Already helped 5382 people to start a debt free life

Get help from experts

With proper help you too can

  • Reduce your monthly payment
  • Reduce interest rates
  • Waive off late fees
  • Have single monthly payment
  • Reduce collection calls
Name:
E-mail:
Phone:
Debt:
 
Call (Toll Free)

(800) 530-OVLG

Or
Chat Live
Or
Call me now

Need quick help

(Provide us your phone no. we will call you back.)
Full name: *
Phone: Ext.


secure Why us?
Home » Debt Relief » Debt Management Overview

Debt Management: Reduce interest rates and monthly payments legally

Many think debt management to be a typical debt relief process which only involves budgeting. That however is not true. Interest rate negotiation is one of the most important feature of a debt management program or plan (DMP), which can help you a lot if you want to put an end to your ever-growing debt burden.

How much can you save?

Monthly payment you can afford
($)
27 Mar, 2013 Review: WG reduced 10.45% APR
Client satisfaction level:
      
* Client names have been changed to protect privacy

When can you opt for debt management services?

You can choose to get debt management help from professional companies if you're facing one or more of the following situations:

  1. You have multiple high interest debts
  2. You're facing difficulties in managing your monthly bills
  3. You've already opted for self debt repayment but failed
  4. You want to get rid of the harassing collection calls
  5. You might be thinking of filing bankruptcy

Which debts are eligible for a DMP?

Unsecured debts like credit card bills, medical bills, student loans, payday loans, tax debt, department store cards, personal loans, and unsecured lines of credit can be paid off with a debt management plan. Check out the types of debt OVLG works on.

What are the steps involved in a debt management plan?

Debt management plans are custom-made repayment plans which helps a particular debtor to regain control over his finances and helps him to pay off his debts over a stipulated time period. The best debt management programs usually involve the following steps:

  1. Initial financial counseling - A thorough analysis of your income, expenses, savings and total debt amount can reveal the reason behind the financial difficulties you're facing. The free evaluation can also help you to find out about the fixed amount that you can realistically afford to pay each month, and accordingly determine if a DMP is right for you.
  2. Negotiation with creditors - Once you agree to enroll in a DMP, the representative of the company/agency starts negotiating with your single or multiple creditors. The negotiation usually results in lower interest rates.
  3. Setting up of payment plan - The financial experts then formulate a payment plan keeping your affordability in mind as well as the creditors' requirements. After both the creditor and debtor agrees to the payment plan, the plan gets finalized.
  4. Regular payments - You then start making regular payments to the company offering you debt management services. The company or agency consequently forwards your payments to your respective creditors. Regular payments are very important for debt management programs, and ensure that you enjoy the benefits that the creditors have agreed to, after negotiation.
  5. Repayment of debt accounts over a time-period - If everything goes as planned, you'll be able to get rid of your debts within a stipulated time period, as had been specified in your payment plan.

What are benefits offered by a debt management program?

Check out the benefits of DMP before you choose your own plan to get rid of the credit card dues or other forms of unsecured debts:

  1. The debt payments can be lowered
  2. Interest and other penalties can be reduced or eliminated.
  3. Multiple payments in a month can be replaced with a single payment
  4. Individual credit score improves with time
  5. Debts can be paid off faster as interest rates get reduced
  6. Bankruptcy filing and its consequent financial impact can be avoided
  7. Can put an end to your financial crisis and stress as you'll get professional guidance
Top Questions
Got any queries?

0
votes
1
answers

Do you have to interact with creditors after enrolling into DMP?

Once, I have enrolled into a DMP, do I have interact with creditors constantly?... Read more »

Category: Debt Help

0
votes
2
answers

How will new bankruptcy laws affect me?

I just came to know about the changes to the bankruptcy law. Came to know about the Means Test and the requirement of credit counseling before filing bankruptcy. Can you tell me how I, a layman might be affected due to the changes to the bankruptcy laws? I was thinking of filing bankruptcy? What steps do I have to go through?... Read more »

Category: Bankruptcy Help

0
votes
1
answers

Wont I be allowed a debit card even - when in dmp?

Hello, I'm struggling with my poor credit and really huge credit card debts. have been recommended a DMP time and again. But, then am worried that my accounts will be closed till I pay off all the debts. Can I continue with a debit card then or that will be closed too? ... Read more »

Category: Debt Help

0
votes
1
answers

Can you help with DMP in CA?

