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Debt Solutions - Pick the best one to keep debts under control

Debt solutions make your life easier by solving complex financial problems within a few months. The best solutions are the ones, which help you reduce collection calls, pacify creditors, save your money and time.



Debt solutions – For whom and why

Debt Settlement (DSP) – A solution wherein you pay less on principal and save more.
Those who
  • Are in credit card debt
  • Are getting collection calls
  • Have payday loans and medical debts
  • Have private student loans
  • Are planning to file bankruptcy
  • Want to get rid of bills fast
  • Want to save on principal
  • Don't want to pay late fees
Why
  • Debt settlement pays off unsecured debts
  • DSP reduces collection calls
  • Companies negotiate to reduce principal
  • Usually, DSP takes 2-3 years to complete
  • DSP can help to settle debts within 2-3 months if you’re lucky
  • DSP eliminates late fees and penalties

Effect on credit - Initially, it hurts your credit. But, later you can rebuild it. All you need to do is use the right strategies.

Verdict - Best debt solution for those who want a 'quick release' from their financial obligations

Debt Consolidation – A solution wherein multiple payments are replaced by a single bill.
Those who
  • Have credit card debt and student loans
  • Want to have one payment every month
  • Can't manage multiple bills
  • Have private student loans
  • Need to pay off utility and cell phone bills
  • Have pending apartment leases
  • Want to have fewer collection calls
Why
  • Debt consolidation caters to unsecured debts
  • It can help you to take care of federal student loans
  • It gives you one affordable monthly payment plan
  • Consolidators deal with your collection calls

Effect on credit - It won't make a negative impact on your credit score.

Verdict - Best debt solution for those who are not pro at multitasking

Debt Management (DMP) – A solution wherein you make a single payment each month and save on interest rate.
Those who
  • Can follow a budget
  • Have credit card debt and pdls
  • Have personal loans and medical bills
  • Want to save on interest rates
  • Are tired of dealing with collection calls
Why
  • Credit counseling agencies (offering debt management plans) will create a budget for you.
  • A DMP can solve all unsecured debt issues.
  • Credit counselors will negotiate and slash interest rates.
  • They'll take care of your collection calls.

Effect on credit - It doesn't hurt your credit.

Verdict - Best debt solution for those who can follow a budget

Bankruptcy – A legal debt solution where bankruptcy court negotiates with your creditors on your behalf.
Those who
  • Want to stop collection calls
  • Are well acquainted with bankruptcy laws
  • Can pay bankruptcy fees
  • Can qualify for means test
Why
  • Automatic stay is imposed on collection calls
  • Bankruptcy court discharges debts as per the laws
  • Need to pay attorney and court fees
  • Need to prove you can't pay back creditors

Effect on credit - Disastrous. It'll drop your credit score by more than 200 points.

Verdict - Best debt solution for those who are ready to risk their credit score

How to select a company that offers the best debt solution

You've to be extremely conscious when selecting a debt relief company. Remember, a company can offer lots of solutions. But, this doesn't necessarily prove that it's the best company.

A good debt solution company will typically give you:
  • Breakdown of fee structure and cost
  • An estimate of how much you can potentially save
  • An idea about how long you need to make payments
  • An idea about the possible results and risks

Steps to take before going for debt solutions

1
Look at the fees and costs:
Check out the FTC rules to know how much you should pay for fees and associated costs.
2
Check out your tax obligations:
Forgiven debt is taxable. Before choosing any debt solution service, make sure you talk with a tax professional.
3
Read the FTC guidelines:
Clear your misconceptions to know about the good debt solution services and avoid scams.

Still don't know which debt solution is best for you?
Call us at (800) 530-OVLG
to get FREE reviews on debt solutions

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    Copyright © 2015 Oak View Law Group
    Contact us at:-
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    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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