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Credit card debt settlement - The legal cure for your debt woes

Too much of credit card debts can turn out to be the reason behind your sleepless nights. Though they're easy to incur, the enhanced interest rates make them much harder to get rid of. If you feel overburdened with the growing pile of your credit dues and want to get rid of them legally, you can choose credit card settlement to do away with them altogether.

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How much can you save?
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When will you need to choose credit card settlement?

Financial crisis starts when your credit card bills turn into unmanageable debts. Find out when you would need assistance to regain control over unmanageable credit card debts and can decide to settle them.

  1. When you have insufficient savings
  2. When you can't even keep up with minimum monthly payments
  3. When you want to get rid of the repeated collection calls
  4. When you risk being sued by the creditors or your wage will be garnished
  5. When you might need to take out a loan to pay off your credit card dues
  6. When you might be considering bankruptcy as a debt relief alternative
Savings from creditors
Know how much clients have saved on their debts
Saved $487.5
Saved 487.5
Apr 16, 2014
Saved $172.5
Saved 172.5
Apr 25, 2014
Saved $225
Saved 225
Apr 2, 2014

How it can help you?

The settlement process involves negotiation with your creditors to reduce your total outstanding credit card balance. It's often regarded as the best way for a credit card debt payoff – chiefly, due to the considerable reduction it offers. The late fees or penalties charged on the debts can also be eliminated with this relief option. You can pick a professional company to represent you as they usually negotiate better with creditors and even offer legal assistance when required. You may also benefit from reduced collection calls and be able to avoid bankruptcy by settling credit card debts.

How does it affect taxes?

Negotiating credit card debts during settlement usually brings a significant reduction in the debt amount. However, the IRS considers the forgiven amount as your income, if it exceeds $600. Consequently, the creditor or collector is supposed to send you IRS 1099-C Form, and you'll be liable to pay income tax on the forgiven amount. If your debts are more than the value of your assets, you can file IRS form 982 to have the benefit of exemptions.

Thu Nov, 2014 Review: AD2 saved $4354.49
Client satisfaction level:
      
* Client names have been changed to protect privacy

Does settlements on credit card debts affect your credit score?

The missed or irregular payments on credit card debts usually take its toll on the consumer's credit score, even before he chooses to settle the bills. Moreover, since you'll be paying less than the owed amount when you settle credit card debts, your credit score will evidently take a hit. After settling your dues, your account status in the credit reports will be updated as "Paid as Settled" or "Paid as Agreed", which will be affecting your score. However, if the creditor agrees to a 'Pay for Delete' agreement, the negative information can be removed from your report.

How OVLG can help you to deal with credit card debts?

Eliminating credit card debts would not seem that difficult if you get professional assistance along the way. Our attorneys and relationship managers can help you with your numerous credit card bills and make sure that you pay them off steadily.

Check out the 6 steps through which OVLG processes your credit card debts.

OVLG Credit Card Debt Help Cycle
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Debt settlement scams: Oak View Law Group reveals some facts

Debt settlement scams: Oak View Law Group reveals some facts

Date: 03:54 am 26th May, 2014 Article Rating: 
Rating: 
4
Average: 4 (1 vote)

Nowadays, many consumers fall prey to debt trap and reach out to debt settlement companies only to find out later that they have been scammed. Today, we come across a lot of debt settlement scams and most of the scams are a result of lack of information on the debtor’s end. If you want to avoid [...]... Read more


Frequently Asked Questions on Debt Settlement

Frequently Asked Questions on Debt Settlement

Date: 11:24 pm 9th May, 2014 Article Rating: 
Rating: 
No votes yet

1. How will debt settlement affect my credit score? When you first enroll in a debt settlement company, your credit score will go down. However, as your creditors report your accounts as “paid” or “settled” your credit score will recover. It is true that debt settlement is a great way to [...]... Read more


Comparison between Debt Settlement program and Bankruptcy

Comparison between Debt Settlement program and Bankruptcy

Date: 11:38 am 16th Jun, 2013 Article Rating: 
Rating: 
5
Average: 4.5 (2 votes)

Choosing between debt settlement and bankruptcy in the face of mounting debts is a tough decision to make. It is important to understand that although both the options aim at offering debt relief, they work very differently. So, in order to make an informed decision, you need to understand these [...]... Read more


Debt settlement or bankruptcy - Which one is better for your credit?

Debt settlement or bankruptcy - Which one is better for your credit?

Date: 10:47 am 16th Jun, 2013 Article Rating: 
Rating: 
4
Average: 4 (1 vote)

It depends on whether you declare Chapter 7 or Chapter 13. Chapter 7 Bankruptcy will remain on your credit report for 10 years, and Chapter 13 bankruptcy stays for 7 years from the filing date. This is the same with all the major credit reporting agencies, may it be Equifax, Experian or TransUnion [...]... Read more


Debt settlement scams: Oak View Law Group reveals some facts

Debt settlement scams: Oak View Law Group reveals some facts

Date: 10:43 am 16th Jun, 2013 Article Rating: 
Rating: 
0
No votes yet

Nowadays, many consumers fall prey to debt trap and reach out to debt settlement companies only to find out later that they have been scammed. Today, we come across a lot of debt settlement scams and most of the scams are a result of lack of information on the debtor’s end. If you want to avoid [...]... Read more




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The services of Oak View Law Group (OVLG) and its affiliates may not be available in all states. OVLG along with its Of Counsel attorneys may also be referred to as "Oak View Law Group", "we", "us" or "the firms".
Copyright © 2014 Oak View Law Group
Contact us at:- 4966 El Camino Real STE 225, Los Altos, CA 94022


Disclaimer: The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.

  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.


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