services is not just a debt settlement firm. They also offer a “credit enhancement” program which sounds a lot like credit repair and also a debt consolidation program as well.

Program Caution and Your Responsibilities

Check them out thoroughly before you sign any agreement.

Will Debt Collectors Still Call?

Not discussed that we could find.

Other Information

Currently, the only way to track your progress in the program is to call them via their toll-free number. They do state on their website that they are working on a way to allow you to check your progress via a client login page, but that has not been implemented as of July, 2009 and the statement was made in March of 2008. It must not be that important to them.
They have a web page that offers examples of debt settlements that you are supposed to be able to click on to see the results of actual settlement offers of other clients. Out of the six that they give links to, only three of them work. That is poor website management at the very least. They also have three testimonials on the same pages, but these could be made up.
Be careful in your dealing with this company. We are not comfortable recommending them, so it is incumbent upon you to check them out more fully to see if they are genuine or not.