Giving hope to hopeless since 2007
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.
Table of contents- When will you need to choose this option?
- How it can help you?
- How does it affect taxes?
- Does it affect your credit score?
- How OVLG can help you to deal with credit card debts?
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.
- When you have insufficient savings
- When you can't even keep up with minimum monthly payments
- When you want to get rid of the repeated collection calls
- When you risk being sued by the creditors or your wage will be garnished
- When you might need to take out a loan to pay off your credit card dues
- 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
Apr 16, 2014
Saved $172.5
Apr 25, 2014
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.
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.
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Pages
Debt settlement scams: Oak View Law Group reveals some facts
Date: 03:54 am 26th May, 2014 Article Rating: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
Date: 11:24 pm 9th May, 2014 Article Rating: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
Date: 11:38 am 16th Jun, 2013 Article Rating: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?
Date: 10:47 am 16th Jun, 2013 Article Rating: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
Date: 10:43 am 16th Jun, 2013 Article Rating: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