-
A to Z on debt settlement
- OVLG Debt settlement process – 5 Simple stages
- Why OVLG is the best debt settlement company
- 6 Must-haves during debt settlement
- Debt settlement pros and and cons
- Who can go for this debt relief option?
- Do you have the qualities to negotiate on your own?
- Why it is good to consult debt settlement attorney
- Tips to choose a good settlement company
- 6 FTC laws debt settlement companies must follow
- What to do when settlement is not good for you
In a debt settlement program, the creditor agrees to slash the outstanding balance of the consumer by a certain percentage after a successful negotiation process. The program is usually offered by a settlement company in exchange for a fee.
The best part of the program is that consumers can settle a debt for pennies on the dollar. They won't have to pay late fees, fines or penalties.
OVLG Debt settlement process – 5 Simple stages
Stage 1:
Our financial coach reaches you over the phone. He analyzes your financial situation and decides if debt settlement is best for you.Stage 2:
If this program suits you, then he'll explain the fees structure and other details clearly. Once done, you've to sign an agreement with us.Stage 3:
You get an e-copy of the debt settlement agreement. A secured client secure area is given to you. You can track your case every minute.Stage 4:
The CRA (Client Relationship Analyst) opens a dedicated account in Bank of America wherein your money is saved every month.Stage 5:
The negotiation process starts to reduce the outstanding balance. Once the creditor is ready to accept the partial payment in exchange for a lump-sum payment, we will settle your debt.Once payment is done, the creditor will inform the credit bureau that you've settled the account.
Why OVLG is the best debt settlement company
Why is Oak View Law Group unique? What makes it the best debt settlement company in the country? Find out on your own.
- Follows all the settlement laws
- Solves your debt reduction needs
- Have a panel of attorneys to help you
- Help you settle debt in 48 states
- Gives you a 100% refund policy
- Have a reasonable fee structure
- Offers easy to understand written settlement agreement
- Gives you FREE sample settlement letters
- Gives you a FREE advice on settlement
- Helps you calculate your savings
- Is a registered law firm
- Has a strong privacy policy
- Has a transparent work methodology
- Seek approval for all resolution offers
* OVLG doesn't offer any services in Wisconsin, Vermont, Colorado, and Connecticut.
Client satisfaction level:* Client names have been changed to protect privacy
6 Must-haves during debt settlement
Debt settlement letter
Debt settlement calculator
Debt settlement agreement
Good settlement company
Money to settle debt
Proper disclosures
Debt settlement pros
- You can save a lot
- Creditors can be less aggressive
- You can avoid filing bankruptcy
- You can avoid collection calls
- Late fees and penalties will be dropped
- You can ditch credit card debts within 3 years
Debt settlement cons
- Your credit score will drop initially
- You'll have to pay tax when you save more than $600
- You have to abide by the settlement agreement
Ideal candidates for debt settlement
- Have credit card debt issues
- Have personal loans
- Have private student loans
- Have huge medical bills
- Have huge cell phone bills and utility bills
- Have legal payday loans
- Are unable to afford current monthly payment plans
- Want to avoid the stigma of bankruptcy
- Have federal student loans
- Can't cover tax obligations
- Can't sacrifice their credit little bit
- Have mortgage loans
Do you have the qualities to negotiate on your own?
Here you're talking about DIY debt settlement. Well, it's not for everybody, and this is why several consumers approach attorneys. Here are the 10 qualities you need to have to negotiate on your own:
- 1 You're less emotional and more practical
- 2 You know the collection laws by heart
- 3 You can talk sweetly
- 4 You know how to manage collectors
- 5 You can execute your debt settlement plan
- 6 You have an idea about the collection cycle
- 7 You know how fast you can arrange money
- 8 You're diplomatic and can negotiate well
- 9 You can convey your problems properly
- 10 You can get everything in writing
Why it is good to consult a debt settlement attorney
Attorneys are there in the industry for several years. They know the ins and outs of debt settlement programs very well.
9 Reasons to consult a lawyer or attorney for settlement
- 1 You don't have anything to worry. The attorney will look after your case.
