Setup Fee: 15%
Monthly Fee: $38.75
Settlement Fee: None
TASC Members: Yes
BBB Complaints: 0
In Business Since: December 2006
Prestige Financial Solutions is a TASC accredited member. They also have an accredited status and an A- rating with the Better Business Bureau. Prestige charges 15% of your total debt amount and $38.75 per month which is made up of $30 per month in “maintenance charges” and $8.75 per month in banking charges. This makes them slightly more expensive than your average debt settlement company. Prestige Financial Solutions has been in business since December of 2006 according to the BBB, however, I was told they had been in business for five years by one of their representatives.
Prestige has a great record with the BBB, 0 complaints in the last 36 months and an accredited status. They are also an accredited member of TASC. Both of these factors may make the extra fees worthwhile for some consumers.
{ 10 comments… read them below or add one }
Just signed up with this company… anyone have any knowledge of their performance?
Well, I signed up about 60 days ago and no settlement offers yet. The first 2 months worth of payments go directly to PFS, but they’re supposed to be working on settlements from day 1 (no proof of that happening). They prescreened me and said they have a working relationship with my 3 creditors, but like I said, still no settlement offers and the creditors continue to call every day. PFS makes “courtesy calls” every couple of weeks to see if I have any questions. My questions are always the same, “Where are we in the process?” “Why are my creditors still calling me?” and “When should I expect some settlement offers?” The answers are typically this: “Everything looks good and on schedule” (meaning they just sent out third-party limited power of attorney papers to my creditors), “Creditors typically stop calling after 60 to 90 days.” (so I should expect something to start moving within the next 30 days, as I’m now 60 days into this), and “Settlement offers can come at any time, it just depends.” So, I’m not thrilled with PFS performance yet, but I’ll have to give it a little more time to see if they can deliver. Good luck.
Worst company ever!!!!! How they could have gotten an A rating from the BBB is beyone me…..
I am now 6 mos in… One settlement which is great. 50% of original amount. But I have also had a lawfirm take me to court during which PFS was of no help. I did all that I was told to and still a judgement was won against me. I have now contacted a lawyer myself to resolve this who advised me they can handle the rest of my debt and will be able to settle for 25%. I am tempted. I am so sick of calling PFS and them having no idea what is going on and just trying to tell me what I want to hear so I will hang up. I wish I didn’t enter into a contract with them.
My advise: Talk to a bankruptcy lawyer, they will have someone that handles settlements and will be CHEAPER, quicker and will be able to answer your questions. AND if you are called to court, you will have some help!!!
I have to echo frustrated’s comment! I have been with PFS for almost a year. They have settled one on my accounts for over 50% I have been to courts twice with little help from PFS. I finally contacted a bankruptcy Law firm for help and they have been wonderful!
I am so sick of calling PFS and having them so confused and them giving me canned answers. AVOID this company! Save money an time contact a lawyer! They can also help you with any tax issues that will come up AND help fix your credit, unlike PFS.
Terrible company, misrepresented the fact that MOST creditors WILL take you to court for the balance owed even after less than one year (which two creditors did in my case), and they were unavailable to help me once I informed them of being served by my creditors (I kept calling and they kept evading my calls and making excuses, said they could give NO advice). I wound up filing chapter 13 bankruptcy to stay out of court and am actually better off! I can’t believe there are no complaints against them filed with the Better Business Bureau, guess I’ll be the first.
Yes, I’m being sued by a credit card company, which Prestige assured me was very improbable. In addition to the cost of prestige, which has banked about $3000 from me, I have only accumulated $1800 in my “savings account.” Yet my new lawyer, which they advised me not to hire, has cost me $2000 already, just for retainer. I hired Prestige to take care of these issues for me, yet I only receive packets for ME to fill out and mail. This I could have done with an interent search for free. I had to force the company to start offering settlements to my creditors. Prestige has only one debt settled at 50%, another I settled myself at 35%. I will have to pay this one out of pocket because although I have been “investing” in this contract, I don’t have the money in my account. One last one pending, except my lovely lawsuit. My only question is how do I break this contract? I’ve put a hold on my “payments” which Prestige tells me will only cost me $25.00 each month penalty. A penalty???? For not putting my money in my account? What???? I inquired to Prestige dropping the account for which I have hired a lawyer, will it decrease my “investment” amounts each month? Ummm, no, they will just settle with the other comapnies more quickly. More quickly? Why should they? They are making terrific bank off of people like me who were at their end with creditors and in a desperate situation trying to avoid bankruptcy. Why shouldn’t they take their time? I too was taken in by the A- rating at the BBB. Again, how do I end this?
Our firm, Hyde & Swigart currently has a class action against Prestige Financial Solutions for defrauding California consumers. If any of you wouldn’t mind speaking with us directly about your experience with Prestige Financial Solutions, please contact the undersigned.
*THIS IS ADVERTISING MATERIAL*
David Leimbach, Esq.
Hyde & Swigart
411 Camino Del Rio South, Suite 301
San Diego, CA 92108
Office: (619) 233-7770
Facsimile (619) 297-1022
dleimbach@westcoastlitigation.com
Prestige Financial is the worst car company ever to go though!
I see a lot pf people complaining about PFS and am curious as why. Most of the people who signed up with them were already behind on their credit card payments so the chance of being sued was already their before PFS was even involved. I owed over 20,000 and ended up paying back 9,764. and did not end up being sued. I am happy with the fact that I saved 10,236. Their is no easy fix but it is a whole lot better then paying back 20,000 and having a company that will make sure everything is done the right way. Best of luck to you all