Ask The Get Out of Debt Experts Debt Settlement

I Went with Simon Bosch and NoteWorld and Don’t Have Enough Money to Settle. – Miguel

“Dear Steve,

I sign up with Simon and Bosch in Sep last year .I have 29K in debt. The young lady said the would keep the first 2 payments of 378.00 for charges and the rest will accumulate in Noteworld. A law firm call me yesterday of one of my debtors and the said they will settle 7900.00 debt for 2,600.00.

And that Simon and Bosch just charges alot each month and do nothing for negotiations. I checked Noteworld and all I had was 800.00 in the account. Noteworld charges 45.00 monthly and the law firm 180.00 a month. I could have had enough to pay off this creditor that called. He sugessted to call bank and stop withdrawels from bank. is there anything else I can do. I live in Tampa Florida.

Miguel”

Dear Miguel,

So you’ve paid in about $3,780 dollars and all there is in only $800 in your NoteWorld account. I’m not at all surprised.

It is my understanding that Simon Bocksch is an upfront fee debt settlement company where they take their fee out of the initial money you deposit. In the meantime these upfront fee companies are unable to settle debts since insufficient funds have accumulated in your NoteWorld account. The result, you get sued or as you discovered, little work is done on your account until the majority of the fees are collected.

If you feel you’ve been mislead, you should read this other article where I talk about what to do. See item #5 in my list near the bottom.

Your situation is both tragic and typical. There are debt settlement companies that don’t charge upfront fees but instead charge based on actually settling debts. It’s just too bad you didn’t find one of those companies first.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.




About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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