Priority Plus Financial: Legit Or Scam?

Nick Leason

-Oct 19, 2025

What is Priority Plus Financial? Priority Plus Financial is a debt relief company based in the United States that offers various services to help individuals manage and reduce their unsecured debt. Who is it for? It is designed for individuals struggling with overwhelming credit card debt, personal loans, and medical bills who find traditional repayment methods unmanageable. When was it founded? Founded in 2004, the company has been operating for nearly two decades. Where is it located? While specific office locations are not widely publicized, it operates nationally within the United States. Why consider their services? Their primary goal is to help consumers avoid bankruptcy, reduce the total amount they owe, and improve their credit score over time through debt negotiation and settlement programs.

Key Takeaways

Priority Plus Financial is a legitimate debt relief company founded in 2004.
They offer debt negotiation and settlement services to help reduce unsecured debt.
Services include credit counseling, debt management plans, and debt settlement programs.
Legitimacy concerns often arise from the nature of debt settlement, which can impact credit scores.
Consumers should carefully review fees, program details, and potential risks before enrolling.

Introduction

Navigating the world of debt relief can be challenging, and consumers often question the legitimacy of companies offering solutions. Priority Plus Financial is one such company that frequently appears in searches related to debt management. Many individuals struggling with overwhelming credit card debt, personal loans, and other unsecured obligations turn to debt relief services in hopes of finding a way out. This article aims to provide a comprehensive and unbiased overview of Priority Plus Financial, addressing whether it is a legitimate operation and what services it offers, along with the potential benefits and drawbacks.

We will delve into the company's history, the types of debt relief programs it provides, how these programs work, and what consumers can expect. Crucially, we will examine common concerns about debt relief companies, including fees, potential credit score impacts, and regulatory oversight, to help you make an informed decision. The goal is to offer clarity on whether Priority Plus Financial is a reliable option for those seeking to regain control of their financial future.

What is Priority Plus Financial and Why Consider It?

Priority Plus Financial is a debt relief organization that assists consumers in managing and reducing their unsecured debts. Unsecured debts are typically those not backed by collateral, such as credit card balances, medical bills, and signature loans. The company's core service involves negotiating with creditors on behalf of clients to settle these debts for less than the full amount owed. This process aims to provide a faster and potentially less expensive alternative to bankruptcy.

How Priority Plus Financial Works

When a consumer enrolls with Priority Plus Financial, they typically stop making payments to their creditors. Instead, they make a single monthly payment to Priority Plus Financial, which then distributes the funds to the creditors according to the settlement agreements. The company's negotiators work to reduce the principal balance, waive late fees, and potentially lower interest rates. The objective is to resolve the debt within a specified timeframe, often ranging from 24 to 48 months. — Modesto, CA Zip Codes: Full List & Map

Services Offered

Priority Plus Financial usually offers a range of services designed to tackle debt from different angles:

Debt Negotiation and Settlement: This is the primary service, where the company attempts to settle debts for less than the full amount. Once a settlement is reached, the consumer pays the negotiated amount, and the debt is considered satisfied.
Credit Counseling: Some programs may include initial credit counseling to assess the consumer's financial situation and determine the most suitable debt relief strategy.
Debt Management Plans (DMPs): While not exclusively a DMP provider like some credit counseling agencies, their programs can function similarly by consolidating payments and potentially negotiating terms.

Benefits of Using Priority Plus Financial

Consumers might consider Priority Plus Financial for several potential benefits:

Reduced Debt Amount: The primary allure is the possibility of settling debts for significantly less than the total owed, saving money in the long run.
Avoidance of Bankruptcy: For individuals facing severe financial distress, debt settlement can be an alternative to the lengthy and damaging consequences of bankruptcy.
Simplified Payments: Making one payment to the debt relief company can be less stressful than managing multiple creditor payments.
Potential for Faster Resolution: Compared to prolonged repayment plans, settlement aims for quicker debt resolution.

Potential Risks and Downsides

It is crucial to be aware of the potential risks associated with debt relief services like those offered by Priority Plus Financial:

Impact on Credit Score: Debt settlement, by its nature, involves stopping payments to creditors, which negatively impacts your credit score. Settling a debt for less than owed may also be reported as such, further affecting your creditworthiness.
Fees: Debt relief companies charge fees, which can be substantial. These fees are often a percentage of the amount settled or a monthly service fee, and they can sometimes eat into the savings achieved.
No Guarantee of Success: There is no guarantee that creditors will agree to settle for a reduced amount. Some creditors may refuse, leading to continued collection efforts or lawsuits.
Potential for Scams: The debt relief industry has historically attracted fraudulent operators. It's essential to distinguish legitimate companies from scams.
Consumer Protection Laws: While regulated, the industry is not without its pitfalls. Understanding your rights under laws like the FTC's Telemarketing Sales Rule and the FTC's Debt Collection Rule is vital.

