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.
Are you wondering why can’t you eradicate your credit card debts in spite of making payments every month? 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 paying extra money on late fees and penalties as you’re past due
You can’t manage your expenses within your income
As per FICO, Debt Management Program will not hurt your credit score
How much you can save with OVLG DMP
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.
How much can you save?
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 8 years in 48 states
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
Creditors
You, the debtor
Create a budget Our debt management lawyers will create a budget that works for you.
Receive payments: They really don’t have much to do apart from receiving the agreed amount from us.
Know about the process: Learn what is a debt management program first. Get familiar with budgeting and proper way to use credit.
Act as an intermediary: Our debt management lawyers will act as an intermediary between you and your creditors.
Stop collection calls: Actually they still can call you. But, what they can do is make less calls or talk with us regarding any issues.
Get a written payment plan: Before saying yes to debt management companies, make sure you get a proper payment plan.
Negotiate and process payments: Our debt management lawyers will negotiate to reduce rates and then transfer your money electronically.
Report properly: Your creditors will update your credit report once you start getting help with debt management. *
Steer clear of new credit: Try to avoid applying for new credit since your present creditors may refuse to offer concessions.
Keep you updated: The lawyers will give you a periodical report on your payment progress.
Waive off late fees: Your additional interest rates and penalties will be waived off through debt management services.
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 more 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
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 as per the FTC terms and conditions.
Video transcript on: OVLG Debt management plan. How it helps you
Hi,
Are you trapped in debt and cursing your fate because creditors are charging high-interests?
Are you looking for a way out of this problem?
If so, then debt management is what you need.
A debt management plan helps you to slash your interest rates and get an affordable monthly payment plan. It helps you make one monthly payment instead of many and avoid forgetting multiple due dates.
The best part of debt management plan is the reduced interest rate which helps you save money. Plus, late fees, fines and penalties are waived off. So, you save money there too.
The added bonus is the personalized budget plan, which helps you manage monthly payments easily.
So why are you still paying high-interests on your debts?
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