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Elite Financial Services - Are customers happy with them?

Submitted by on Mon, 11/17/2008 - 15:43
Posts: 202330
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I am ready to sign up with a company called Elite Financial Services in Massachusets and I looked them up with the BBB and their record is good. I am just nervous because the man I spoke to said that they we're also members of Association for settlemetn companies and I have read in other articles on this website that sometimes that means nothing?

My husband and I have excellent credit and can afford our minimum payments and every other month we pay at least 20% or more than the minimum due.

The guy I spoke with said that it doesn't matter my credit score is mostly my debt to income ratio anyway. Please help they told me I have 2 days to get my paperwork in to them or else I would not be approved.

My daughter work's for a credit union and we are waiting on an answer back for a loan.

Thanks.


It's been a few days because my computer crashed. I finally found this site again lol. I gave them a call again. Yes there is always someone there before 5:00pm they always answer. Today when I called I was transferred to someone different other then my program adviser, ED. Her name is Rosie. I was a little confused as to why but do not worry I was informed that when I contacted Ed he did do his part and furthered my account to the next step. Rosie, informed me that she now is in control of my account and that Ed was finished with his part. She is the negotiator that I was waiting to get that call from. Turns out she tried contacting me on July 7, 2010 but because of the number of roommates the message was deleted, accidentally, or so my roommates say lol. So far things are looking up. I was also told by Rosie that I will be informed via e-mail or phone on the progress of my account. We shale see how things further turn out. I will be in touch.


Submitted by on Thu, 07/15/2010 - 14:57

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I have not been getting calls from any of my credit cards except from USAA. They are putting up a fight with me about not contacting me. They also say they refuse to deal with third parties companies regardless of the power of attorney. I then contacted my account adviser about it and was told that elite financial services cant really do anything about it. And that I should just let them throw the power of attorney, continuously, in there face. Or until they hand it to another company. Now I am worried about if this will ever settle. I am thinking on Backing out of the deal and wonder what kind of penalties elite will slap me with. I call call today.


Submitted by on Wed, 07/28/2010 - 08:02

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I never had a problem paying my minimum payment. But now my credit report is going to get messed up? I do not need that right now I am on the phone with Elite as we speak asking about dropping out of my program. One good example I have noticed is the being $7,000.00 in debt, I owed my credit cards a total minimum payment of only $135.00. With Elite and there fees I now pay $209.50 Sure it more in less time paying but My credit gets hurt in the process? Not sure about people in higher debt with bad credit reports already. But this company seems like there not for me.


Submitted by on Wed, 07/28/2010 - 09:00

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I signed up with the company EFS-DEBTFREE.COM (Elite Financial Services) but a few days later after reading my agreement I cancelled it. They have a 30 day cancellation policy stated on the agreement and the form to fill out. I was fortunate that I didn't pay any money up front since I was on a budget and no available cash to pay out. They are willing to work with your financial situation.

My reasons for cancellation is simple. You have to fight off the creditors from collecting there money while you and EFS accumulate funds to negotiate with your creditors. While you are accumulating this funds, your credit cards will continue to accrue interests and assessed with late fees. These will hurt if your credit company will not play ball with EFS. I just can't take this chance.


Submitted by on Mon, 08/02/2010 - 10:59

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forgot to mention....EFS gets 15% of my total debt. It is taken from the monthly payments I am scheduled to make....50% goes to EFS and 50% to the pay off fund account. The first 2 monthly payments are EFS processing fee. These are non refundable after 30 days of signing of the agreement. I have changed bank account in case EFS use the authorized draft that was signed with the agreement. I am glad for people who have used these services successfully but this is not for me.


Submitted by on Mon, 08/02/2010 - 11:21

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I was thinking of signing up with Elite Financial Services for Debt Settlement. However I think I'll take my chances and will opt to negotiate with the credit card companies directly. I have no way of validating that this company will do as they say (This applies to all the other companies that do the same thing). Here are two sources that influenced my decision... http://www.cbsnews.com/stories/2009/05/12/earlyshow/living/money/main5008357.shtml
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre02.shtm


Submitted by on Thu, 08/12/2010 - 07:54

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Quote:

Originally Posted by Anonymous
forgot to mention....EFS gets 15% of my total debt. It is taken from the monthly payments I am scheduled to make....50% goes to EFS and 50% to the pay off fund account. The first 2 monthly payments are EFS processing fee. These are non refundable after 30 days of signing of the agreement. I have changed bank account in case EFS use the authorized draft that was signed with the agreement. I am glad for people who have used these services successfully but this is not for me.



Sorry it took so long to get back here. This is my final and last posting on this forum. I was figuring out and organizing my situation with E.F.S. I Agree with Robert T 100% I unfortunately was not one of the lucky ones to cancel before my 30 days I was 3 months in and put a stop payment on E.F.S. Then canceled I paid in $628.50 and only got refunded $124.50. $504.00 lesson learned. I canceled for the same reason. It was just making my credit worse and worse. I could put $209.50 in a account myself and not charge a fee, while not paying my cards and negotiate a settlement which I did with bank Of America. I owed them $4,800.00 with the fees and interest from not paying I talked them down to 2300.00 myself but they wanted big min payments and had I put the money away like E.F.S. was doing for me, I could afford it. So Why did I really need them? Lucky for me a family member helped me with the 2300.00 that I now owe them with out interest and fees or even late payments. I would only recommend E.F.S. for people that have severely bad credit already. They did seem legitimate and were always available when I called. I was able to cancel with no Bull Sh** to stop me. Its just I don't need bad credit right now. If I already had bad credit I would have stayed with the company.