How Priority Plus Financial Operates: A Step-by-Step Approach

Understanding the operational framework of Priority Plus Financial can demystify the debt relief process. While specific internal procedures may vary, the general steps consumers can expect are as follows:

Step 1: Initial Consultation and Assessment

Upon contacting Priority Plus Financial, prospective clients undergo an initial consultation. During this phase, a financial counselor or representative will assess your financial situation. They will review your income, expenses, and the types and amounts of debt you owe. This assessment helps determine if you are a good candidate for their debt settlement program and if their services align with your financial goals.

Step 2: Program Enrollment and Agreement

If deemed eligible and if you decide to proceed, you will enroll in their program. This involves signing an agreement that outlines the terms of service, fees, estimated timelines, and the company's responsibilities. It's crucial to read this agreement thoroughly and ask questions before signing. You will typically authorize Priority Plus Financial to act as your agent in negotiating with your creditors.

Step 3: Setting Up the Dedicated Trust Account

A core component of most debt settlement programs, including those likely offered by Priority Plus Financial, is the establishment of a dedicated trust account. After enrolling, you will be instructed to stop making payments directly to your creditors. Instead, you will begin making regular monthly deposits into this segregated account. These funds accumulate over time, building a lump sum that the company will use to negotiate settlements with your creditors.

Step 4: Debt Negotiation and Settlement

Once a sufficient amount has been saved in your trust account, Priority Plus Financial's negotiators will contact your creditors. They will attempt to persuade creditors to accept a lump-sum payment (using the funds from your account) in full satisfaction of the debt, usually for less than the outstanding balance. This negotiation process can take time, and there's no guarantee of a settlement with every creditor.

Step 5: Distribution of Funds and Account Closure

When a settlement is reached with a creditor, Priority Plus Financial will use the funds from your trust account to make the agreed-upon payment. You will typically be notified of the settlement and the amount paid. Once all enrolled debts are settled, or if you decide to exit the program, the trust account will be closed, and any remaining funds (after fees and settlements) will be returned to you.

Step 6: Post-Settlement and Credit Repair

After debts are settled, the negative marks associated with the accounts (e.g., late payments, settled for less than full amount) will remain on your credit report for up to seven years. While Priority Plus Financial focuses on debt resolution, they may offer advice or resources for credit rebuilding, though this is often a separate effort for the consumer to undertake.

Priority Plus Financial: Legitimacy and Regulatory Oversight

Determining the legitimacy of any debt relief company involves examining its operational history, customer reviews, and regulatory compliance. Priority Plus Financial has been operating since 2004, which suggests a degree of stability and experience in the industry. However, operating for a long time does not automatically equate to being a trustworthy or effective service.

Regulatory Framework

Debt relief companies in the United States are subject to federal and state regulations. The Federal Trade Commission (FTC) plays a significant role in overseeing these companies. Key regulations include:

The FTC's Telemarketing Sales Rule (TSR): This rule prohibits debt relief agencies from collecting fees before they have reduced or settled debts for consumers. There are specific requirements regarding advance fees.
The Consumer Financial Protection Bureau (CFPB): The CFPB also has oversight and can take enforcement actions against companies engaged in unfair, deceptive, or abusive practices.
State Licensing Requirements: Many states require debt relief companies to be licensed or registered to operate within their borders. Consumers should verify if Priority Plus Financial is licensed in their state.

Customer Reviews and Reputation

When assessing legitimacy, customer reviews are a valuable resource. Searching for reviews of Priority Plus Financial on platforms like the Better Business Bureau (BBB), Trustpilot, and other consumer review sites can offer insights into the experiences of past and current clients. Look for patterns in complaints or praise regarding:

Communication: Are representatives responsive and clear?
Program Effectiveness: Did clients achieve their debt reduction goals?
Fee Transparency: Were fees clearly explained and perceived as fair?
Customer Service: How were disputes or issues handled?

It's important to note that debt settlement is an inherently difficult process, and not all clients achieve perfect outcomes. Negative reviews can sometimes stem from unrealistic expectations rather than outright fraudulent activity. However, a consistent pattern of severe complaints is a red flag. — Riverside, CA Zip Codes: Your Ultimate Guide

Common Misconceptions About Debt Settlement

It's essential to differentiate between legitimate debt settlement services and outright scams. Legitimate companies like Priority Plus Financial operate within legal frameworks, although their services carry inherent risks. Scammers, conversely, often make unrealistic promises, disappear with funds, or engage in illegal practices.

