"Credit card settlement makes you feel rich even when you don't have full money to pay back your creditors"
Credit card debt settlement is the process wherein you shrink your debts through negotiation. It helps you pay almost half of what you owe on your credit cards. This process is also known as credit card debt negotiation.
How much can you save?
OVLG Credit card debt settlement process
OVLG helps you get debt relief in 6 small steps. Our attorneys give you the best credit card debt settlement advice in 48 states 24*7. All you need to do is navigate the process and trust us a little bit.
Credit card debt settlement programs - When, how and why
When it makes sense
- You're at risk of getting sued
- You seriously want to save money
- You can't even make minimum payments
- Collection calls are excessive
- You may get bankrupt soon
- You may have to borrow money to reduce balance
How it reduces your debts
Negotiation with creditors
Convince you can't pay the full amount
Creditor agrees
Reduces debt, removes penalties & fees
You settle and save
Tip:
Make sure your creditors don't report paid as settled on your credit report. Rather, request them to update it as paid in full to save your credit score.
Why you must choose OVLG
- 1 It offers the best credit card debt settlement program online
- 2 It helps you save on late fees, penalties and balance
- 3 It follows the credit card debt settlement laws
- 4 It gives you 100% no result refund policy
- 5 It gives you sample debt settlement letters for free
- 6 It gives you the perfect credit card debt settlement advice
- 7 It has 84% satisfied clients and 360+ live reviews on credit card debt settlement
- 8 It's a CalBar registered law firm
Thu May, 2017 Review:
AC3 saved $47629.06
Client satisfaction level:* Client names have been changed to protect privacy
Credit card debt settlement pros and cons
Pros - What you gain
- Your money and respect
- You pay less to creditors
- You get fewer collection calls
- You can avoid getting sued
Cons - What you lose
- You will credit score will drop by a few points
- You've to pay tax (when savings is 600+)
Credit card debt settlement Act 2010
- 1 Debt negotiators must tell you how much to save before making a credit card debt settlement offer to creditors
- 2 They would explain the terms and conditions of the credit card debt settlement program
- 3 They need to give an idea on how long you have to wait to get results
- 4 If debt negotiators ask to stop making payments, then they need to explain the consequence of this action
- 5 They can't ask you to pay an upfront fee
- 6 They can charge only a part of the full fee for every settled account
- 7 You'll be the sole owner of the funds and interest earned in the trust account
- 8 The FDIC insured bank should not be affiliated with the debt relief company
Credit card settlement companies
Want to settle credit card debt through companies? Finally ready to get help from professional settlement companies? It's time you differentiate between the credit card debt settlement facts and fiction.
Myths
- Credit card debt settlement companies are scams
- You can get rid of your credit cards today
- You need to pay a fee in advance
- It is the only option to get rid of debt
- You'll not be in debt once negotiation is over
- You can't settle credit card debt online
Truths
- No. Rather, they help you settle credit cards fast.
- Only a miracle can help you to do that
- Credit card settlement companies are forbidden to do that
- No there are other options as well
- No. Secured debts can't be settled
- Wrong. OVLG helps you settle debt online
4 Secrets for settling credit cards for less
(1) Settle before your accounts are given to collectors
The first black spot is created on your credit report when you default on credit cards. And, the second black spot is created when your credit cards are given to collectors. Your score may drop between 45 and 65 points once your accounts go to collectors.
(2) Create a strong negotiation strategy
Compile all facts - your income and expenses. Then create a convincing story and present it in front of your creditors. You've to explain why you can't pay the full amount by all means. Remember, creditors already know you pretty well. Make sure you don't lie. If you don't want to take a headache, then leave everything to OVLG. We'll take care of everything.
(3) Be patient and wait for the right time
Creditors may not accept the initial offer. This doesn't mean it's the final decision of creditors. They may accept a modified version of your offer. So, be patient and let us renegotiate with creditors. Also, don't be ashamed of yourself. It's not a crime to settle credit cards.