- 2 You don't have to receive collection calls. The attorney will handle them.
- 3 Attorneys know what creditors can or can't do. So, they can plan accordingly.
- 4 Attorneys know the latest FTC rules by heart. You might not know about them.
- 5 Attorneys can negotiate very well. They'll probably save more for you.
- 6 Attorneys may help you when creditor decides to file a case against you.
- 7 Attorneys can safeguard you from collection harassment.
- 8 Attorneys will give you the best legal advice.
- 9 Attorneys can show you the other options as well.
OVLG Trivia
-
A: Well, a lot of people refer DSP as:
- Debt negotiation programs
- Debt reduction programs
- Debt resolution programs
Next time, you hear these names, don't get awestruck.
This is nothing but DSP.
-
A: Credit card debt
- Personal Loan
- Payday loans
- Utility bills
- Medical bills
- Collection account
Is it a registered firm?
It is registered with CalBar and Cal Chamber
Tips to choose a good settlement company
Yes, there are lots of tips. Some of them are:
- Ask the company about how to settle the debt. A good one will know the program in details.
- Ask if it charges any upfront fee. A good one won't charge an advance fee.
- Check if it's a licensed company in your state.
- Find out its industry experience. The longer it has been in the industry, the better.
- Check and find out if its fee structure is acceptable.
- Go through the online reviews on the company.
- Ask about the right-of-rescission period.
- Check if the debt settlement company follow the FTC laws.
6 FTC laws debt settlement companies must follow
- They can't charge an upfront fee.
- They need to give you full information about the debt settlement program.
- They must explain their terms and conditions.
- They should tell you the amount you need to save.
- They shouldn't promise what settlement companies can't deliver.
- They must explain the risks associated with the program.
What to do when settlement is not good for you
Well, you have 3 options basically during this time.
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
I have a few loans too. Radiant cash, Blue trust loans, brightstar cash and zoca. Are these illegal?
Category: payday loan help
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
|
|
0
Votes
1
Answers
|
Category: creditors and collection agencies
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
Category: payday loan help
|
|
0
Votes
1
Answers
|
|
What will happen to CFPB and debt settlement industry under Trump?
Date: 02:48 am 29th Dec, 2016
Donald Trump has trumped Hillary by 58 votes in the 2016 presidential election. Now, since the day of CFPB’s inception, Republicans have talked about stripping it down. With the surprise victory of Trump and Republicans’ dominance over the Senate, the future of the consumer watchdog isn’t [...]... Read more
Article Rating:
Do you have to pay tax on the amount saved from debt settlement?
Date: 01:00 am 26th May, 2016
You may receive a 1099-C form, from your creditors or debt collectors, that reports Cancellation of Debt Income (CODI) to the Internal Revenue Service (IRS) months after settling your credit card debts. Who informs the IRS that you have settled the debt? Creditors and debt collectors are required [...]... Read more
Article Rating:
Debt Settlement Laws: Are your defense fool-proof?
Date: 02:27 am 22nd Jun, 2015
You could be wrong with regards to your debt relief provider’s probity and eagerness to bail you out of your financial crisis. This is because all the hard work put in by the consumer advocates to reign in the unscrupulous debt settlement companies and render their business inert has gone in vain [...]... Read more
Article Rating:
Debt settlement - Personalized way to scale down your debts
Date: 04:49 pm 13th Jun, 2013
Debts can drive the sleep out of your peaceful nights. If you find that you’re always short on cash, and have the creditors asking you for payments, you can try to get rid of your debts through settlement. What is debt settlement? Debt settlement is a process wherein a creditor accepts a sum [...]... Read more
Article Rating:
Debt settlement: Is it the fitting debt relief option for you?
Date: 05:10 pm 13th Jun, 2013
Debt settlement usually finds favor with the consumers since it brings about a considerable reduction in the debt amount. Find out how it works and why the creditors agree to receive less than what is owed to them. How does a debt settlement program work? When you enroll in the program, your [...]... Read more
Article Rating:
