How to Beat Prestige Services, Inc.

Edited by Hannah Locklear

If your business has a past-due debt in the United States (or the world), the creditor can hire Prestige Services, Inc. (PSI) to collect it. However, the company's promise to its clients to "bombard" debtors with calls and letters may not sit well with you.

Despite fewer laws governing commercial debt collection, you can still hold PSI accountable for illegal activities. For example, all attorneys representing the company belong to the Commercial Law League of America (CLLA). That agency ensures that the lawyers play by the rules.

Business debt collection can become very personal if you are not a corporation or if an individual personally guaranteed a loan. For partnerships and sole proprietorships, PSI goes after the owners. Find out who PSI is, what it does, and how to beat it.

Sued for debt? Settle your debts with the help of SoloSettle.

What is Prestige Services Inc., and what does it do?

PSI is a nationwide and international commercial debt collector headquartered in Omaha, NE. Rather than focus on consumer debt, PSI collects for businesses to which other companies owe money. PSI has been in business for 27 years.

Here’s the Prestige Services, Inc. contact information:

Prestige Services, Inc.
21214 Schofield Drive
Gretna (Omaha), NE 68028.
Or visit the website.

Prestige Services, Inc. offers the following services:

Pre-collection services/ account receivable outsourcing

PSI helps creditors with more accounts than their in-house staff can handle. They act as an extension of the creditor's office. It charges creditors $10 for every debt they track for three months. The company contacts the debtor thrice in the same period.

Investigation

When a creditor places an account with PSI for collection, the company first determines whether the debtor is a corporation, a partnership, or a sole proprietor. This information directs them to who they should contact. If the business isn't a corporation, PSI then moves to locate the owner(s). The details they look for are home addresses, social security numbers, and more. PSI uses skip tracing to discover debtors' new addresses and phone numbers.

Collection begins

Armed with your personal information, PSI is now ready to begin collection. According to its website, the company uses "persistent efforts" to tire out debtors. These efforts include repetitive calls and demand letters.

Post-judgment actions

If you fail to pay a debt, PSI attorneys will sue you. If they win, PSI prefers bank account garnishments as a means to collect. Therefore they choose to take on clients with debtors' bank accounts.

As you can see, Prestige Services is willing to go to great lengths to collect a debt.

Prestige Services, Inc. customer reviews

Most PSI's Better Business Bureau (BBB) profile reviews come from clients. Most are pleased with the company—it has an average of 4.76 stars from 17 reviews. One notable negative review was from a prospective client who was unhappy that the company could not take on its debtors.

Resolve a debt with Prestige Services, Inc.

The Fair Debt Collection Practices Act (FDCPA) that regulates consumer debt collection does not apply to commercial debts. This fact makes getting out of PSI's grip even more challenging. But it is not impossible.

Business debt collectors members of the Commercial Collection Agency Association (CCAA) must play by rules primarily similar to the FDCPA. Notably, the CCAA is not a government agency and therefore has no authority over non-members.

If you have a business debt that has become too difficult to pay, try one of the following remedies.

Negotiate a settlement with PSI

PSI acknowledges that some debtors cannot fully pay their accounts, no matter how hard they press. So they are sometimes willing to accept less than you owe. If they do, you may be off the hook sooner.

Watch this video to more about debt settlement:

Dissolve the business

If the business is a corporation and you dissolve it, PSI can only come after its property, not your personal belongings. There may be an exception if you personally guaranteed the loan.

File for bankruptcy

If your business files for a Chapter 7 or Chapter 11 bankruptcy, you may have protection from further debt collection efforts by PSI. Chapter 7 closes down the business, and debts disappear. Chapter 11 allows you to reorganize the business's debts but keep operating. Seeking a bankruptcy lawyer's advice can point you in the right direction.

Can you get a merchant cash advance?

If your business's debts result from a lack of capital as opposed to underperformance, you can seek quick financing. Some companies offer merchant cash advances that you can use to pay up your debts but proceed cautiously. Ensure you understand the total costs of cash advances and decide whether it is a good decision for your business. Be sure to examine the cons of accessing such financing before you sign up for them.

Respond to debt collection lawsuits

Commercial debt lawsuits follow a similar pattern as consumer debt:

1. PSI attorneys file a complaint at the court.
2. They serve you the papers.
3. You respond to the lawsuit.
4. The court sets a hearing date.
5. The judge decides the case.

There are probably more default judgments in debt collection lawsuits than necessary because many debtors do not respond to the Summons.

Respond to a debt lawsuit against Prestige Services, Inc.

If PSI sues you, your best defense is to file an Answer within the deadline. Use SoloSuit's step-by-step web app as a guide to creating your response.

It takes three steps:

1. Respond to all the complaints against you.
2. Assert your affirmative defenses.
3. File your Answer at the court and PSI's attorneys.

To learn more about these three steps, check out this video:

You are likely to hear from PSI if your business is in debt. Although the FDCPA regulations may not apply, you can still hold PSI accountable if you know your rights under the commercial debt collection laws.

SoloSuit wants to help you resolve your debt and get your life back. We specialize in assisting consumers in eliminating debt without hiring an attorney.

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to answer a summons for debt collection in your state

Here's a list of guides for other states.

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