What is debt consolidation program all about?

Obviously, you won’t get into this program if it doesn’t help you save money. But how does it work? Does it really help you in paying off debt? If yes, then how? Let’s find out.

The simple process of combining debts into a favorable and single monthly payment plan is called debt consolidation. This debt relief process can result in:

  • Lower interest rate
  • Lower monthly payment

How does a debt consolidation program work?

Here you consolidate credit cards, personal loans, payday loans, medical bills, unsecured lines of credit and collection accounts into an easy and affordable payment plan by enrolling into a program offered by debt consolidation companies.

How does it help you save money?

The top debt consolidation program helps you save money by:

  • Lowering your interest rates
  • Lowering your monthly payments
  • Waiving off late fees
  • Waiving off penalties and extra charges
How much can you save?
Monthly payment you can afford

When debt consolidation is good for you

This debt relief option is not suitable for everyone, and in fact it can backfire when used in the wrong way and in the wrong situation. So, for your own benefit, it’s important to find out when to consolidate debt for the best results.

  • You’re disciplined enough to control your impulsive spending habits
  • You don’t want to run into more credit card debts
  • You’ve finally decided to lead a frugal life from now onwards
  • You won’t be borrowing money from banks or family members

Pros and cons of consolidating debts through companies

  • Debt consolidation companies know your creditors much better than you
  • They know how to convince them for reducing interest rates
  • They can create a perfect payment plan for you
  • They would take care of creditors’ demands and complaints
  • They would disburse the right amount to right creditors at the right time
  • They’re an expert at eliminating late fees, penalties and fines
  • They would guide you whenever you’re distressed
  • They can help you consolidate your loans with bad credit too.
  • They would charge a fee for the debt service
  • All consolidation companies are not equally good
  • You can get into bigger mess if you’re a part of fake debt consolidation programs
  • Fraudulent companies would charge a fee even before they have consolidated your credit cards

How do debt consolidation companies work?

They work with the strategy of reducing the interest rate on your credit cards, personal loans, payday loans, etc. They approach your creditors with the intention of lowering your interest rate and scheduling an affordable monthly payment plan. They negotiate hard with creditors till they agree to create a budget-friendly repayment plan for you in exchange for a fee.

Always try to work with the best debt consolidation company since they can help you to fulfill your financial obligations and enjoy tranquility again. They can help you resolve your bill payment issues within a short period.

A small trick to select the best company is to check out the reviews of the debt consolidation companies minutely. Find out what existing customers are saying and how companies are responding to those comments.

Why is OVLG one of the best companies that consolidate debt?

Here are the 12 trust-building factors you can find in OVLG.

  • 1 Consolidates debts quickly and charges budget-friendly fees
  • 2 Protects your privacy like its own
  • 3 Offers calculators to inform how much you can save
  • 4 Offers you the best debt consolidation services
  • 5 Waits for your permission before consolidating debts
  • 6 Gives you a 100% refund in case of unsatisfactory results
  • 7 Helps you consolidate debt in 48 states
  • 8 Offers best advice on consolidation
  • 9 Is registered with the CalBar
  • 10 Has an excellent client satisfaction rate
  • 11 Has more than 350 live reviews
  • 12 Gives you a written agreement and follows FTC laws
Wed Feb, 2019 Review: RW2 saved $1365.63
Client satisfaction level:
Wed Feb, 2019 Review: RW2 saved $1365.63
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* Client names have been changed to protect privacy

How to consolidate your debts in the best way

There are various options to consolidate debt. One of the first options is to borrow a loan at a low-interest rate and consolidate unsecured debts into a single monthly payment plan. You can borrow a loan from a financial institution or bank or a credit union.

Other debt consolidation options include programs and balance transfer methods. We have already discussed the nitty-gritty of the program earlier. So let’s talk a little bit about balance transfer method.

In a balance transfer method, you can transfer your accrued balance on the high-interest credit cards to a 0% or a low-interest card, and then pay it off within 12-18 months. After 12-18 months, the credit card companies pull the interest rate to 21% or 22%. So, it’s better you pay off the balance within 18 months.

