Elite Financial Services

Elite Financial Services Review

Elite Financial Services is a debt settlement company based in Beverly, MA. It offers debt relief services to borrowers in 21 states (and Washington, DC). Founded in 2007, it is a well-established company that has been in business for over 10 years.

Key Takeaways

• Minimum debt balance of $10,000. Elite Financial Services only considers clients who have at least $10,000 in debt. This is a typical requirement for most debt settlement companies. However, it will also only settle individual accounts if they have a balance of $500 or more per account.
• AFCC and IAPDA accredited. Elite Financial Services is a member of the American Fair Credit Council (AFCC), which is the largest trade association for the debt settlement industry. It also employs debt resolution specialists that have been trained and accredited by the International Association of Professional Debt Arbitrators (IAPDA).
• Well-established firm. Elite Financial Services has been in business for 16 years.
• Types of debt settled. Elite Financial Services will only settle unsecured debts. These include credit card accounts, personal loans, and payday loans.
• Only available in some states. Elite Financial Services is only available in 21 states.
• Offers in-house debt relief services. Some debt settlement companies act as intermediaries for larger firms. This company uses its own staff to handle debt settlement accounts.

Elite Financial Services Pros & Cons

Elite Financial Services FAQ

What does Elite Financial Services do?

Elite Financial Services offers debt relief services for the following types of debt:

• Unsecured debt, such as credit card debt and personal loans.

What does Elite Financial Services charge?

Elite Financial Services operates on a contingency fee basis. Companies operating under a contingency fee model charge fees that are based upon a percentage of the debt at the time the consumer enrolled; occasionally they are based on a percentage of the savings negotiated by the debt-settlement company. Across the industry in general, debt settlement clients typically see a 45% to 60% reduction of their enrolled debt.

Elite Financial Services charges fees that range from 15% of the enrolled debt up to 25% of the enrolled debt, depending on the amount of enrolled debt provided.

Debt relief service pricing / costs can vary greatly from one client to another so it's best to speak to Elite Financial Services directly to determine an accurate quote.

Does Elite Financial Services offer a guarantee?

What is the minimum debt Elite Financial Services will consider?

Does Elite Financial Services perform its own servicing in-house?

Yes, Elite Financial Services employs its own in-house servicing staff who manage the process and negotiate settlements on behalf of their customers.

What accreditations does Elite Financial Services have?

The two main trade associations in the debt relief services space are the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA).

• Elite Financial Services is an accredited AFCC member.
• Elite Financial Services is an IAPDA member.

Is Elite Financial Services Inc. a legit company?

Elite Financial Services Inc. was founded in 2007, it is a well-established company that has been in business for 16 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.