New Year - 8 Crucial steps to get debt free in 2018

Ah, the new year is knocking at the door again. A time for celebration, reflection on how you fared in the previous year, and making new resolutions. One of the most common new year resolutions is paying off debt. Only a handful people are able to get rid of debt and achieve their new year resolution.

January’s enthusiasm may die down by February if your financial planning is not right or your budget is too tight.

Many people work very hard in January but then give up in February since their plan is too complex. Others forget their resolutions completely as they are too lazy. As a result, they fail to pay off debt and attain financial freedom.

If your financial resolution in 2018 is to pay off debt, then follow these 5 steps sincerely.

1. Call 800-(530)-OVLG:

This is OVLG’s Toll-Free number. Call at this number and discuss your financial situation with a financial coach. The financial coach will give you the best option to pay off debts using the unique Waterfall approach to debt free.

2. Know about the policies:

Next ask the financial coach to explain you the credit card debt repayment process and policies in detail. Ask about the fee structure. Use your budgeting app and figure out if you can afford to pay the fee. Ask relevant questions to the financial coach like:

  • What if they fail to reduce your debts?
  • What if you fail to continue the program?
  • Is there any money back policy?
  • How can you track your progress? Is there any app?

3. Check out the reviews:

If the financial coach gives satisfactory answers, then your next step is to check out the live reviews section of OVLG. Find out if OVLG’s existing customers are happy and satisfied.

4. Decide and share information:

The final decision to join OVLG’s debt relief program rests on you. If the reviews are good and the fee structure is affordable, then join the program without any delay. Share relevant information so that your designated CRA can start negotiating with your creditors as soon as possible. Share a few important details like:

  • Your name and contact details
  • Number of debts you have and the name of your creditors
  • How much you pay on interest rates, fees, late fees, penalties (if any), etc
  • How do you pay your creditors
  • How much have you paid till date
  • How much you owe in total

5. Take advantage of budget counseling:

After you share all the details, the financial counselors will try to find out the reason why you’re in debt. They will give you a budgeting session where you’ll get lots of ideas on how to manage your debts and the ways to save money. Follow these tips if you wish to get out of debt soon.

6. Save money:

The CRA negotiates with your creditors on the basis of the amount you save in the dedicated account. It’s CRA’s responsibility to negotiate with creditors and reduce your outstanding balance. Likewise, it’s your responsibility to start saving money in the dedicated account as soon as you enroll in the debt relief program.

7. Track your progress:

After you enroll in OVLG’s debt relief program, you should start tracking your progress through the client secure area. The client secure area is safe and secure. You can get an overview of your debt and creditor details from there. You can find out how many debts have been settled and how many are under negotiation. You can edit your personal information, check the creditor call log, payment and transaction details. There is an option called ‘support request’ in the client secure area where you can make special requests. You can also download the ovlg app on your Android phone to monitor your progress. Watch demo

8. Pay as per the repayment plan:

This is perhaps the most important step you have to take in 2018 to get out of debt. Like I said before, your designated CRA will negotiate with your creditors to reduce your debt. The CRA will set up an affordable repayment plan and propose it to your creditors. If they agree, then the CRA will finalize the repayment plan. You have to make payments every month as per the repayment plan.

Look at the repayment plan carefully. The CRA will set a repayment plan that fits your budget. If you have any queries, then ask him/her immediately so that there are no problems in future.

You get a sense of victory when your first debt is paid off, and as you continue to discard other debts one by one, your confidence level increases. You get a big psychological boost.

Look at your credit report

Have a look at your credit report after your debts have been settled. How does it look? Have your creditors changed the account status on your credit report? If not, then request your creditors to mark your account status as ‘paid’, or ‘paid as agreed’ or ‘paid in full’.

The accounts will stay on your credit report for 7 years and 180 days. The updated status of your credit report will leave a good impression on your potential creditors.


You can negotiate and settle your debts on your own too. But make sure you walk on that path only when:

  • You’re good at figures
  • You are confident
  • You can put forward your demands politely
  • You know the state debt laws
  • You know how to handle aggressive debt collectors
  • You have good negotiation skills
  • You’re patient and cool

Few more words

Nothing is impossible in life if you have faith and the courage to keep on trying till you succeed. If your new year resolution is to begin a debt-free life, then make sure you take the aforementioned steps in 2018. Be frugal and avoid applying for too many credit cards to take control of your finances. Take steps to rebuild your credit score once you have paid off all your debts.

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