(4) Get a written agreement in your hand
Irrespective of how you settle your credit card debt, never ever pay a penny without getting a written agreement beforehand. OVLG always gives a written settlement agreement online. You can check the clauses before paying a penny.
Credit card debt settlement - Impact on credit score
Credit card debt settlement gives you the golden chance to strike a great deal. You pay less the actual balance and get rid of the debt once for all. But, since you're paying less than the outstanding amount, so you get penalized for it.
Credit card debt settlement affects credit score negatively. FICO doesn't disclose how many points you'll lose after setting your credit cards. But, this is clear the higher your score is, the bigger will be the drop. Therefore, if your credit score is low, then you won't even see a drastic effect.
Surprising credit card debt settlement facts
- 1 The credit card debt settlement agreement becomes null and void if you don't pay the negotiated amount.
- 2 You need to get your credit report updated as "paid as agreed" or ‘paid as settled" after making the lump-sum payment.
- 3 If you can convince your creditor to update your credit report as ‘paid in full', then it is best for your credit score.
- 4 Credit card debt settlement programs are not part of any government programs like HAMP in the mortgage industry.
- 5 The IRS will ask you to pay tax if you save more than $600 through credit card debt settlement plan.
- 6 Depending upon the convincing skill of debt negotiators and mood of creditors, you can save as much as 60% on your debts.
3 Steps to settle credit card debts online
1> Save: Save money till your creditors are ready to settle credit cards
2> Negotiate: Negotiate either on your own or through OVLG
3> Pay: Make a lump sum payments as agreed during negotiation
What if you can't settle credit cards?
Creditors are not your slaves. So, what if they don't agree to settle your credit cards? What should you do?
Well, the only choice you've is to view the alternatives and these are:
Credit card debt consolidation wherein you get an alternative payment plan.
Credit card debt management wherein we'll prompt creditors to slash interest rates.
Credit card debt settlement - Safety kit
- Credit card debt settlement letter
- Credit card settlement agreement
- Credit card debt collection laws
Why you should use attorneys for credit card debt settlement
- 1 They will act as your credit card debt settlement guide and help you complete the process successfully
- 2 Since they have good convincing powers, they can help to lower the credit card debt settlement amount.
- 3 Credit card debt settlement attorneys know how much to offer to creditors
- 4 They can give you right legal guidance and help you avoid lawsuits
- 5 They are aware of the state debt collection laws and credit card debt laws. They can make you aware of these laws as well.
- 6 Credit card debt settlement attorneys know the statute of limitation period in your state. This can help you decide whether or not to settle your credit cards.
- 7 They have the industry update on the overall credit card debt settlement percentages and recently passed laws. So, they can deal with creditors accordingly.
Credit card debt settlement - Compare and choose
| Credit card debt settlement online | Credit card debt settlement non-profit | Credit card debt settlement attorneys |
|---|---|---|
| You pay a settlement fee | You pay nominal fees | You pay an hourly fee |
| You won’t get legal advice or help | You won't get legal advice or help | You get legal advice and help |
| You'll get credit card debt settlement services online | You'll get credit card debt settlement services both online and offline | You can get credit card debt settlement advice both online and in face-to-face conversation |
What's more
So, ready to go for credit card debt settlement online?
Just call us at 800-530-OVLG and get the best advice in town
Just call us at 800-530-OVLG and get the best advice in town
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:
Asked on Tuesday, June 20, 2017 - 11:56
Asked on Thursday, June 15, 2017 - 11:42
Asked on Monday, April 17, 2017 - 20:39
Asked on Tuesday, April 4, 2017 - 00:55
Asked on Thursday, March 9, 2017 - 02:27
Asked on Friday, January 20, 2017 - 03:10
Asked on Thursday, January 19, 2017 - 03:08
Asked on Monday, December 5, 2016 - 03:11
Asked on Wednesday, September 14, 2016 - 01:09
Asked on Thursday, June 9, 2016 - 04:50