Call for a free consultation (800)-530-OVLG

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 OVLG’s debt consolidation program work?

OVLG offers debt consolidation for a number of debt types, including:

  • Credit cards
  • Personal loans
  • Medical bills
  • Unsecured lines of credit
  • Collection accounts

OVLG’s debt consolidation program can help you eliminate these debts with a simple, affordable payment plan.

How does debt consolidation help you save money?

A debt consolidation program helps you save money by:

  • Lowering your interest rates
  • Lowering your monthly payments
  • Waiving late fees
  • Waiving penalties and extra charges
How much can we save you?
Enter a monthly payment you can afford to find out.

When is debt consolidation good for you?

This debt relief option is not right for everyone. Used inappropriately, it can backfire. So, for your own benefit, it’s important to understand when debt consolidation will provide the best results.

So when is that? It’s when:

  • You’re disciplined enough to curb impulsive spending habits
  • You are determined not to run up more credit card debt
  • You have made a decision to live within your means from now on
  • You don’t want to borrow money from banks or family members

If those four points apply to you, talk to one of our experts. Debt consolidation may be the right option for you.

Pros and cons of using debt consolidation companies

  • Debt consolidation companies know your creditors much better than you do.
  • They know how to persuade lenders to reduce interest rates.
  • They can create a payment plan that works with your budget.
  • They will field creditors’ demands and complaints, so you don’t have to.
  • They will send the right payments to the right creditors at the right time.
  • They will help you deal with the stress of being in debt.
  • They can help you even if you have bad credit.
  • Consolidating debts will help you eliminate late fees, penalties, and fines.
  • They will charge a fee for their service.
  • Not all consolidation companies are equally good.
  • If you fall for fake debt consolidation programs, you can find yourself in an even bigger mess. Fraudulent companies will charge you a fee even before they have even begun the process of consolidating your debt.

How do debt consolidation companies work?

Debt consolidators use a debt reduction strategy that focuses on:

  1. 1 Reducing the interest rates of your credit cards, personal loans, payday loans, and other covered debt.
  2. 2 Scheduling an affordable monthly payment plan.

In other words, they negotiate hard with creditors until they agree to create a budget-friendly repayment plan at lower interest rates.

It is in your best interest to work with the best debt consolidation company since it is through their efforts and experience that you will be able to fulfill your financial obligations and enjoy peace of mind again. A good debt consolidation company can resolve your bill payment issues in a surprisingly short period.

A small trick to finding the best debt consolidation company in your area is to carefully read the reviews of each debt consolidation company that operates there. Find out what existing customers are saying about them, and watch how the companies respond.

What makes OVLG one of the best companies that consolidate debt?

Here are 10 great reasons you can trust OVLG to be your debt consolidator. OVLG:

  • 1 offers consolidation services that are fast and budget friendly.
  • 2 protects your privacy like it is its own.
  • 3 offers easy to use calculators, so you can learn exactly how much you’ll save.
  • 4 offers you the expert debt consolidation counselors versed in the laws of your state.
  • 5 works with you to consolidate debts; we won’t make deals you don’t agree to.
  • 6 offers a 100% refund if you don’t like the results.
  • 7 is available to help you in 48 states.
  • 8 has an excellent client satisfaction rate.
  • 9 has more than 400 live reviews.
  • 10 gives you a written agreement when you sign up for debt consolidation services.
Sun Feb, 2019 Review: SM2 saved $1758.16
Client satisfaction level:
Sun Feb, 2019 Review: SM2 saved $1758.16
Click here to check the Video Transcript
* Client names have been changed to protect privacy

How to consolidate your debts without extra risk

There are many ways to consolidate debt. One way is to take out a low-interest rate loan from a bank or credit union and consolidate unsecured debts into a single monthly payment.

Other debt consolidation options include debt consolidation programs and balance transfer strategies. Let’s talk about each of these.

We went into the details of debt consolidation programs earlier, but let’s talk about the drawbacks. A consolidation loan has strict criteria. If your credit score is low, you may only qualify for secured consolidation loans - meaning you would have to put something up for collateral, and risk losing that collateral if the loan goes into default.

