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West Virginia Debt Consolidation: The safest way to get out of debt

recent study by the Federal Reserve Bank of New York's website Upgraded Points shows that West Virginia has the lowest total debt, the lowest mortgage debt, and the second-lowest credit card debt per person in the whole country. So, if you live in West Virginia, you have no reason to be burdened by massive debt.However, If your financial situation is spiraling out of control, it is time to consider alternatives. Even if your situation is difficult, you have many viable options for dealing with your debt problems. Debt Consolidation may be such an option for you!

How does West Virginia debt consolidation work?

West Virginia debt consolidation programs are straightforward. You combine your unsecured bills into a single monthly repayment plan. This repayment plan has a lower interest rate than your existing unsecured debts combined. As a result, making monthly payments is easier for you.

West Virginia debt consolidation works in the same way as it does in other states. You can consolidate your debts by taking out a consolidation loan on your own or by enrolling in a debt consolidation program through a debt consolidation company.

You can take out a single debt consolidation loan at a low-interest rate and use it to repay debts with high-interest rates. You can also request that creditors reduce your debt's principal amount and interest rates.

Dealing with creditors is difficult because you must be patient and competent in dealing with their devious methods. They might be resistant to your debt consolidation proposal. As a result, it is recommended that you seek professional assistance from a debt consolidation company/firm. These companies have the knowledge you need to make your debt consolidation program a success, and you can be confident that you will get the best deal possible.

The company will assess your financial situation and devise plans to benefit you. The company then appoints a debt consolidation attorney to work with your creditors on your debt consolidation or management plan. The lawyer persuades your creditors of your financial situation and handles all legalities. The company divides your monthly payment among your various creditors, thereby clearing all of your debts.

Furthermore, your debt consolidation attorney notifies your creditors to cease contacting you. As a result, the process is much more systematic and trouble-free.

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Benefits of debt consolidation program in West Virginia 

  • The interest rates will go down.
  • You will have to make one monthly payment that covers everything.
  • It will end fees for being late or going over the limit.
  • You will no longer get calls from debt collectors.
  • You'll have less stress and more peace of mind.
  • In time, your credit score will go up.
  • You won't have to pay late or over-limit fees.

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How do debt consolidation programs in West Virginia affect your credit score?

Debt consolidation is the most secure debt relief option. It lets you pay off all your debts while causing minimal damage to your credit score. Debt consolidation programs work with your creditors to lower your interest rates and eliminate fees such as late fees. In a debt consolidation program, you pay the total amount, and your credit score will improve.

What types of debts can you consolidate?

  • Credit Card Debts
  • Private Student Loans
  • Personal Loans
  • Medical Debts
  • Payday Loans

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West Virginia Statute of Limitations

The amount of time you have to take certain legal actions is called the statute of limitations. If the legal deadline has passed, creditors can't take you to court to get back the money they are still owed. (They can still go after the debt outside of court, though.) The time you have to pay back a debt depends on the type of debt and the state you live in. 

Type of Debt

West Virginia Statute of Limitations

Mortgage Debt

10 Years

Medical Debt

10 Years

Credit Card

10 Years

State Tax Debt

5 Years

Auto Loan Debt

4 Years

Even if the statute of limitations has passed, you still technically owe the money. Legally, the statute just says that a creditor can't get a judgment against you. But the Federal Trade Commission says that creditors can still contact you about old debts, also called "time-barred debts." They can't make you pay or go to court to make you, but they can still try to get their money back.

West Virginia's debt statutes of limitations are long compared to other states. In California, for example, you only have four years to pay off a credit card debt before it's too late. It makes West Virginia a good place for debt collectors because they have ten years to file a lawsuit. Waiting until the statute of limitations expires is never a good way to get out of debt. This is especially true in West Virginia, where doing this would ruin your credit score and make it impossible to reach any financial goals.

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How OVLG offers the best debt help services in West Virginia

Here are a few reasons why you should choose OVLG to consolidate your debts. OVLG can help you: 

  1. Consolidate your debts into an affordable payment plan
  2. Smartly handle payments at reasonable fees
  3. Reduce how much you pay each month
  4. Handle your calls from collectors
  5. Solve your debt problems.
  6. Help you keep track of your debt 24 hours a day, 7 days a week

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Things to avoid while in a West Virginia Consolidation Program

  • If you have multiple credit card accounts, keep them open even after you've paid them off. Account closures hurt your credit report.
  • Avoid taking out new loans (other than consolidation) because they will not help you with your debt.
  • While in a debt consolidation program, reduce the number of debts on your credit report. Multiple debts are detrimental to your credit score.
  • Maintain a balance between your income and expenses. Spending beyond your means can result in a severe financial crisis just as you get out of debt.

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