Preferred Financial Serices

Preferred Financial Serices (PFS) / Wayne A. Ahlquist, Lamont L. Wilson, Keith Koltunowicz Preferred Financial Services Corporation (Official name), P

8th of Mar, 2011 by User832503

In April of 2010, I unfortunately contacted Preferred Financial Services
(PFS) to help me get out of credit card debt. At that time, I provided
them with my bank information. After paying them $2,2I3.52 via
automatic withdrawal, I called and asked them to stop debiting my
account and to refund what I had paid them because no payments had been
made to my credit card companies. The very rude person I talked to
refused to stop withdrawing funds or to refund what I had already paid
stating that I was bound in contract. (I never signed anything.) I
changed bank accounts in order to stop the payments and wish I had done
that sooner considering how easy it was. I was not informed upfront (A lie of omission) that PFS would be collecting their own hefty fee in full before
any funds would be paid to my creditors. Needless to say, this created
even greater financial hardship as my unpaid debts grew with interest
while PFS's accounts grew richer. Who would've thought that via
participation in a debt consolidation program that one's debts would
become delinquent and susceptible to negative credit report ratings?
Being unemployed, I was unable to pay both PFS and my creditors
concurrently. After all, I contacted them because of financial hardship
not because I wanted to take on another bill (@ $368.12/mo.). My credit card companies hounded me incessantly due to lack of payment
and threatened to sue me despite repeatedly informing them of my
enrollment in PFS's debt consolidation program. Frankly, I wonder if
PFS ever contacted my creditors at all. They are a decidedly "UnPreferred" company who's employees, in addition
to being dishonest, completely lack PR skills. To say the situation
was extremely stressful would be an understatement. Basically,
Preferred Financial Services exacerbated my financial situation causing crisis; they increased rather than decreased my debt. I
went to them for helpful "Financial Services" as their name implies,
and wound up being harmed instead. ------------------------------------------ FYI: 1. I understand that of 27 October 2010, Debt Consolidation
Companies can no longer take their own fees upfront before paying
client's creditors. Wish that were true 6 months earlier. 2. Preferred Financial Services is/was under investigation by the New York State Attorney General.

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