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Home » Debt Relief » Credit card settlement

Credit card debt settlement - The legal cure for your debt woes

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OVLG Credit Card Debt Help Cycle
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Too much of credit card debts can turn out to be the reason behind your sleepless nights. Though they're easy to incur, the enhanced interest rates make them much harder to get rid of. If you feel overburdened with the growing pile of your credit dues and want to get rid of them legally, you can choose credit card settlement to do away with them altogether.

Table of contents

When will you need to choose credit card settlement?

Financial crisis starts when your credit card bills turn into unmanageable debts. Find out when you would need assistance to regain control over unmanageable credit card debts and can decide to settle them.

  1. When you have insufficient savings
  2. When you can't even keep up with minimum monthly payments
  3. When you want to get rid of the repeated collection calls
  4. When you risk being sued by the creditors or your wage will be garnished
  5. When you might need to take out a loan to pay off your credit card dues
  6. When you might be considering bankruptcy as a debt relief alternative

How it can help you?

The settlement process involves negotiation with your creditors to reduce your total outstanding credit card balance. It's often regarded as the best way for a credit card debt payoff – chiefly, due to the considerable reduction it offers. The late fees or penalties charged on the debts can also be eliminated with this relief option. You can pick a professional company to represent you as they usually negotiate better with creditors and even offer legal assistance when required. You may also benefit from reduced collection calls and be able to avoid bankruptcy by settling credit card debts.

How does it affect taxes?

Negotiating credit card debts during settlement usually brings a significant reduction in the debt amount. However, the IRS considers the forgiven amount as your income, if it exceeds $600. Consequently, the creditor or collector is supposed to send you IRS 1099-C Form, and you'll be liable to pay income tax on the forgiven amount. If your debts are more than the value of your assets, you can file IRS form 982 to have the benefit of exemptions.

Does settlements on credit card debts affect your credit score?

The missed or irregular payments on credit card debts usually take its toll on the consumer's credit score, even before he chooses to settle the bills. Moreover, since you'll be paying less than the owed amount when you settle credit card debts, your credit score will evidently take a hit. After settling your dues, your account status in the credit reports will be updated as "Paid as Settled" or "Paid as Agreed", which will be affecting your score. However, if the creditor agrees to a 'Pay for Delete' agreement, the negative information can be removed from your report.

Top Questions
Got any queries?


Will any debt settlement company work with an unemployed person?

I can't pay off bills because of my unemployment. Will any debt settlement company agree to help me pay off debts? ... Read more »

Category: Debt Help


When will I receive my credit score?

I'll be making my fourth payment on a credit card in this month. I'll also be making my second payment on a secured loan. Can you please tell me when will I get my credit score? I am using the credit card since November 2013. ... Read more »


Should you pay in full or try to settle a collection account?

I have a collection account on my credit report. Can you please tell me which one will be a better option in terms of credit score? I mean should I pay off the collection account in full? Should I try to settle the collection account for less than what I owe?... Read more »


Which is better – Having small balance on credit cards or having zero balance?

Which is better for my credit score – Having small balance on credit cards or having zero balance? ... Read more »


What to do when a person opens a credit card account in your name?

What to do when a person opens a credit card account in your name? ... Read more »

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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 DC*
profile pic Financial Coach:Shane Rogers
Rated by client: 
Client Relationship Manager:Scott Davis
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Very Satisfied
DC's Feedback: They are good and so nice. And they are doing a great job.
Suggestion: Very good

By Client AN*
profile pic Financial Coach:Benjamin Graham Test
Rated by client: 
Client Relationship Manager:Simon Green
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Very Satisfied
AN's Feedback: I have had nothing but good experiences with both Mr. Graham and Simon Green. Mr. Green is the most caring, compassionate counselor I have ever worked with, and this firm Oak View is the best I have ever seen. Mr. Green's expertise in this field goes beyond excellence, he is the best in my books and he follows through and gets goals accomplished. Mr. Green deserves more than a bonus for the tough job he has had to deal with in my case, for he has done the best job of anyone I have ever worked with. There is no doubt, Mr. Green is an asset to Oak View and I can’t thank him enough for the excellent job he has done with my case. Thank you Mr. Green Sincerely Arlette M. Nelson
Suggestion: none, they do an excellent job already

By Client SS*
profile pic Financial Coach:Charles Johnson
Rated by client: 
Client Relationship Manager:Nita Baker
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Very Satisfied
SS's Feedback: Nita Baker, my primary contact, is excellent in all aspects that I have worked with. I would highly recommend her to anyone and will if that situation would arise. I have not had to work that much with Charles due to Nita's skills.

By Client WJ*
profile pic Financial Coach:BG
Rated by client: 
Client Relationship Manager:Ronald Gallant
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Undecided
WJ's Feedback: I have not bbeen actively involved with this service. I will make a better effort to get this clearde up and final.


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