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.
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.
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.
The 3 main players in a debt management program (DMP) and their roles are:
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.
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.
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.
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.
What you must not forget to check
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