Legitimate Company Characteristics:

Operates transparently regarding fees and processes.
Does not guarantee specific results but outlines potential outcomes.
Adheres to federal and state regulations (e.g., FTC's advance fee ban).
Has a verifiable business history and contact information.

Scam Indicators:

Guarantees of debt elimination or exorbitant savings.
Requests for upfront fees before any work is done.
Lack of clear information about services and fees.
High-pressure sales tactics.
Unprofessional communication or lack of physical address.

While Priority Plus Financial appears to be a legitimate business, consumers should always exercise due diligence.

Examples and Use Cases of Priority Plus Financial Services

To better understand how Priority Plus Financial might assist consumers, consider these illustrative examples:

Use Case 1: High Credit Card Debt Burden

Scenario: Sarah has $30,000 in credit card debt spread across three cards, with high interest rates accumulating quickly. She's struggling to make minimum payments, and her credit score has already taken a hit due to occasional late payments. She's not eligible for debt consolidation loans due to her credit score.
How Priority Plus Financial Might Help: Sarah enrolls in their debt settlement program. She stops paying her credit card companies and starts making a monthly deposit into her dedicated account. Priority Plus Financial negotiates with the credit card issuers. They might successfully settle one card for $10,000 (representing a 67% payoff), another for $8,000 (60% payoff), and the third for $9,000 (70% payoff). Over two years, Sarah paid approximately $27,000 (including fees and settlements), saving her roughly $3,000 in principal plus the interest she would have accrued.
Outcome: Sarah's credit report will show these debts as settled for less than the full amount, negatively impacting her score initially. However, her debt is resolved, and she has avoided bankruptcy.

Use Case 2: Medical Bills and Personal Loans

Scenario: Mark incurred $15,000 in medical bills and has a $7,000 personal loan, totaling $22,000 in unsecured debt. He lost his job temporarily and cannot afford the monthly payments. His creditors are threatening collections.
How Priority Plus Financial Might Help: Mark contacts Priority Plus Financial. After assessment, they agree to take on his case. He deposits funds regularly. They negotiate with the medical providers and the loan company. They might settle the medical bills for $9,000 and the personal loan for $5,000. The total cost for Mark, including fees, might be around $15,000.
Outcome: Mark has resolved $22,000 in debt for approximately $15,000. His credit report will reflect these settled accounts, requiring him to focus on rebuilding his credit profile afterward.

Use Case 3: Dealing with Collections Agencies

Scenario: Maria owes $5,000 on an old account that has been sold to a third-party collections agency. The agency is demanding the full amount, but Maria only has a limited budget.
How Priority Plus Financial Might Help: Maria utilizes Priority Plus Financial to handle the collections agency. The company may be able to negotiate a settlement for a lower lump sum, perhaps $3,000, which Maria funds through her dedicated account. This prevents potential legal action from the collections agency.
Outcome: The debt is settled, and Maria avoids further escalation. The collections account will still be reported, but marked as settled.

These examples illustrate the potential benefits of using a service like Priority Plus Financial when facing overwhelming unsecured debt. The key is that the company acts as an intermediary, leveraging negotiation tactics to reduce the total amount owed.

Best Practices and Common Mistakes When Using Debt Relief Services

Engaging with a debt relief company like Priority Plus Financial requires a strategic approach to maximize benefits and mitigate risks. Understanding best practices and common pitfalls is crucial for a successful outcome.

Best Practices:

Thorough Research: Before signing any agreement, research the company extensively. Check reviews on reputable sites (BBB, Trustpilot), verify their accreditation, and confirm they are licensed in your state.
Understand the Contract: Read the service agreement carefully. Pay close attention to fee structures, refund policies, estimated timelines, and what happens if a settlement isn't reached.
Ask Questions: Don't hesitate to ask representatives to clarify any part of the process, fees, or potential consequences. If they are evasive or unclear, it's a red flag.
Verify Creditor Communication: Ensure the agreement clarifies who communicates with creditors. Ideally, the company should handle all communication once you enroll.
Maintain Budget Discipline: Even during the program, maintain a strict budget. This is essential for making your monthly deposits on time and for rebuilding your finances post-settlement.
Understand Credit Impact: Be prepared for your credit score to drop initially. Debt settlement is not a credit repair service; it's a debt resolution strategy. Plan for credit rebuilding efforts afterward.
Keep Records: Maintain copies of all agreements, payment confirmations, and correspondence with the debt relief company and creditors.

