Debt Settlement
2 more
Last Updated: 04/18/2025
Elite Financial Services
Unaffiliated
Last Updated: 04/18/2025
SuperMoney User Recommendation Score +43
Mostly recommended30 total votes
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Highlights
Community Rating
Mostly recommended
Minimum Debt Owed
$10,000
Settlement Fee %
15% - 25%(Verified 06/21/2024)
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Monthly Service Fee
$0(Verified 06/21/2024)
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Number of Reviews
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.
- ACDR and IAPDA accredited. Elite Financial Services is a member of the Association for Consumer Debt Relief (ACDR), 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 company. Elite Financial Services has been in business for 19 years.
- Only considers unsecured debts. Elite Financial Services will only settle unsecured debts. These include credit card accounts and personal loans.
- Only available in some states. Elite Financial Services is only available in 21 states, and Washington, DC.
Elite Financial Services Pros & Cons
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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, medical debt, and personal loans.
What does Elite Financial Services charge?
Elite Financial Services charges a settlement fee based on the debt handled. Instead of monthly payments or upfront fees, Elite Financial Services only collects a fee once a settlement has been reached. Fees are calculated as a percentage of the enrolled debt and may vary by state. Across the industry, debt settlement clients typically see a 45% to 60% reduction of their enrolled debt before fees.
Elite Financial Services settlement fees typically range from 15% of the enrolled debt up to 25% of the enrolled debt, depending on state regulations.
Debt relief fees and settlement terms can vary based on your state and individual circumstances, so it’s best to speak directly with Elite Financial Services for 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 is recommended for customers with an unsecured debt of $10,000 or more. Customers with less than $10,000 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 Association for Consumer Debt Relief (ACDR) and the International Association of Professional Debt Arbitrators (IAPDA).
- Elite Financial Services is an accredited ACDR 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 19 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.
Elite Financial Services Disclosure: Elite Financial Services (EFS) is a debt settlement company. EFS does not provide the following services: credit counseling, credit repair, legal advice, debt consolidation loans, tax services, account services, or loans. If you require legal advice seek the advice of a licensed attorney. EFS does not make regular monthly payments to a client’s creditors. EFS cannot guarantee that your debt will settle for any particular percentage within any particular time period. Individual results may vary. EFS services are not available in all states and the fees may vary from state to state due to individual state regulations. Information obtained through the completion of the form above will be used to contact potential consumers interested in debt settlement.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from Elite Financial Services
Hours of Operation
Sunday
Closed
Monday
6:00AM - 3:00PM
Tuesday
6:00AM - 3:00PM
Wednesday
8:00AM - 5:00PM
Thursday
8:00AM - 5:00PM
Friday
5:00AM - 2:00PM
Saturday
Closed
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users mostly recommend this product, giving it a user recommendation score of +43, or 3.9 on a 5-point rating scale.
+43
-1000+100
No one recommends
Everyone recommends
Elite Financial Services Community Reviews
Would you recommend Elite Financial Services to your friends?
JG
Jacob G.
Jan 11, 2021
May or may not recommend
Very very helpful and would most definitely recommend. I’ve saved 1,000s of dollars, just through using this company! I would most definitely recommend this to everyone that would most definitely be very interested in this insurance company
Mary L.
Oct 20, 2020
May or may not recommend
They saved my husband from having to file a bankruptcy and ruining his credit for the next decade. They were very patient and helpful with us throughout the entire process. It took a while to complete, but in the end, we got what we hoed for.
Jose G.
May 29, 2020
May or may not recommend
Very helpful and professional. They saved me thousands of dollars and i dont think I could have done it on my own.
Bonnie H.
Jan 20, 2020
May or may not recommend
Elite helped me tremendously. Everyone that I had the pleasure of working with was very kind and professional. They saved me a ton of money and STRESS! I would absolutely recommend them to anyone that is in over their head in credit card bills!
Beth P.
Dec 3, 2019
May or may not recommend
I found Elite after my husband passed away and they helped me so much. I was drowning in credit cards and didnt know what to do. then, I saw an advertisement for Elite and decided to call. They were very kind and helpful.
Paul M.
Nov 21, 2019
May or may not recommend
Elite helped me get rid of about $30,000 in debt. It took about 3 years to do so, but they got the job done (just as they said they would). Everyone I dealt with there was really professional and helpful. I'd recommend them to anyone with a lot a debt.