Now, the big question is, what is the best way to consolidate debt?

Consolidating your debt with a program is the best option since it doesn’t have stringent eligibility criteria. The process is easy and quick. But a consolidation loan has strict criteria. If you have a low credit score, you may qualify for only secured consolidation loans.

Balance transfer credit cards also have risks since if you can’t pay off the balance within 18 months, then you have to pay double interest rates. Plus, you may not qualify for the best credit cards with a low FICO score.

What debt can you consolidate?

Credit card debts

You can bring down your interest rates and forget about multiple credit cards you have.

Just make a single and small monthly payment to us and we will take care of all your creditors’ demands and payment issues.

Credit card debt consolidation

Online pdls

We consolidate your high interest online pdls and help you pay what you can afford every month. You won’t have to pay additional interest rates.

This is also known as payday loan consolidation.

Pdl consolidation

Collection accounts

Yes, we can even help you consolidate valid collection accounts at super low interest rates.

We will reduce collection calls and waive off late fees and fines. We’ll give you a pocket-friendly payment plan too.

More on collection accounts

Unsecured debt

Have other types of unsecured debts? Don’t worry. We can help you deal with those types of debts too. Besides, you won’t have to endure harassing collection calls too.

This is also known as unsecured debt consolidation

More on unsecured debts

Medical bills

With OVLG debt consolidation plan, you can keep your hefty medical bills under control.

Instead of making bulk payments to medical practitioners, send a small amount to us every month and sleep peacefully.

Medical bill consolidation

Storefront pdls

Need desperate help to get storefront pdls off your back? Don’t worry we are there for you.

We’ll help you consolidate these high-interest pdls to an amount which is affordable.

More on storefront pdls


Online debt consolidation process is quite hassle-free and saves a lot of time. When you’re consolidating debts online, you don’t have to visit the brick and mortar office. All you need to do is follow these steps carefully:

  1. Get a brief idea of the program online and join it
  2. Make a copy of the paystub and the recent bank statements
  3. Submit them online and other details within a few clicks
  4. Wait till the negotiation process begins
  5. Follow-up your progress online
  6. Make monthly payments online till you’re debt free

I need to consolidate debt. Will debt consolidation help my credit?

These questions often come in our minds. The honest answer is, you can consolidate all your debts even with bad credit. In a consolidation program, you don’t need to have a good credit score to qualify for it. Rather, the program can help to improve your credit with time. When you make on-time payments to creditors, your score starts increasing gradually.

Debt consolidation for poor credit is a feasible option only when you’re determined to repair credit gradually. If you don’t make the required monthly payments on time, then your credit score would never improve. In that case, your financial life would never improve in the long run.

There are various ways to consolidate your debt. Borrowing a personal loan is one of them. A personal loan can help to combine debt into one payment at a low-interest rate. Usually, the interest rate on a personal loan is lower than a credit card. So, it helps you to saves money. However, if the interest rate is higher than credit cards, then it’s not a good option.

Is it good to consolidate debt when you don’t have a job? Can you combine debt into one monthly payment when you’re not employed?

Well, the best rated debt consolidation options won’t be available for you. This much is true. Lenders won’t be ready to give you a loan at a low-interest rate since the risk is too high. But you can consolidate your debt with a balance transfer credit card. In that case also, you need to have enough money in your savings account for paying off debt within 12-18 months.

In case of a debt consolidation plan, you need to prove your ability to make the required monthly payments. If you’re self-employed and have a steady source of income, then it won’t be a problem to consolidate all debts.

Debt consolidation services help to alleviate your financial burden by lowering your interest rate on credit cards. They don't change the way credit cards work or require that you close the accounts. However, some individuals choose to close the credit cards after they get help with consolidating debt. But this is not mandatory. Just like it's your choice where to consolidate debt, likewise, you can decide whether or not you wish to keep credit card accounts open.

