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It's difficult to compare debt relief options as each option is unique. While some debt relief programs are tardy and require taking out a loan, some are very aggressive and specifically designed for consumers with serious financial crisis. If you are getting help of a debt relief plan, you should first know what options are there and the most suitable one for your condition.
Below are the 5 different debt relief options available to help you with your overwhelming debt burdens.
1. Budget and Bill Pay: In this debt relief option, you pay more than the minimum on those accounts that carry higher interest rates in order to resolve those accounts fast. However, this option works best if your debt is under control.
2. Debt management: In this debt relief plan, your financial situation is assessed and your interest rates are lowered through successful negotiations so that you can pay off your bills affordably.
3. Debt settlement: Debt settlement can be beneficial amongst different options if you cannot pay off your debts in full. In this debt relief assistance program, your total outstanding debt balance is reduced through negotiation, and the creditors accept that amount as full payment.
4. Debt consolidation: Debt consolidation is a unique debt relief plan where your multiple high interest unsecured debts are consolidated into a single affordable monthly payment.
5. Bankruptcy: The last debt relief option is bankruptcy. In bankruptcy, either your non-exempt assets are liquidated or your debts are restructured in order to satisfy your creditors. Personal bankruptcy can be filed under either Chapter 7 or Chapter 13 of the Federal Bankruptcy Code.
OVLG’s exclusive Waterfall approach to debt free is both flexible and consumer friendly and can help you shed off your debts quickly.
If your financial condition is satisfying, you can pay off your debts through simple budgeting and bill pay program. However, if you are struggling hard with your finances, then our Financial Coach will shift you to another program that is best suited for your situation.
If you at anytime strive hard to make payments toward the existing program, then the flexible debt relief programs of OVLG will let you move on to the next program without any trouble or additional cost.
At Oak View Law Group (OVLG), we basically offer debt relief services to resolve unsecured debts that have no type of collateral attached to them. For instance, we won't be able to help you if there is a house, a car, motorcycle, or a boat associated with your debts. Below is a list of debts we can help you with:
If you're buried under massive consumer debt, you certainly need expert guidance and proper assistance from a reputed debt relief company. However, it's really difficult to know the best option for your condition as all debt relief programs include a lot of budgeting and calculations. Moreover, each program has different strategies and consequences. OVLG can help you determine the most suitable option for your situation. Compare different debt relief options and know the tax consequences, effect on credit score and how much you'll be able to save though each program.
There are some obvious benefits of debt relief programs. Read below to know them.
If you are already far behind your payments or struggling to make even the minimum monthly payments, you should immediately seek debt relief assistance. Once you get enrolled with us, you'll undergo a debt relief counseling & free financial analysis so that you can choose the right debt relief plan for you and be debt free.