Too much debt can be damaging to your financial condition. If you can see your debts spinning out of control, you're the person who needs to take up initiative and get rid of them as soon as possible. In case you find it difficult to manage multiple bills on your own, you can always seek help from professional debt relief companies and regain your peace of mind.
It's not necessary that only an agency can show you the right exit out of your debts. You can do it on your own too. However, before you start to find your way out, you need to know how it can be done in a legal way, so as to avoid complications. Check out the following options to know how you can get rid of your ever-growing debt burden comfortably:
Budgeting and bill payment - Planning your finances with the help of a budget can help you to reduce your expenses and save. The more you save, the more comfortably you'll be able to pay for your bills and debts. With increased savings, you might even be able to pay more than the minimum on your debt accounts. This will not only help you to save on the interests but also enable you to get rid of your debts sooner.
Debt management - Debt management plans (DMP) might work for you when simple budgeting fails to offer you the much-needed debt relief. After through assessment of your financial condition and debts, the company offering you debt relief services might be able to lower your debt payments with effective interest rate negotiation.
Debt consolidation - Keeping track of numerous bills can be troublesome, and consolidation can help you if you face similar situations. Whether you do it by yourself or enroll with a company, this option can help you to merge your multiple high interest debt accounts into one. That way, your debt repayments will turn easy as you'll benefit from single affordable monthly payments.
Debt settlement - This option can offer you debt relief assistance, if you're unable to repay back your debts in full. It can bring significant reduction to debt amount with the help of negotiation, so that you can get out of debts by paying much less than what you owe your creditors.
Bankruptcy - Bankruptcy can give you the much needed fresh financial start, but should be your final option since it hits credit score to a great extent. A successful bankruptcy filing can let you discharge most of your non-exempt unsecured debts or arrange a repayment plan to pay off your creditors over time.
How can you know which option will suit you?
A thorough financial analysis can let you know about your own financial situation and affordability. Thereafter, you can plan your savings and the repayment of your debts so that it doesn't strain you. Each of the available debt relief options has separate effects on a consumer's finances, credit score and taxes. Your financial condition will determine which debt relief program will suit you. Before you decide to go along with one, you need to compare them to find out which can help you save the most.
How debt relief companies can help you?
Debt relief companies can offer you a lot of benefits as pointed out below:
Can analyze your finances and help you pick the right debt solution
Can offer you guidance and tips to stay in control over money matters
Can do better negotiation with creditors on your behalf
Can offer you legal assistance along the way
Can handle your collection calls so that you can avoid creditor harassments
Can remind you about timely payments to avoid defaults
Choosing the best debt solution after detailed financial analysis, and
Switching you to the next best debt relief option, if your present repayment plan fails to work.
What are the types of debt OVLG deals with?
We, at Oak View Law Group (OVLG), offer you free financial analysis and can guide you towards the debt free path once you enroll with us. We can help you resolve your unsecured debts which have no collateral attached to them. Below you'll find the type of debts OVLG can help you with:
Hi. I am in Oklahoma and have a lender in SC (I believe). Star Group Loans. They are an online pay day company. I am with a pay day loan consolidation company (as per usual, they are my power of attorney for this matter and I have an escrow account I send money to them for biweekly). I am happy with successful pay offs so far. But Start Group refus... Read more »
Reducing your debt burdens by lowering monthly is always possible. You can either do it by negotiating with your creditors on your own or getting help of a professional debt relief company! Anyway, if your ex-wife is not listening to your repeated requests, you should consult a divorce lawyer immediately. Hope this helps! Let us know if we can h... Read more »
By: Guest user from IP-address:188.8.131.52, at 05:34 am 24th Jan, 2013
A latest Merill Edge report , a semi-annual survey that identifies core financial concerns among American adults making $50,000 to $250,000 each year, shows that 20% of the middle class parents now don’t consider investment in college education a wise decision as of the rising tuition costs and a dying job market.
The report says that though parents continue to support their children’s education, 40% of the parents (middle class) express concern over the issue of rising education cos... Read more »
A payday loan or payday cash advance is a short-term, small unsecured loan that often turns up as savior at times of financial emergencies. However, while most of the payday lenders are reputed and carry out their ventures as per law, some do not. I’m afraid but simply filling out an online application to assume a payday loan may subject you to the latest phone collection scam. You never know when your personal information is sold to scammers thus making you victim of a scam play.
What ... Read more »
An assessment of the US household debt burden in the third quarter found it to be in its lowest level in 29 years, which is undoubtedly going to help free up more liquid funds for consumer spending and support the bruising economy.
The household debt service ratio (an estimation of the portion of debt payments to disposable personal income) fell down to 10.61% from 10.72% in the second quarter, the Federal Reserve said on Thursday. Although a wee dip, it was the lowest level since the fou... Read more »
According to a recent estimation by the National Retail Federation, Americans will be spending $18.6 billion on this Valentine’s Day, i.e., each spending $130.97. I have no clue about you but I don’t have that much additional money to spend on this Valentine and, in a way, sacrifice my monthly budget. You must be feeling somewhat hesitant after hearing this, right? You must be feeling that you are not doing justice with your budgeting oaths! If it’s something similar and you don’t w... Read more »
The elderly among us often remain skeptical with this single thought since it is the remaining root depending on which they wait for the end days. Sometimes, the old people even find this conflict overwhelming and simply collapse. They live in an atmosphere of fear without knowing what the reality is. Yes, the reality is Social Security income is absolutely exempt from garnishment except in cases where the debt is owed to the government or child support.
Even in recent past, an individual... Read more »
Date: 05:49 am 22nd Oct, 2013
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:
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%
The graph below shows the percentage of people using different mediums to contact us.
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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