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Elite Financial Services Review
Where does Elite Financial Services do business?
Elite Financial Services is a debt settlement company based in Beverly, MA. It offers debt relief services to borrowers in 19 states (and Washington, DC). Founded in 2007, it is a well-established company that has been in business for over 10 years.
- Low debt minimum. Elite Financial Services stands out from the competition because it only requires clients to have a minimum balance of $5,000. Most firms require at least $10,000 of unsecured debt. On the other hand, it will only help settle individual accounts with a balance of at least $500 or more per account.
- IAPDA accredited. Elite Financial Services invests in the training and accreditation of its debt resolution specialists by the International Association of Professional Debt Arbitrators (IAPDA). However, it's not a member of the American Fair Credit Council (AFCC), the debt settlement industry's major trade association.
- Not accredited by the AFCC or the IAPDA. Elite Financial Services is not a member of the American Fair Credit Council (AFCC), which is the major trade association for the debt settlement industry. Furthermore, it does not invest in the accreditation of its debt resolution specialists by the International Association of Professional Debt Arbitrators (IAPDA) either.
- Well-established firm. Elite Financial Services has been in business for 13 years.
- Types of debt settled. Elite Financial Services will only settle unsecured debts. These include credit card accounts, personal loans, payday loans, and medical bills.
- Does not charge a monthly fee. Unlike some debt relief firms, Elite Financial Services does not charge a consultancy fee for additional services.
- Only available in some states. Elite Financial Services is only available in 19 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 and Cons:
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, personal loans and medical debt
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 13% of the enrolled debt up to 23% 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?No, Elite Financial Services does not have a money back guarantee. Some debt settlement companies advertise a money-back guarantee that typically states you won't be charged until your debt is settled. However, it is illegal for debt settlement companies to charge upfront fees before an account is settled. So these guarantees offer little added value to consumers.
What is the minimum debt Elite Financial Services will consider?Elite Financial Services will only consider customers with unsecured debt of $5,000 or more. Customers with less than $5,000 of unsecured debt may benefit from a debt consolidation loan or credit counseling services.
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 not an accredited AFCC member.
- Elite Financial Services is an IAPDA member.
- Washington, DC
- New Mexico
- New York
- North Carolina
- South Dakota
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