"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.
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
Reduces debt, removes penalties & fees
You settle and save
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
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.
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
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:
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