KS
Kyle S.
Oct 18, 2019
May or may not recommend
Elite helped my wife and I get out of debt in only 6 months. We had a goal to be debt free before we got married and with the help of Tony and Donna, we accomplished that goal. Now we are getting ready to purchase our first home. WE COULD NEVER HAD DONE THIS WITHOUT ELITE!
SP
Sandy P.
Sep 27, 2019
May or may not recommend
I was in so much debt I wasn't able to pay my bills. I found an advertisement for Elite online and after just a few months have already paid off one credit card that would have taken me years to pay off! They are so easy to work with, always very friendly, and they explain things so incredibly well so you always know exactly what you are signing up for. ...Show More
U
Anonymous
Aug 29, 2019
May or may not recommend
IF THIS COULD BE LOWER THAN ONE, it would. PLEASE READ THIS IN FULL and PLEASE DISREGARD other reviewers, they're probably bought or have in some way been staged/ coerced and I wouldn't trust the ways in which they have come about.
Elite has BLINDLY robbed us of thousands of dollars meant for one single payoff after they failed to let us know the account was in jeopardy- and took that ...Show More
MS
Mary S.
Aug 9, 2019
May or may not recommend
They have been very helpful in settling my accounts. Been in the program for about 3 months and have already settled on 1 account and another one in progress. Thank you so much for your help.
MS
Mark S.
Aug 9, 2019
May or may not recommend
A+ service. EFS did everything they claimed they could when i enrolled.
MM
Manny M.
Jan 14, 2019
May or may not recommend
Elite helped me take care of over $20,000 in credit card debts. It didnt happen overnight, but they did a great job saving me money and keeping me informed.
keri J.
Feb 15, 2018
May or may not recommend
Elite helped me get out of debts that had been bogging me down for years. I was hesitant to use a company to help, but once they started taking care of my accounts, I knew it was the right choice.
U
Anonymous
Nov 7, 2017
May or may not recommend
Initially, I? was pleased with Elite and was excited to be on a plan to end my credit card debt.My upset came toward the end of my settlement. I? was called by a representative who offered me a settlement if I? could come up with an additional 1060. over and above my monthly payment of $468. This was difficult, and I? had done this 2 previous times. I? clearly asked ...Show More
U
Anonymous
Jul 31, 2017
May or may not recommend
Elite Financial helped me get out of almost $40,000 in credit card debt in about 3 years. They saved me over $25,000! Their program was very straight forward and they did exactly what they told me they would. I recommend them to anyone struggling with credit card debt!
U
Anonymous
Jun 21, 2017
May or may not recommend
Elite Financial has truly changed my life. Nobody ever chooses to be in debt. It is stressful and traumatic. When I made the decision to call Elite Financial for help I was scared, I was worried I would be judged and ridiculed; but I can honestly say I received so much support. It has been a very positive experience. My Client Service Representative Donna has been amazing! You can tell ...Show More
U
Anonymous
Jul 29, 2016
May or may not recommend
I hired elite financial to assist with my debt I was having trouble with. The first 3 months I was fairly happy with them and the collections department did stop calling. From then on elite called monthly wanting more money. They sat my account with global solutions which is a complete different company. Global solutions takes the money from your checking account and somehow elite financial gets the money ...Show More
U
Anonymous
Jun 22, 2016
May or may not recommend
I had a very positive experience as a customer with Elite Financial Services. My Client Services Representative was very effective and professional in dealing with my situation. I would certainly enroll in the program again and would recommend this firm to family members and friends. (Hopefully I will never need their assistance again though!) I am a VERY satisfied customer!
U
Anonymous
Jun 17, 2015
May or may not recommend
In only eight months, my debt was settled. I feel so extremely lucky to have found this company. The two reps I worked with were wonderful and called regularly to check in. I appreciate everything they've done for me. I feel like a brick has been lifted off my shoulders.
U
Anonymous
Jun 17, 2015
May or may not recommend
The Elite Financial Services representatives work tirelessly to find the best solution for your debt problem. I am making my last payment this month and I honestly can't believe that my debt is gone. GONE. All thanks to Elite. They are highly recommended when it comes to debt relief.
Showing 20 of 30 reviews
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