Ask The Get Out of Debt Experts Debt Settlement

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”

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.

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.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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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.

7 Comments

  • 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.

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