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  • Reduce your monthly payment
  • Reduce interest rates
  • Waive off late fees
  • Have single monthly payment
  • Reduce collection calls

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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
($)

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
Wed Jun, 2014 Review: CT saved $577.5
Client satisfaction level:
      
* Client names have been changed to protect privacy

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

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Category: budgeting
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Asked on Thu, 07/24/2014 - 06:59

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Can a debt collector calls me 12 times a day. Is this a violation of federal laws?

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Asked on Tue, 07/22/2014 - 22:37

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Do I need to pay my deceased Uncle's debt?

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Asked on Mon, 06/30/2014 - 20:18

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Asked on Fri, 06/13/2014 - 05:27

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Can I collect damages on each violation from the JDB?

Category: debt help
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Asked on Thu, 05/29/2014 - 17:08

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Zombie debt collector is asking me to pay more than what I owed

Category: debt help
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Asked on Thu, 05/29/2014 - 17:04

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How to deal with accounts opened by my mother

Category: debt help
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Asked on Thu, 05/29/2014 - 16:04

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what if i cant make my payment in june

Category: bankruptcy help
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Asked on Mon, 05/26/2014 - 07:25

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What is the worst credit card mistake one can ever make?

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Asked on Thu, 05/22/2014 - 15:39

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Is it really possible to reduce debt in half?

Category: debt help
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default judgement can money be taken from my bank account

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Should I try to remove my name as the authorized user from the card?

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Debt relief program – How does it affect your credit score?

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What happens to the co-signer after you file Chapter 13 bankruptcy?

Category: bankruptcy help
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Asked on Fri, 05/09/2014 - 16:14

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How can you opt out of the unsolicited credit offers?

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which trust bank is OVLG affiliated with?

Category: bankruptcy help
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Asked on Fri, 05/09/2014 - 01:41

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Category: bankruptcy help
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Is there any SOL on libel?

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Prepaying the principal or the next payment – Which one is better for auto loan?

Category: debt help
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What is the difference between slander and libel?

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Category: bankruptcy help
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What actually happens after filing bankruptcy?

Category: bankruptcy help
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How do you remove negative items from your credit report if you have paid them in a settlement

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i received summons over payday loan help? can you stop court?

Category: bankruptcy help
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Asked on Wed, 04/23/2014 - 16:09

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Is there any debt that can't be discharged through bankruptcy?

Category: debt help
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Asked on Mon, 04/21/2014 - 15:38

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What happens when borrowers choose to not pay off the principal balance of pdls?

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Asked on Mon, 04/21/2014 - 15:35

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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 [...]

Date: 11:29 pm 9th May, 2014
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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 [...]

Date: 05:34 am 30th Apr, 2014
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7 tips for an effective debt management program

Are you way behind on your debt payments with no idea how to pay off your financial obligations? A Debt management plan (DMP) can be an effective solution, with the help of a third party. It can help you resolve your debts without adding more negative listings to your credit report. Here are 7 tips [...]

Date: 03:14 pm 17th Jun, 2013
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4
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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 [...]

Date: 03:12 pm 17th Jun, 2013
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Rating: 
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Average: 4.9 (39 votes)

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 [...]

Date: 03:09 pm 17th Jun, 2013
Article Rating: 
Rating: 
5
Average: 5 (1 vote)


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The services of Oak View Law Group (OVLG) and its affiliates may not be available in all states. OVLG along with its Of Counsel attorneys may also be referred to as "Oak View Law Group", "we", "us" or "the firms".
Copyright © 2014 Oak View Law Group


Disclaimer: The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.

  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.


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