I am using the services of Llyod Ward & assocate to negotiate a deal with me creditors on my behalf. They operate under the name best debt option company. How reliable are they. They have offered me a four year time frame and promised me to settle the debt with Chase Bank of america and discover card at around 40% .What are your thoughts on that. Do these bank really negotaie with them.Do you have any other better option for me to pursue.
No debt settlement company can make an absolute promise of what creditor will settle and for how much. Times and policies change and the only thing that is likely would be the reality of the creditors if you hand the money on hand to settle right now. Even then their policies fluctuate on a monthly basis or at certain times of the year.
I think your debt settlement approach needs to be evaluated in context with what it is you are trying to accomplish. It may not be the appropriate tool for you to use if you are planning to not have the cash on hand to settle your debts within 24 months.
I think you should read The Truth About The Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. If you want to speak to an independent person for an evaluation of your specific situation contact Damon Day.