The waterfall approach to becoming debt free:
Client signs up for budgeting and bill pay
Future Scenario 1: Clients financial situation improves.
Great !! OVLG will work with the client to pay off the debt faster.
Future Scenario 2: Clients financial situation remains the same.
We will continue with the budget and pay off the debt as planned.
Future Scenario 3: Clients financial situation becomes worse.
The client has an easy option to fall back to debt management. All the fees paid towards budgeting and bill pay are credited towards debt management. No new fees are charged for creditor enrollment or for the past months.
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Client signs up for interest rate negotiation
Future Scenario 1: Clients financial situation improves.
Great !! OVLG will work with the client to pay off the debt faster.
Future Scenario 2: Clients financial situation remains the same.
We will continue with the budget and pay off the debt as planned.
Future Scenario 3: Clients financial situation becomes worse.
The client has an easy option to fall back to debt settlement. All the fees paid towards debt management are credited towards debt settlement. No new fees are charged for creditor enrollment or for the past months.
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Client signs up for interest + principal negotiation
Future Scenario 1: Clients financial situation improves.
Great !! OVLG will work with the client to pay off the debt faster.
Future Scenario 2: Clients financial situation remains the same.
We will continue with the budget and pay off the debt as planned.
Future Scenario 3: Clients financial situation becomes worse.
The client has an easy option to fall back to either chapter 13 or chapter 7 bankruptcy. We give up to $500 credit for fees paid towards interest rate negotiation or interest + principal negotiation.
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Client signs up for chapter 13 bankruptcy:
Future Scenario 1: Clients financial situation improves.
Great !! We will stop you from going bankrupt.
Future Scenario 2: Clients financial situation remains the same.
We will continue with the budget and pay off the debt as planned.
Future Scenario 3: Clients financial situation becomes worse.
The client can fall back to chapter 7 bankruptcy by paying $16 in conversion fees.
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Client signs up for chapter 7 bankruptcy:
Future Scenario 1: Clients financial situation improves.
Great !! We will stop you from going bankrupt.
Future Scenario 2: Clients financial situation remains the same.
We will continue with the budget and pay off the debt as planned.
Future Scenario 3: Clients financial situation becomes worse.
We will work with the trustees to get the debts discharged for as little as possible.
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