A Debt management plan or program is a process wherein credit counselors approach your creditors and propose a mutually agreeable payment plan. This program is also offered by debt management companies and by law firms such as OVLG.

Types of debts OVLG manages

How can an OVLG debt management plan help you?

  • It gives you a personalized budget plan
  • It lowers the number of collection calls
  • It reduces your monthly payments
  • It removes fines, late fees and penalties
  • It brings down your interest rates
  • It helps you make affordable monthly payments
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How much can you save with an OVLG debt management plan?

An OVLG debt management program can help you attain financial freedom quickly since more of your money will go towards the outstanding balance on your credit cards. Moreover, OVLG may be able to save you money by lowering the interest rates on your outstanding debt.

When your current monthly payments are not enough

Are you wondering why you can’t eradicate your credit card debts despite making payments every month? What’s wrong?

This happens for a few common reasons:

  • Your current monthly payment plan is beyond your budget
  • You’re paying extra money on late fees and penalties because your payments are late
  • You can’t manage your expenses within your income
As per FICO, Debt Management Program will not hurt your credit score

Why should you get help from OVLG to manage your debts?


  • can lowers your interest rates
  • is a law firm registered in 45 states
  • follows FTC laws and protects your privacy
  • has more than 300 positive live reviews
  • has an 84% client satisfaction rate
  • gives you 100% refund if it can’t manage your debts
  • has been managing debts for 8 years in 45 states
  • will not hurt your credit score

Who are the main players in a debt management program?

In OVLG’s debt management programs, the 3 main players are the attorneys, the creditors, and you. Here are the roles that each of these players fill.

The Role of Your AttorneyCreditorsYou, the debtor
Create a budget: your attorney will create a budget that works for you.Receive payments: once the repayment plan is established, your creditors don’t don’t really have much to do apart from receiving your payments as agreed.Learn about the process: you should learn what a debt management program actually is before you jump into it. Get familiar with budgeting and the proper way to use credit, so you can complete the program on time without incurring additional debt along the way.
Act as an intermediary: your attorney will also act as an intermediary between you and your creditors.Stop calling so much: they still can call you, but they’ll have to call you less, and should talk to your attorney about any issues that come up.Get a written payment plan: Before saying yes to debt management companies, your attorney will make sure you get a proper written payment plan.
Negotiate and process payments: your attorney will negotiate to reduce rates and then transfer your payments electronically to your creditors, as agreed.Report properly: your creditors will update your credit report once you complete the debt management program by reporting the debt paid in full.*Steer clear of new credit: try to avoid applying for new credit since your present creditors may refuse to offer concessions as a result.
Keep you updated: your attorney will give you a periodical report on your payment progress.Waive off late fees: your additional interest rates and penalties will be waived when you participate in a debt management program.Keep track of what’s happening with your file in the client secure area: monitor your payment progress whenever you can. Check your creditor’s statements as well.

* Creditors will report that the debt has been paid in full after you complete the program.

Debt management plan - Do’s and Don’ts

  • Check which debts will be included in the plan
  • Pay your creditors until the plan is approved
  • Check the online reviews of the debt management companies you’re considering
  • Live within your budget
  • Earn more money to make extra payments
  • Read your monthly statements
  • Contact a debt management company when you can't make payments
  • Check and confirm if creditors have accepted the plan negotiated by your debt management company
  • Don’t pay upfront fees to a debt management company
  • Don’t sign up if you can’t make the monthly payments
  • Don’t get swayed by false promises
  • Don’t get confused by the differences between debt consolidation and management
  • Don’t be impatient

The advantages of the best debt management plans

  • 1 They help you get out of debt-and stay out
  • 2 They give you a practical budget and realistic financial goals
  • 3 They help creditors see you favorably
  • 3 They reduce headaches from creditors, because they call less when they’re getting paid every month
  • 3 They help you negotiate lower monthly payments

How to choose the best debt management program for you

What you must not forget to check:

  • 1 Ask for a breakdown of their fee structure
  • 2 Look at their client feedback
  • 3 Check to see if their credit counselors are certificated
  • 4 Look at their company affiliation

How to get the most out of a debt management company

Step 1
Ask when you’ll be debt free:
It may take as long as 48 months to get out of debt.
Step 2
Check affiliations:
Work with debt management companies who are affiliated with AICCA and NFCC.
Step 3
Analyze fee structure:
Find out if the fee structure is in compliance with the FTC’s terms and conditions

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Last Updated on: Wed, 28 Apr 2021