Searching for a good debt management plan in California. Do anyone here know of any such company? Can OVLG help?... Read more »

Category: Debt Help

1
votes
2
answers

Bk, settlement or dmp which will be ok for credit card debt?

mom has got more than $25K of credit card debt. which relief option will be right - ch7, ch13, settlement or DMP?... Read more »

Category: Debt Help

Articles: Educate Yourself More »

Uniform Debt Management Services Act

The Uniform Debt Management Services Act was introduced in July 2005, by the National Conference of Commissioners on Uniform State Laws (NCCUSL). It was enacted as the first nationalized attempt to collaborate and regulate debt relief services. Inception of the UDMSA Consumer debt relief services have been available to consumers since the 1950s. There were two broad kinds of services available to the debtors. They promised to relieve debt-stricken consumers of their huge debt loads easi... Read more »
Date: 03:42 am 18th Jun, 2013
Article Rating:

Glossary of Common Debt Management Terms

Agreement: An written understanding between the client and the debt management provider. It principally concerns the debt management company's terms of business. Amortization: The gradual repaying of a debt in partial payments rather than in single payment. Annual Review: The full evaluation of the client's current financial situation on the anniversary of their commencing a Debt Management Plan or the anniversary of their last full review. Arbitration: A method of alternativ... Read more »
Date: 03:39 am 18th Jun, 2013
Article Rating:

Frequently asked questions about Debt Management

1. Is Debt management suitable for everyone? No, a debt management plan is not suitable for all. It is usually unsuitable if you have very low surplus income after paying off your basic necessities. 2. How will I know that my creditors are being paid? Your creditors will send you a statement mentioning the exact payments to each creditor. The statement clarifies your doubts regarding the interest and payments due on your account. 3. Can I alter payment plans if my circumstances cha... Read more »
Date: 01:53 am 18th Jun, 2013
Article Rating:

What should you check while choosing debt management company

Debt management can be an effective way to pay off your debts. However, before enrolling into a debt management program, you need to ensure that you’re placing your trust and your finances in the right hands. Questions to be asked before enrolling in a DMP You always want to go for the best debt management program in the hope of getting out of debt soon. But, how to choose a good company that offers professional debt management services. What if the company you were working with shuts... Read more »
Date: 01:45 am 18th Jun, 2013
Article Rating:

Debt Management Plan – How can it put your finances in shape

Debts can be overwhelming. For this reason, paying off the your bills at the earliest opportunity is always recommended. If you’re unable to manage it yourself, you can try to get debt relief through a debt management plan (DMP). What is a DMP? A debt management plan or program (DMP) is a typical debt relief program where something more than simple budgeting is done to resolve your debts. Usually, the services of a debt management company include initial financial counseling and negot... Read more »
Date: 01:38 am 18th Jun, 2013
Article Rating:

In an effort to better our services, we conduct an ongoing survey. Check out the survey results and see what the existing and past clients have to say about us:

  • Overall satisfaction
    The graph below shows the percentage of people satisfied after they spoke to us.
    Client Satisfaction Rate
    Very satisfied: 71%
    Satisfied: 13%
    Undecided: 6%
    Dissatisfied: 3%
    Very Dissatisfied: 7%
  • Ways to Contact
    The graph below shows the percentage of people using different mediums to contact us.
    Contact Medium Usage Rate
    Telephone: 52%
    Support Request: 17%
    E-mail: 27%
    Fax: 0%
    Other: 4%
  • Customer service
    The graph below depicts the satisfaction level for the less time taken by our team to solve various queries.
    Customer Service Quality Rate
    Very satisfied: 71%
    Satisfied: 14%
    Undecided: 5%
    Dissatisfied: 3%
    Very Dissatisfied: 7%

*Client names have been changed to protect privacy
**Represented feedbacks have been randomly selected from clients who took part in survey organized by OVLG
By Client SG*
profile pic Financial Coach:Michael Grayson
Rated by client: 
Client Relationship Manager:Matthew Harris
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Satisfied
SG's Feedback: I was able to pay off at least 3 of my creditors. I was also able to refinance one on my own. I ended up only paying $839 when the three debts were over $1200. I
Suggestion: There is nothing to change.

By Client HS*
profile pic Financial Coach:Robin Nelson
Rated by client: 
Client Relationship Manager:Ruth Roberts
Rated by client: 
Preferred Contact Medium:Live ChatOverall Satisfaction Level:Very Satisfied
HS's Feedback: Your firm helped me become debt free! Robin Nelson explained your program in detail and Ruth Roberts executed my specific plan by contacting and negotiating with my online payday loan providers. Both were very helpful and very accessible. Thanks again.
Suggestion: None

By Client JC*
profile pic Financial Coach:Sara Perez
Rated by client: 
Client Relationship Manager:Sebastian Garcia
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Very Satisfied
JC's Feedback: Sebastian and Sara were VERY helpful and attentive. I just hope to finish this debt soon. Thanks so much guys - you're GREAT! Much appreciated!

By Client FL*
profile pic Financial Coach:Robin Nelson
Rated by client: 
Client Relationship Manager:Nita Baker
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Dissatisfied
FL's Feedback: hard to contact my CRM with phone
Suggestion: may be contact by e-mail to My CRM .

ipadcontest

Win Ipad Contest

Follow and like OVLG
&
Get a unique chance to win free iPad!! ?


Ipad

Page generated in 2.10 seconds on 24 Apr 2014 at 09:49:45