O those who might fall prey to this financing scheme: DO NOT DO ANY BUSINESS WITH A COMPANY CALLED "PREFERRED CREDIT" out of St. Paul, Minn. They provide financing for items that people purchase via home sales (mine was a Rainbow Vacuum).
At the expense of showing my own gullibility, this is what they do to "trick" you:
At the time of the sale, you sign a contract for "12 months same as cash". The date the 12 months and your deal is up, your money is due.
They set up "convenient" withdrawals from your checking account. The payments start about 6 weeks later and are well below what is needed to pay the loan within 12 months. (They assure you that you can change the payment amount at any time).
You have to jump through significant hoops to get information about the loan, how to reach the company, etc. The company NEVER sends a statement (out of sight, out of mind, right?)
On the anniversary date of the loan time is up, you are stuck with all of the astronomical interest, compounded daily, any other tacky penalties they can make up and were probably in the contract you signed and didn't read 12 months ago. If you make the mistake I did it can cost you $400-$600 before your 12th payment would have come out of your bank account.
By the way, they "don't use the post office", (wonder if that is to avoid some type of federal fraud charge?), so you can't send a check, and they don't take credit card payments, and they don't have an online option. You have to use an automated phone system to provide your bank information to payoff and close the account.
I have never felt more stupid.
I wish I knew how to shut this company down! I made a BBB complaint and got a pat answer. (By the way, the BBB has them as a good company despite the overwhelming negative comments on the company-that doesn't factor in.) There is no complaint department at Preferred Credit, I left word for a call from a supervisor on Monday but of course I haven't heard from anyone.
So, there it is--I really really HOPE someone else benefits from my experience
some one came to our home and said that we needed a water filter because we had hard water and then they told us that they installed the water filter and we get a bonus of free bath soap,hair shampool,all cleaning solution,liquid dish,liquid for wash clothes. now that was supposed last for five years but it didn't. then our mpnthly payment was 159.00 each month so we add extra 41.00 too make the payments 200.00 taking out of our checking acct every month but for the past three years I look at our statement and the balance was not going no where so I called them and ask why that extra money wasn'r coming off from our balance and this is the fake story they told me. well when your husband made arrangement for us to take the extra 41.00 from the balance that when we would turn it in we would charge 25.00 for late fee so I said how is that possible we had it taking out of acct automatic .then they said because told them too take out on end of the month and when they hand it was late so I told why didn't explain that to him. so for the past three years we only had 15.00 taking off and you kept the 25.00 saying a late fee and they did that to get the money and also they charge us 8000.00 for ripoff water that should had cost 3000 to 4000. A total ripoff so now going six years and they claim we still owe 4000.00. they should be checked out how many more they have done this too.I know we should making our last payment it will take another three more years and we had this done 2011.
This is mainly a report to warn people that chances are the negative reports about Prefered Credit Inc. are true. My dealings with the company are through the purchase of a Kirby vacuum cleaner. After a brief exchange with two representatives to try to delay the start date of deductions from my checking account, the conversation ended with the impression that nothing had changed.
However, when I checked my bank account, I discovered that no deduction had been made. I called the company and discovered that my account had been "cancelled" whatever that meant. The representative would not say, but I was able to reset the account. My guess is PFI was out to wreck my credit over the disagreement. They cancel the account, cease collection and then immediately report my account in arrears to credit reporting agencies. Had I not made the phone call, I would never have known about this.
Preferred Credit appears to be a sleight of hand company, skilled in doublespeak and innuendo. When I asked for the name of an executive officer, to make an appeal for a delay in the start of payments, the manager refused. I was able to find the names of the top officers on their LinkedIn.com listing, but was puzzled to find the president, chief executive officer, owner listed under three different names.
If anyone begins a relationship with PFI, I can only urge you to keep meticulous records. If you call them, log the call and record it if possible. I hope to end the automatic deductions, if at all possible, because this is the type of company that will continue to take payments after terms have been met, as many of the complaints allege.
To be forewarned is to be forearmed, as the saying goes. PFI is a very dangerous company.
Preferred Credit Inc Reviews
O those who might fall prey to this financing scheme: DO NOT DO ANY BUSINESS WITH A COMPANY CALLED "PREFERRED CREDIT" out of St. Paul, Minn. They provide financing for items that people purchase via home sales (mine was a Rainbow Vacuum).
