Consumer Beware: Elite Financial Services May Have Closed Down
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Updated On: July 3, 2024
Elite Financial Services (EFS), once a well-regarded debt relief company based in Beverly, Massachusetts, provided services to help consumers manage and alleviate their debt burdens. They offered solutions such as debt settlement and consolidation and worked to negotiate with creditors on behalf of their clients. Despite their initial success and some positive feedback, it appears that EFS is no longer in operation. According to the Better Business Bureau (BBB) business profile and reviewers on the customer review platform Yelp, the company has ceased their services, although no reason or context has been provided. They also currently have no BBB rating, and exhibit fairly negative review scores online.
Their official website is currently inactive and appears insecure, with a warning that attackers might steal your information if you enter it. Another, more secure website with the company's logo seems to be up and running at first sight, but it contains little information, and the form within it is not functional. This, along with customer allegations of robocalls and scam-like behavior, leaves past and prospective clients unable to verify the accuracy of any information found on them. Therefore, while there have been no official press releases to verify their closure, we think you'd be better off searching for alternatives.
If you're interested in learning more about Elite Financial Services and what they offered their customers before they closed down, read our previously-written review below.
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Quick Stats
Elite Financial Services at a Glance
Elite Financial Services is a financial services company that specializes in providing aid to people who are struggling with debt, which has helped clients for more than ten years. Clients who use Elite's services may expect to get rid of their debt in as short a period as 12-36 months. Their specialists have been trained and accredited by the International Association of Professional Debt Arbitrators (IAPDA), and the company is a member of the largest trade association for the debt settlement industry, the American Fair Credit Council (AFCC).
Before delving into their debt relief program, it's important to note that Elite Financial Services is only available in 21 states. When you visit their "Get Started" page, you would select the state where you reside from a drop-down menu. This will allow you to determine if your state is served by their program.
How Elite Financial Services Debt Relief Program Works
To apply for Elite Financial Services' debt relief program, you would start with a free debt analysis. After providing your basic information, their team will offer customized debt settlement options tailored to your needs and budget. Then, once you choose a program, their specialists will negotiate with creditors to reduce your debt, providing professional support along the way.
Elite Financial Services Eligibility Criteria
To be eligible to enroll in Elite Financial Services's debt relief program, you must be older than 18 and have more than $10,000 in debt. Other requirements vary depending on your situation, which will be evaluated by their specialists.
To benefit from their debt relief programs, you must be behind on paying your debt to the creditor. Elite Financial Services usually works with clients who are struggling with financial hardships that are preventing them from paying their debt to the creditors as agreed on. As required by law, there will be no upfront fees for you to pay at Elite Financial Services. Instead of paying an upfront cost, you pay fees based on a percentage of the debt you settle with the company.
Types of Debt Addressed by Elite Financial Services
Elite Financial Services addresses only unsecured debt, including the following:
- Credit card debt
- Private student loans
- Unpaid medical bills
- Personal loans and payday loans
- Back rent
- Business debts
Fees at Elite Financial Services
Elite Financial Services charges fees per program instead of upfront fees; these fees are based upon a percentage of the debt at the time the client enrolls. Usually, the fees are based on a certain percentage of the savings the Elite specialists negotiate with the creditors. They claim that, on average, their debt settlement clients typically see 45% to 60% in savings, before fees.
Elite Financial Services charges fees that range from 15% to 25% of the enrolled debt, depending on the amount of debt provided. Keep in mind that debt relief service fees can vary greatly from one client to another based on their situation. To know the fees you will be paying, it is best to speak to Elite Financial Services' specialists directly to get an accurate quote.
Customer Support at Elite Financial Services
There is a whole section on Elite's website dedicated to providing debt settlement resources and educational documents that can be used to help people manage their money and settle any debt-related issues. You can also use the FAQs section on the website to find answers to common questions.
If you can't find an answer to your questions, you can contact their specialists by phone at (888) 616-3548. However, they don't seem to have an email address where you may contact them.
Final Verdict
Living debt-free might sound like a far-fetched idea to someone drowning in debt. However, resorting to a debt relief company may help you with such financial decisions.
It's important to note that if EFS has ceased operations, as their BBB business profile suggests, it may not be the solution for you. Before making your final decision, it's crucial to explore other options. Take a look at our review page to see a list of notable debt relief companies that are still operational. You can also use our comparison tool to evaluate different companies against each other. Additionally, reading our blog can help you expand your financial knowledge. Finding the right service for you doesn't have to be tough when using your own best judgment, especially if you have the right resources!
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