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.
How much can you save?
OVLG Debt settlement process – 5 Simple stages
Our financial coach reaches you over the phone. He analyzes your financial situation and decides if debt settlement is best for you.
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.
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.
The CRA (Client Relationship Analyst) opens a dedicated account in Bank of America wherein your money is saved every month.
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.
Note: 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.
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:
10 Qualities you need to have
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.
Do you know what are the alias names of DSP?
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.
What are the 6 types of debts that are settled by OVLG?
A: Credit card debt
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.
Caution: Some settlement companies may ask you to forget about making monthly payments to creditors. In that case, these companies must explain the possible outcome of not making payments – both positive and negative. If they don't, then this again will be a violation of the FTC laws.
Don’t be too happy if debt collectors have left your life last year. Your money woes haven't ended yet.
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