With the balance transfer method, you can transfer your accrued balance on high-interest credit cards to a card with a low-or-no interest introductory offer, which will expire after 12 - 18 months. Then, you aggressively pay off the balance to zero it out before the introductory rate expires, at which point the interest rate usually sets to around twenty one or twenty two percent - not rates you want to be trapped in. So, if you use this approach, make sure you pay off the balance before the interest rate spikes.

The risk of the balance transfer approach should be obvious: if you can’t pay off the balance in time, your interest rates skyrocket. And if you are in the position of having a low FICO score, chances are you won’t qualify for the low-or-no interest cards that make the strategy work.

Which brings us to the big question: what is the best way to consolidate debt?

A debt consolidation program is the best option for a number of reasons. One, it doesn’t have stringent eligibility criteria. Two, the process is easy and quick. Three, there’s no collateral. Four, there’s no chance of the interest rates spiking. And, of course, you can qualify even if you don’t have an excellent credit score.

What debt can you consolidate?

Credit card debt

Debt consolidation will help you bring down your interest rates and forget about your multiple credit card headaches.

Just make one small monthly payment to us, and we will not only pay all your creditors, but we will also handle their demands.

Credit card debt consolidation

Online payday loans

With payday loan consolidation, we consolidate your high interest online payday loans and help you set up one affordable monthly payment, without additional interest rates or fees.

Payday loan consolidation

Collection accounts

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

We’ll reduce collection calls and waive late fees and fines, all while giving you a pocket-friendly payment plan.

Lean more about collection accounts

Unsecured debt

Have other types of unsecured debt? Don’t worry. With unsecured debt consolidation, we can help you deal with that debt, too. No more harassing collection calls!

More on unsecured debt

Medical bills

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

Instead of making massive payments to a variety of medical practitioners, let us set up a plan with one small payment every month, and sleep peacefully again.

Medical bill consolidation

Storefront pdls

Desperate to get storefront payday loan collectors off your back? Don’t worry! We are there for you.

We’ll help you consolidate these high-interest payday loans into a small, affordable payment.

More on storefront payday loans


The online debt consolidation process is hassle-free and time saving. When you consolidate debt online, you don’t have to even step foot in a brick and mortar office. All you need to do is follow these steps:

  1. 1 Learn about the online program, and join it.
  2. 2 Make a copy of your most recent pay stubs and bank statements.
  3. 3 Wait. Soon, the negotiation process will begin.
  4. 4 Follow-up with the progress of the negotiations with your creditors.
  5. 5 Make online monthly payments until you’re debt free!

You may be thinking, “I need to consolidate debt, but my credit is pretty bad. Will I qualify?”

It’s a common question. Fortunately, the answer is yes. With a consolidation program, you don’t need to have a good credit score to qualify; you can consolidate all your debt even with bad credit. Even better, taking that simple action can help you improve your credit over time. When you make on-time payments to creditors, your credit score will start to gradually increase.

Of course, the benefits of debt consolidation only apply if you make your monthly payments. If you don’t consistently make the required monthly payments on time, you won’t get out of debt, and your credit score will never improve. It’s best to enter a debt consolidation program with the determination to make the monthly payments and improve your financial life for the long haul.

There are various ways to consolidate your debt; a personal loan is one of them. A personal loan can be used 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, which will help to lower your payment and save you money. However, if the interest rate is higher than the rates on credit cards available to you, it’s not a good option.

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

Well, there’s good news and bad news.

The good news is that yes, you can improve your financial situation through debt consolidation even when you’re unemployed. It can still be a good plan.

The bad news is that the best rated debt consolidation options won’t be available to you. Without a reliable source of income, lenders won’t be willing to give you a low interest loan due to the risk it would pose. But there is another option: you can consolidate your debt by transferring your loan balance to a credit card with a low introductory interest rate. In that case, you will need to have a plan to pay off your debt within 12 to 18 months, or you could face very high interest rates on your remaining balance.

In the case of a debt consolidation plan, you need to prove your ability to make the required monthly payments; that’s what makes being unemployed such an obstacle. On the other hand, if you’re not unemployed, but self-employed, with a verifiable source of steady source of income, that’s a different story. You shouldn’t have a problem lowering your interest rate and payments through a debt consolidation loan.