Should you consolidate debts when they are in collections? Can you consolidate collection debt? The right answer is, you should and you can. When you ignore collection accounts for several months, you’re likely to get sued. And, when you get sued and lose the case, the collection agencies obtain the legal right to garnish your wage or impose a lien on your property.

The best-rated debt consolidation companies will negotiate with collection agencies and create a repayment plan where you can pay off the amount in easy monthly installments. You can avoid lawsuits and extra fees. Read more: How to pay off and consolidate collection debts

Financial experts often say, when you have debts, consolidate them as soon as possible. But what after consolidating your bills? You'll still need loans and credit cards after that. Will you qualify for home loans?

The plain answer is, 'yes.'

If your credit score was below 500 before using debt consolidation services, then it may be a bit difficult to qualify for a mortgage. FHA mortgage eligibility criteria require that you have at least 500 credit score.

Your credit score might drop initially when you enroll in a consolidation program. However, when you repay your bills in full, your credit score goes up. You can easily apply for a mortgage then.

A sensible home buyer would explore more options for improving the credit score. For instance, he would keep his credit card accounts open after paying off the outstanding balance. This would help to boost his credit score in 2 ways. First, it would help to lower credit utilization ratio. Secondly, he would not lose his credit history. Both have a significant impact on credit score.

If you have disturbed your peaceful financial life due to missed payments in the past, then you can rectify this problem in the future. Most creditors send email alerts when the payment is due. You just have to check those email alerts and make payments as soon as possible. Nowadays, you can check emails and make payments through your iPhone only. So it's just a matter of a few minutes.

If you face trouble in making payments, then contact your creditors and explain your problem. They can create a special repayment plan for you. Or, you can take advantage of OVLG's budgeting and bill consolidation services to vanish your financial problems.

Once you pay off your creditors the due debt amount either by taking out a personal loan, or by contacting us, the court will then issue a release judgement!

Then also if the collectors or creditors don’t stop garnishing your wages, then they are violating the law, and you can take legal action against them!

But there’s one thing that you got to be aware of! We at OVLG believe in total transparency. If you plan to use debt consolidation as a tool to stop wage garnishment, then please save a lump sum amount and then approach us. Else it becomes very difficult to negotiate with the creditors.

The creditors always want a good offer. So if you owe $10,000 in total, then we got to first offer them some amount to stop wage garnishment.

Say, for example, we call your creditor and propose them a decent pay off plan. Now to stop wage garnishment, we can offer them some $1K upfront for an immediate effect! That’s how it works to be precise.

The difference lies in the mode of operation and their effect on credit score.

When you consolidate your bills, your payments are disbursed amongst creditors as soon as you start making payments. It will help to raise your credit score with time.

In debt settlement, your debts are negotiated as soon as you save around 50% of your outstanding balance in a dedicated account. Initially, it won’t help to increase your credit score.

Make sure your credit report is updated as "paid in full" after you consolidate debt.

Know more about settlement


Today we are going to talk about the debts you can consolidate with OVLG in just a few seconds. (pause) The first type of debt you can consolidate is credit card debt. (pause) As you know, credit cards have high-interest rates. OVLG negotiates with your creditors, cuts down interest rates and gives you a single monthly payment plan.

The second type of debt is high-interest online payday loans. OVLG talks to your lenders and convinces them to let you pay what you can afford and waive off additional interest rates. This helps you get out of the deadly payday loan debt cycle.

The third type of debt is collection accounts. OVLG deals with the debt collection calls and pulls down interest rates of valid collection accounts after several negotiations.

The fourth type of debt is unsecured debt. Here also OVLG consolidates your multiple unsecured debts like personal loans and utility bills to give you an affordable payment plan.

The fifth type of debt is medical bills. Instead of making bulk payments, you can send a small amount to OVLG every month and live stress-free.

The last one is high-interest storefront payday loans. Just like online pdls, OVLG helps to make these loans affordable too.

Are you struggling with any of these debts and wanna get out of them? Call the Toll Free number 800-530-6854.

Last Updated on: Tue, 18 Aug 2020