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Debt management plan (DMP) - How to use it to get best help
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 registered law firms in the country such as OVLG.
OVLG debt management plan - How it helps you
- Offers a personal budget plan
- Drops the number of collection calls
- Reduces monthly payments
- Removes fines, late fees and penalties
- Brings down your interest rates
- Helps you make affordable monthly payments
What’s more
What’s wrong with your current monthly payments?
Well, you must be wondering why you aren’t being able to eradicate your credit card debt in spite of making monthly payments? What’s wrong? Actually, your outstanding balance is not getting less because of the following reasons.
- Your current monthly payment plan is beyond your budget
- You’re already delinquent and paying extra money on late fees and penalties
- You can’t manage your expenses within your income
How much does OVLG DMP help you to save
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, lower interest rate helps you save money.
As per FICO, Debt Management Program will not hurt your credit score
Why OVLG should manage your debts
- Lowers your interest rates
- Is a registered law firm
- Follows FTC laws and protects your privacy
- Has more than 300 positive live reviews
- Has 84% client satisfaction rate
- Gives you 100% refund if it can’t manage your debts
- Has been managing debts for 7 years in 48 states
Thu Jul, 2014 Review:
EH saved $1158.44
Client satisfaction level:* Client names have been changed to protect privacy
Key players in debt management program and their role
The 3 main players in a debt management program (DMP) and their roles are:
OVLG Attorneys
Create a budget:
Our debt management lawyers will create a budget that works for you.
Act as an intermediary:
Our debt management lawyers will act as an intermediary between you and your creditors.
Negotiate and process payments:
Our debt management lawyers will negotiate to reduce rates and then transfer your money electronically.
Keep you updated:
The lawyers will give you a periodical report on your payment progress.
Creditors
Receive payments:
They really don’t have much to do apart from receiving the agreed amount from us electronically.
Stop collection calls:
Actually they still can. But, what they can do is make less calls or talk with us regarding any issues.
Report properly:
Your creditors will update your credit report stating you’re getting help with debt management. *
Waive off late fees:
Your additional interest rates and penalties will be waived off through debt management services.
You, the debtor
Know about the process:
Learn what is a debt management program first. Get familiar with budgeting and proper use of credit.
Get a written payment plan:
Before saying yes to debt management companies, make sure you get a proper payment plan.
Steer clear of new credit:
Try to avoid applying for new credit since your present creditors may refuse to offer concessions.
Track client secure area:
Monitor your payment progress whenever you can. Check creditor statements as well.
* Creditors will report that the debt has been paid in full after you complete the program.
DMP or debt management plan - Do’s and Don’ts
Do's
- Check which debts will be included
- Pay your creditors till the plan gets approved
- Check out the online reviews of debt management companies
- Live as per your budget
- Earn money to make extra payments
- Read your monthly statements
- Contact debt management companies when you can't make payments
- Check and confirm if creditors have accepted the plan
Don’ts
- Never pay upfront fees
- Don’t sign up if you can’t make monthly payments
- Don’t get swayed by false promises
- Don’t get confused between debt consolidation and management
- Don’t be impatient
Best debt management plan advantages
- Helps you stay and get out of debt
- Gives you a practical budget and a financial goal
- Makes creditors see you favorably
- Gives less headache to creditors as they get paid every month
- Helps you get lower monthly payments and less calls from creditors
Best debt management program - How to choose
What you must not forget to check
- Breakdown of fee structure
- Client feedback
- Certification of credit counselors
- Company affiliation
Steps to get best help with debt management
1
Ask when you’ll be debt free:
It may take as long as 48 months to get out of debt.
It may take as long as 48 months to get out of debt.
2
Check affiliations:
Work with debt management companies who are affiliated with AICCA and NFCC.
Work with debt management companies who are affiliated with AICCA and NFCC.
3
Analyze fee structure:
Find out if the fee structure is as per the FTC terms and conditions.
Find out if the fee structure is as per the FTC terms and conditions.
Have a clear idea about what is debt management?
Wish to get instant help?
Call us at (800)-530-OVLG
Wish to get instant help?
Call us at (800)-530-OVLG
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Pages
Frequently asked questions about Debt Management
Date: 11:29 pm 9th May, 2014 Article Rating:1. Is Debt management suitable for everyone? No, a debt management plan is not suitable for all. It is usually unsuitable if you have very low surplus income after paying off your basic necessities. 2. How will I know that my creditors are being paid? Your creditors will send you a statement [...]... Read more
Debt Management Plan: How can it put your finances in shape
Date: 05:34 am 30th Apr, 2014 Article Rating:Debts can be overwhelming. For this reason, paying off the your bills at the earliest opportunity is always recommended. If you’re unable to manage it yourself, you can try to get debt relief through a debt management plan (DMP). What is a DMP? A debt management plan or program (DMP) is a [...]... Read more
7 tips for an effective debt management program
Date: 03:14 pm 17th Jun, 2013 Article Rating:Are you way behind on your debt payments with no idea how to pay off your financial obligations? A Debt management plan (DMP) can be an effective solution, with the help of a third party. It can help you resolve your debts without adding more negative listings to your credit report. Here are 7 tips [...]... Read more
Uniform Debt Management Services Act
Date: 03:12 pm 17th Jun, 2013 Article Rating:The Uniform Debt Management Services Act was introduced in July 2005, by the National Conference of Commissioners on Uniform State Laws (NCCUSL). It was enacted as the first nationalized attempt to collaborate and regulate debt relief services. Inception of the UDMSA Consumer debt relief services [...]... Read more
Glossary of Common Debt Management Terms
Date: 03:09 pm 17th Jun, 2013 Article Rating:Agreement:An written understanding between the client and the debt management provider. It principally concerns the debt management company's terms of business. Amortization: The gradual repaying of a debt in partial payments rather than in single payment. Annual Review: The full evaluation of the [...]... Read more