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 you to close your accounts. Some people do choose to close their credit cards after they get help through debt consolidation, and it can help decrease the risk of getting further into debt. But it’s not mandatory. Just like you can choose where and how to consolidate debt, you can decide whether or not to keep your credit card accounts open.

Should you consolidate debts when they are in collections? Is that even possible? The right answer is you can and you should.

When you ignore collection accounts for more than a month or so, you’re likely to get sued. When you get sued, you’ll very likely lose the case. That means the collection agencies win the legal right to garnish your wages or impose a lien on your property. In other words, they get to make you pay them.

The best-rated debt consolidation companies can help you avoid that situation. They will negotiate with collection agencies and create a repayment plan where you can pay off the amount you owe in easy monthly installments, helping you avoid lawsuits and extra fees.

Read more: How to consolidate and pay off collection debts

Financial experts often tout the value of consolidating debts. But what happens after that? Once you’ve consolidated your bills, you’ll still need credit cards and access to other loans. What about home loans? Will you qualify?

The plain answer is 'yes.'

If your credit score was below 500 before using debt consolidation services, then you may have difficulty qualifying for a mortgage. Federal Housing Administration (FHA) mortgages are common among new buyers, and require that you have at least a 500 credit score. The main alternatives to FHA loans, conventional private mortgages, have higher requirements: usually 620.

When you initially enroll in a debt consolidation program, it’s true that your credit score might drop. But regaining control of your finances allows you to do the sorts of things that drive your credit score up; things like paying your bills on time, and paying your debts off in full. When you do those things, your credit score goes up - and so does your access to home loans.

There are other options potential home buyers can pursue to improve their credit scores. One of those options is to keep credit cards open even after their balance has been paid. That helps improve credit scores in two ways.

One, it lowers your credit utilization ratio; that’s the ratio between how much credit you have versus how much credit you use. So if you keep a very low balance on your credit card, but have a relatively high limit, you have a good credit utilization ratio. Two, using the card occasionally helps you maintain an active credit history.

Both these strategies have a significant impact on your credit score.

A third strategy is just to make your payments on time. If you’ve found that you’ve had trouble making timely payments in the past, there are strategies you can use to help. Most creditors have ways to send email alerts when the payment is due. You may have to set them up, but once you do, you just have to pay attention to those alerts and make sure you have the funds to make the payments. Nowadays, you can get an email and immediately make a payment through your smartphone. So it's just a matter of having the money in your account and a few minutes of your time.

On the other hand, if the problem is cash, not time, you need a different approach. Try contacting your creditors and explaining your problem. Many times, they will be willing to create a special repayment plan for you. Alternatively, you can take advantage of OVLG's budgeting and bill consolidation services to make your financial problems vanish.

It’s simple, really. Once your creditors are paid off, they don’t have a reason to garnish your wages. Even better, the courts will usually take it a step forward and issue a release judgement requiring them to stop!

At that point, collectors or creditors who continue to garnish your wages will be in violation of the law, and you can turn the tables on them by taking legal action of your own! In our experience, that’s not usually necessary, though, as most collectors will stop when ordered.

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.

But what about before you reach that point in the process? Can debt consolidation stop wage garnishment while you still owe on your loans?

You can, but you may not like the way it works: if you plan to use debt consolidation as a tool to stop wage garnishment, your best bet is to save a lump sum to devote to the process.

Why? Without something to put down, it’s much more difficult to negotiate with creditors. Creditors will always want the best deal they can get, and wage garnishment is a pretty good deal for them. But if you can put a chunk of money down on your debt consolidation offer, it will put you in a position to make a better one.

For example, if we call your creditor to make an offer on $10,000 in debt. Which offer do you think your creditor will be most likely to accept: no money up front, or $1,000 up front? Clearly, we have a better chance to stop wage garnishment with the cash offer. That’s how it works.

The difference lies in how the relief is set up, and the effect it will have on your credit score.

With debt consolidation, payments are made to your creditors as soon as you start making payments on the plan. Over time, that will help improve your credit score.

With debt settlement, your settlement company will negotiate your debt once you save about half of your outstanding balance in a dedicated account. Your credit score won’t move until sometime after that, when the debt is negotiated and paid off.

Of course, in either case, once the debt has been paid, you need to check your credit reports to make sure it is properly listed as "paid in full."

Learn more about debt 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, 4 May 2021