At the expense of showing my own gullibility, this is what they do to "trick" you:
At the time of the sale, you sign a contract for "12 months same as cash". The date the 12 months and your deal is up, your money is due.
They set up "convenient" withdrawals from your checking account. The payments start about 6 weeks later and are well below what is needed to pay the loan within 12 months. (They assure you that you can change the payment amount at any time).
You have to jump through significant hoops to get information about the loan, how to reach the company, etc. The company NEVER sends a statement (out of sight, out of mind, right?)
On the anniversary date of the loan time is up, you are stuck with all of the astronomical interest, compounded daily, any other tacky penalties they can make up and were probably in the contract you signed and didn't read 12 months ago. If you make the mistake I did it can cost you $400-$600 before your 12th payment would have come out of your bank account.
By the way, they "don't use the post office", (wonder if that is to avoid some type of federal fraud charge?), so you can't send a check, and they don't take credit card payments, and they don't have an online option. You have to use an automated phone system to provide your bank information to payoff and close the account.
I have never felt more stupid.
I wish I knew how to shut this company down! I made a BBB complaint and got a pat answer. (By the way, the BBB has them as a good company despite the overwhelming negative comments on the company-that doesn't factor in.) There is no complaint department at Preferred Credit, I left word for a call from a supervisor on Monday but of course I haven't heard from anyone.
So, there it is--I really really HOPE someone else benefits from my experience
some one came to our home and said that we needed a water filter because we had hard water and then they told us that they installed the water filter and we get a bonus of free bath soap,hair shampool,all cleaning solution,liquid dish,liquid for wash clothes. now that was supposed last for five years but it didn't. then our mpnthly payment was 159.00 each month so we add extra 41.00 too make the payments 200.00 taking out of our checking acct every month but for the past three years I look at our statement and the balance was not going no where so I called them and ask why that extra money wasn'r coming off from our balance and this is the fake story they told me. well when your husband made arrangement for us to take the extra 41.00 from the balance that when we would turn it in we would charge 25.00 for late fee so I said how is that possible we had it taking out of acct automatic .then they said because told them too take out on end of the month and when they hand it was late so I told why didn't explain that to him. so for the past three years we only had 15.00 taking off and you kept the 25.00 saying a late fee and they did that to get the money and also they charge us 8000.00 for ripoff water that should had cost 3000 to 4000. A total ripoff so now going six years and they claim we still owe 4000.00. they should be checked out how many more they have done this too.I know we should making our last payment it will take another three more years and we had this done 2011.
I wan't people to know that is a ripoff as far as I'm concerned. This was on a Bed I bought from a salesman at home.
These people have a rip off interest rate and say you can prepay, but doesn't seem to be any way to do it.
The sales person stole my old vacuum cleaner out of the house, promised to bring it back and never did.
Promised to send me bags for the kirby and never did.
If you can avoid these people, I recommend you do.
This is mainly a report to warn people that chances are the negative reports about Prefered Credit Inc. are true. My dealings with the company are through the purchase of a Kirby vacuum cleaner. After a brief exchange with two representatives to try to delay the start date of deductions from my checking account, the conversation ended with the impression that nothing had changed.
However, when I checked my bank account, I discovered that no deduction had been made. I called the company and discovered that my account had been "cancelled" whatever that meant. The representative would not say, but I was able to reset the account. My guess is PFI was out to wreck my credit over the disagreement. They cancel the account, cease collection and then immediately report my account in arrears to credit reporting agencies. Had I not made the phone call, I would never have known about this.
Preferred Credit appears to be a sleight of hand company, skilled in doublespeak and innuendo. When I asked for the name of an executive officer, to make an appeal for a delay in the start of payments, the manager refused. I was able to find the names of the top officers on their LinkedIn.com listing, but was puzzled to find the president, chief executive officer, owner listed under three different names.
If anyone begins a relationship with PFI, I can only urge you to keep meticulous records. If you call them, log the call and record it if possible. I hope to end the automatic deductions, if at all possible, because this is the type of company that will continue to take payments after terms have been met, as many of the complaints allege.
To be forewarned is to be forearmed, as the saying goes. PFI is a very dangerous company.