Submitted by on Tue, 08/24/2010 - 06:50

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Elite seems to be doing a good job for us. They have settled one account and had offers on the rest. We have decided to be patient and wait for better settlement on the others as their balances are higher. We were briefly concerned at finding their fees and setup costs ran higher than expected, but decided it was our fault for not reading the fine print. Even with their high fees we hope to end up in better shape financially and a budget we can actually live on. It will just take more time than we anticipated. Elite associates answer and return calls with no problem. Our negotiator, Liz, is easy to talk to and work with. Will continue to post as the program goes on.


Submitted by on Fri, 09/03/2010 - 12:48

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Elite Financial settled our accounts in about 5 months. They called often and returned my calls promptly. 15% in fees was costly, but with the 5 credit card payments eliminated from our budget, we are able to live on our much reduced income due to Merrill Lynch disaster a couple of years ago.


Submitted by on Wed, 11/17/2010 - 14:27

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I am have been concerned for the same reason. I sent in information that I was interested in talking to them after 6 pm and they have called almost daily for the past 2 months on my cell phone early in the morning, during work but never after 6 pm. There must be some incentive for them to call so much. For that reason I have not answered their phone messages or e-mails and concerned another alternative.


Submitted by on Wed, 01/12/2011 - 18:53

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I want to share my experience with Elite Financial; I began my journey to become debt free in the fall of 2008. I am a 35 year old single mom, and found myself in over 40k in debt. I was getting collection calls, and constant threats from bill collectors. I was referred to Elite Financial from a friend that had used their services about 2 years earlier. I was very happy with their services, and they saved me about 20% more than they originally quoted me. I would defiantly recommend this company, and I do not have enough good things to say about my representative Jen, she always took my calls and was very understanding about my financial situation. I am glad to say I am finally debt free Thanks to Elite Financial Services, I 100% recommend their services, they also have a B+ rating with the Better Business Bureau


Submitted by on Wed, 01/26/2011 - 11:49

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Just so you know you can pay to have a A rating with the BBB ,unfortunately they ARE big buisness. You pay to play with them.Even worse in some cases you can get a bad rating by not paying them. I once worked for a company with 16 complaints in 3 years out 15,000 clients. If we wanted to pay 75K a quarter we can have a A. Yes it's that crooked :(


Submitted by on Thu, 01/27/2011 - 15:31

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Do not judge a company by their BBB rating. "BBB Accredited" simply means the company paid a fee to join. I called the BBB because my business had a "C" rating. I was not a member and they told me the rating was based on the small amount of information they had. I answered all their questions. Based on that and the lack of complaints, our rating is now an A+.

I have not worked with this company or any like it. However, even when they get your debts reduced that doesn't mean that you will suddenly have a good credit score. And when a debtor reduces your debt they will send you a 1099 stating that you had "income" from them which is taxable. If you negotiate with a debtor, make sure you get everything in writing including that they will not issue a 1099.


Submitted by on Sat, 03/05/2011 - 13:51

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I was always keeping up on this site, especially when I first signed up with Elite Financial Services in Saugus, MA. I have to admit I was a little worried and confused, I saw some bad feedback, but not from people that actually used them, then I saw a ton of good feedback. I finally decided to stay with this company, because when I looked them up on the Better Business Bureau, they have an A rating, they have over 100 positive customer feedbacks and 0 negative, this made me think that alot of this negative feedback might be from competitors or past employees that wanted to hurt the company.

I can honestly say I am 100% satisfied with my desision, They managed to save me and my husband 63% of my original debt total, we had a little over $50,000.00 in debt and they saved me a total of $31,500.00. I found all of their staff to be very knowledgable, and they were always availablw when I called them. They do not hide the fact that there will be times over the course of the program where some creditors can be harder to work with than others. But it if you are patient and give them the opportunity you will be complatly satisfied at the end of your program. They managed to settle my biggest account Amex $14,000.00 for 20% 2800.00, although there was one of my accounts they had to settle for 55%, but again overall they saved me over 60%.

I would 100% recomend this company and I already have, my co-worker has since signed up with them and seems to be happy so far. I am glad there are message boards and forums out here were real people can share their stories, but once again, I think it is far to easy to bad mouth good companies when you can make up anonomous claims. I definantly recomed always using the BBB Better Business Bureau to help you make an informed decision.

On closing, I used Elite Financial Services in Saugus, MA

their website is deleted...pm Not the company in Florida, there is no affiliation with the 2 hope I can help someone with my expierience, as everyones feedback helped me.:)

sorry can't post that...pm


Submitted by on Tue, 08/14/2012 - 09:41

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