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Preferred financial Services - How much can you depend on them?

Preferred Financial Services is a debt management company offering consolidation, settlement and debt reduction services. They operate out of Massachusetts.

Is Preferred Financial Services a scam?

There are Preferred Financial Services reviews made by their customers in the Debt Consolidation Care Community forum. Customers seem to have offered mixed reviews for the company. Where there are happy customers quite satisfied with the job the company has done for them, there are unhappy clients too, accusing the company of being a scam.

Here are few of the positive reviews as well as Preferred Financial Services complaints made by members in the community:

Positive feedback for Preferred Financial Services

  • Helpful company - The company is said to be quite helpful and provides assistance in settling accounts as promised. Customers have also said that they are always available during their working hours and also that they are accessible over the phone. Find out more.
  • Help settle accounts – Customers seem to be happy with the working of the company where they have helped clients settle accounts within a stipulated time period. Find out more.
  • Transparency in dealings - Clients of Preferred Financial Services have said that they have always been informed about where their money was going and have no complaints against them. Get more details.

Negative feedback for Preferred Financial Services

  • Nasty e-mails – The company has been accused of sending nasty e-mails against attempts made by its customers to get back the money which they have invested with the company. Know more.
  • No answer to calls - Preferred Financial Services complaints reveal that customers have not been able to get any of the representatives to attend them on the phone when they call. The company has been accused of not communicating properly with their customers after sign up. More details.
  • Not making timely settlements - Preferred Financial Services problems like untimely settlements or failure to settle within the stipulated time has been reported by clients in the community forums. They have accused the company of charging them upfront fees and yet not providing the service promised. Know more.
  • Failure to provide proper service – Customers have complained that at the end of their term with Preferred Financial Services, it failed to get them out of debt as had been promised. They have also accused the company of hooking clients with false promises. Get more details.
  • Unprofessional attitude – Individuals have alleged that representatives in the company are unprofessional in their attitude. Its employees have also been said to be rude in responding to prospective clients. Get to know more.

Anyone who wants to work with this company may read through the Better Business Bureau reviews and find out if there are any complaints listed there. Make sure you have done your research well before you enroll in any kind of program with them.

You may contact Preferred Financial Services at its mailing address:

P.O. Box 366
Lawrence, MA 01842

Their headquarters is located at:

300 Brickstone Square
Suite 102
Andover, MA 01810

You may also contact them on their phone number:

Toll-free number 1-866-992-7400
FAX: 1-978-475-0656 or 1-978-475-2204

If you want to e-mail them, do so at:

"" – General Information
"" – Current Clients
"" - Creditor Inquiries (Settlement Department)

Has anyone used Preferred Financial Services for d...
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Has anyone used Preferred Financial Services for debt settlement? They are based out of Massachussetts and "seem" to know their stuff, but I am unsure how to base a good company from a bad one. Any advice on finding a good debt settlement agency would be appreciated...

All businesses doing legitimate business are registered with the licensing authorities of your state. Check with the Dept of finance if there are any reports of Preferred Financial Services scam. You can also gather information from the local attorney general office of Massachusetts. Someone who has already dealt with that company will suggest you some guidance here.

Sub: #1 posted on Fri, 08/11/2006 - 11:30

GunsNroses GunsNroses

(Posts: 485 | Credits: )

Stay away from this company. They have a long list of convicted Felons running the place. Preferred Financial Services rip off!! Wayne Ahlquist Felon, Lamont Milton Felon, Chris Carter Felon. Debt settlement can be done yourself save your money and join a local credit counseling Company that charges no more than $75 in fees up front and no more than $20 a month.

Sub: #2 posted on Thu, 08/02/2007 - 00:48


google .....

[color=DarkRed]Marketing post removed as per forum rules - Mike[/color]

Sub: #3 posted on Thu, 08/02/2007 - 08:19


rich11209: What does that have to do with Preferred Financial?? Stop advertising your service on this board! Jlong4> Take my advice and go with a CCCS company that is a member of the NFCC. Goodluck

Sub: #4 posted on Thu, 08/02/2007 - 13:24


Stay away from Preferred Financial. Your first two payments go straight to them and then they get half of your payments for two years. In the meantime you are open to being sued by your creditors. In addition, I dropped out after receiving more info in the welcome letter and lost my first payment to them. When I tried to get it back, I received nasty emails from a staff person with PFS. Check Preferred Financial Services Better Business Bureau reviews and see if there are any more complaints.

Sub: #5 posted on Sat, 08/16/2008 - 07:37


NEVEN EVER under ANY circumstance use these guys. I am Gonna lose EVERYTHING because of them...It is criminal. Bfore these guys I had a chance, now for my family it is over. I might as well blow my brains out and let the family collect the insurace so they have a roof over thier head....yeah these guys will really make your life just great

Sub: #6 posted on Wed, 09/17/2008 - 16:29


This company called me back in June and I signed up with them and haven't heard anything since. They drafted 3 payments so far. I called at least 5 or 6 times in the past 2 months and never get anyone on the phone. I think I am going to call my bank and stop the debits. Anyone else not getting through either?

Sub: #7 posted on Wed, 09/17/2008 - 17:54


Hi, i've been with the company for about a year now and i've had nothing but good experiences with them. Are you also a client of the one in Andover, MA?? They used to be in Lawrence, MA but moved to a bigger office i guess. Anyway, i've never had a problem getting anyone on the phone and don't have any Preferred Financial Services complaints to make. They're always there during their working hours and they're always pretty helpful.... it does kind of suck going thru a program and not paying my bills, but it was either that or file BK. anyway, my credit isn't all that great now, but it wasn't getting any better the way i was going. i got 2 accounts settled out and 3 more to go.... make sure you're dialing the right number 866-992-7400....

Sub: #8 posted on Wed, 10/01/2008 - 07:08


They did a good job with me. They Got My 17k 1st Financial Bank card settled for 8.8k In about a year. Can't say I have Preferred Financial Services complaints or anything bad to say about them.

Sub: #9 posted on Mon, 11/24/2008 - 07:46


What was you're total financial condition when you signed up? Was that the only account that you had? What state do you live in and did you receive any telephone calls from Preferred Financial Services Inc.? [FONT=Verdana][FONT=&quot][/FONT][/FONT]Thanks

Sub: #10 posted on Mon, 11/24/2008 - 16:59


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