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Home > Ask The Get Out of Debt Experts > Simon & Boksch Sold Our Debt Settlement Account to Lloyd Ward. – Renetta

Simon & Boksch Sold Our Debt Settlement Account to Lloyd Ward. – Renetta

“Dear Steve,

We signed up with debt settlement about 2 years ago have money being taking out of our account each month and through simon and bosch firm and then found out our account has now been sold to lloyd ward and assoc they want me to sign contracts but dont know if I have to or should. we were 30,000 in debt and have been paying 400 per mth supposedly for only 4 yrs but I really dont whats going on

Do I have to go with the new firm or can we choose to go a different route or is it going to cost more money if I sign the new contract?

Renetta”

The Answer

Dear Renetta,

It seems ridiculous that you had a valid contract with one debt settlement company and now they essentially want you to break that contract and sign with another firm. Do they want to alter the terms? Maybe they want to break their liability for your account? I don’t know but whatever the issue is there is no requirement for you to sign a new agreement if you have a valid one in place.

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And what happens to all the money you’ve paid in fees to Simon and Bosch? Will Lloyd Ward give you credit for them in full?

I think before you do anything you should get a good idea of where the money you’ve paid to date has gone and what Lloyd Ward & Associates wants to charge you. You also need to check and see how much you have in your debt settlement escrow account to see what you have saved for settlements.

Check on those details and then come back and post an update in the comments.

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About Steve Rhode

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.
  • Teisele

    I also started with Simon and Bocksch 2 years ago and I am know with Lloyd Ward. I have talked to some advisors that I found on this site and I do not feel very good about the situation.  I was told that the amount that we are paying per month in fees is criminal and for them to sign anybody up for more than 2 years is irresponsible because the further you get out from the last payment you made to the credit card company the better chance you have to getting sued.

  • D. Gordon

    Renetta, you probably would be in a better state if you are out of the grips of Simon & Bosch. S&B used to handle my case through Express Debt Settlement. I had offers from my credit cards for about 60% less of my debts but Mr. Simon ignored them. I thought he could get me better offers so I just let them go. Then I was sued for about $2,000.00 plus debt. He did not do anything and made me go through the embarrassing wage garnishment which then included the fees and penalties. At that time I already had over $15,000.00 paid to EDS through Note World. Mr. Simon kept telling me to relax. Eventually I realized EDS and Simon & Bosch were just there to take my money, I quit the program and asked for my refund since they have not done anything for me but pushed me deeper into the mud. Well, the president of EDS, Mr. Ari Dinov threatened to sue me if I ask for my money back again. EDS and company leeched about $17,000.00 and now they are out of business. Therefore for me, goodbye to that hard earned money and hello bankruptcy!

  • D. Gordon

    Renetta, you probably would be in a better state if you are out of the grips of Simon & Bosch. S&B used to handle my case through Express Debt Settlement. I had offers from my credit cards for about 60% less of my debts but Mr. Simon ignored them. I thought he could get me better offers so I just let them go. Then I was sued for about $2,000.00 plus debt. He did not do anything and made me go through the embarrassing wage garnishment which then included the fees and penalties. At that time I already had over $15,000.00 paid to EDS through Note World. Mr. Simon kept telling me to relax. Eventually I realized EDS and Simon & Bosch were just there to take my money, I quit the program and asked for my refund since they have not done anything for me but pushed me deeper into the mud. Well, the president of EDS, Mr. Ari Dinov threatened to sue me if I ask for my money back again. EDS and company leeched about $17,000.00 and now they are out of business. Therefore for me, goodbye to that hard earned money and hello bankruptcy!

  • Steve Rhode

    The interesting issue with this situation is the underlying marketing group was the same company for both groups.

  • Alex Viecco

    Steve and Renetta,
    This is going to happen at record levels coming up as more and more companies continue to exit the industry.
    New Era Debt Solutions has been asked to take over accounts in recent times and we would only do it if we had client sign a new agreement.  Our reasoning is simple.  We did not want to take on the liability from the previous company, especially considering the client had paid all their fees to the previous company.
    If we take on a client from a previous company, I am not sure how the program was sold or what promises were made.
    As we all know many sales affiliates would say “Anything” to get clients enrolled since they were being paid LARGE commissions.  The biggest concern for many of clients like Renetta is that the fees paid out are monies that could have been used for settling accounts, my fear is that many good opportunities may have been passed up for the sake of charging fees.
    Renetta please be sure you are not being charged any ADVANCE fees for any circumstances.  If you look though Steve’s site you will actually see companies willing to help out consumers with your type of situation.
    Wishing you the best
    Alex Viecco

  • http://www.NewEraDebtSolutions.com Alex Viecco

    Steve and Renetta,
    This is going to happen at record levels coming up as more and more companies continue to exit the industry.
    New Era Debt Solutions has been asked to take over accounts in recent times and we would only do it if we had client sign a new agreement.  Our reasoning is simple.  We did not want to take on the liability from the previous company, especially considering the client had paid all their fees to the previous company.
    If we take on a client from a previous company, I am not sure how the program was sold or what promises were made.
    As we all know many sales affiliates would say “Anything” to get clients enrolled since they were being paid LARGE commissions.  The biggest concern for many of clients like Renetta is that the fees paid out are monies that could have been used for settling accounts, my fear is that many good opportunities may have been passed up for the sake of charging fees.
    Renetta please be sure you are not being charged any ADVANCE fees for any circumstances.  If you look though Steve’s site you will actually see companies willing to help out consumers with your type of situation.
    Wishing you the best
    Alex Viecco

    • http://GetOutOfDebt.org Steve Rhode

      The interesting issue with this situation is the underlying marketing group was the same company for both groups.

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