Common Mistakes to Avoid:

Believing Guarantees: Avoid companies that guarantee specific settlement amounts or timelines. Debt negotiation outcomes depend on creditor willingness.
Ignoring Upfront Fees: Be wary of companies charging significant fees before they've performed any services or settled any debts. This is often a violation of FTC regulations.
Stopping Payments Prematurely Without a Plan: While stopping payments is part of the process, ensure it's done within a structured program that clearly outlines how funds will be managed and when settlements will occur.
Not Budgeting for Fees: Factor the debt relief company's fees into your overall debt resolution plan. Unexpectedly high fees can strain your budget.
Assuming Credit Will Automatically Improve: Debt settlement negatively impacts credit. Expecting automatic credit improvement without dedicated rebuilding efforts is unrealistic.
Falling for High-Pressure Sales Tactics: Legitimate companies allow you time to consider their offer. High-pressure tactics are often used by less reputable firms.
Ignoring State Regulations: Ensure the company complies with all state-specific licensing and operational requirements. Operating without proper licensing can invalidate agreements.

By adhering to these best practices and avoiding common mistakes, consumers can navigate the debt relief process more effectively and increase their chances of achieving a positive financial outcome.

Frequently Asked Questions (FAQs)

1. Is Priority Plus Financial a legitimate company?

Yes, Priority Plus Financial appears to be a legitimate debt relief company founded in 2004. They offer debt negotiation and settlement services. However, like all companies in this industry, consumers should exercise due diligence, read their contracts carefully, and understand the potential risks and fees involved.

2. How does Priority Plus Financial settle debts?

Priority Plus Financial negotiates with creditors on behalf of their clients to agree on a lump-sum payment that is less than the full amount owed. Clients make regular deposits into a dedicated trust account, which is then used to make these settlements.

3. What types of debt does Priority Plus Financial handle?

They primarily focus on unsecured debts, such as credit card debt, medical bills, and personal loans. Secured debts (like mortgages or car loans) and debts like student loans or taxes are typically not included in their settlement programs.

4. Will using Priority Plus Financial hurt my credit score?

Yes, the process of debt settlement usually involves stopping payments to creditors, which negatively impacts your credit score. Additionally, a settled debt is reported as such on your credit report, which can affect your creditworthiness for up to seven years. While the goal is to resolve debt, credit rebuilding efforts are necessary afterward.

5. How much does Priority Plus Financial charge in fees?

Fees vary depending on the client's specific debt situation and the program chosen. Generally, debt relief companies charge a percentage of the amount settled or a monthly service fee. It is essential to get a clear breakdown of all fees during the initial consultation and review them in the service agreement.

6. What happens if my creditors refuse to settle?

If creditors refuse to settle, Priority Plus Financial will continue to try and negotiate or may advise on alternative options. However, there's no guarantee of settlement with all creditors. In such cases, your debt might still be subject to collection actions or lawsuits, and your credit score will continue to be negatively affected by missed payments.

Conclusion: Is Priority Plus Financial the Right Choice for You?

Priority Plus Financial is a long-standing debt relief company that offers a structured approach to managing and reducing unsecured debt through negotiation and settlement. For individuals drowning in credit card debt, medical bills, or personal loans, their services present a potential pathway to financial recovery, possibly saving money compared to paying the full amount owed and offering an alternative to bankruptcy. — Is Amazon Down? Check Amazon's Status Now

However, it is critical to approach debt settlement with a clear understanding of its implications. The process inherently involves a significant negative impact on your credit score, and the fees charged by the company can reduce the overall savings. Success is not guaranteed, as creditors may refuse to negotiate. Therefore, the legitimacy of the company is only one part of the equation; its suitability for your personal financial situation is paramount.

Before enrolling with Priority Plus Financial or any debt relief service, it is highly recommended to:

Conduct thorough personal financial assessment.
Compare their offerings, fees, and contract terms with other reputable debt relief providers.
Consult with a non-profit credit counseling agency for a broader perspective on debt management options.
Read their contract meticulously and ensure you understand all terms and conditions.

If Priority Plus Financial aligns with your financial needs and you are prepared for the associated risks and impacts, it may be a viable option. However, informed decision-making based on comprehensive research and a realistic understanding of debt settlement is key to regaining control of your financial future.

Last updated: October 26, 2023, 15:30 UTC