1. A consultancy fee of $50 will be charged each month for providing a monthly 30 minutes consultation with our savings consultant, 30 minutes consultation with budgeting consultant and 30 minutes consultation with the tax attorney. This fee will be adjusted with the success fee when the success fee becomes payable. For example, if the client owes $1000 as success fee and the total consultant fee for 12 months is $600, then in this particular case, client has to pay $400 towards the success fee ($1000-$600) as the consultancy fee will be adjusted with the success fee amount.
Why our clients need a savings and budget consultant?
1. Savings and budget consultants help get rid of the cause of the debt.
2. In case the total debt amount is more than or equal to $10,000, a success fee of 15% will be charged on the total debt amount owed by the client at the time of enrollment in OVLG's debt settlement program. For instance, if a client owes $10,000 on an account, and OVLG brings it down to $6,000, thus saving the client $4,000, then OVLG's success fee for that account is 15% of $10,000, i.e $1,500. This fee will get reduced as it will be adjusted by the amount of consultancy fee already paid by the client.
If the debt amount is less than $10,000, a success fee of 15% of the saved amount, i.e. the amount by which any of the client’s debts is reduced, will be charged. For example, if a client owes $10,000 on an account and OVLG negotiates a reduction on that account to $6,000, that is savings worth $4,000, then OVLG’s success fee for that account is 15% of $4,000, i.e. $600. To calculate the success fee, we will consider the original amount owed by the client at the time of enrollment.
N.B. * OVLG does not charge any advance fee for settling consumer debts.
Budgeting and bill pay fees
Monthly maintenance fee: $50 for the first 10 monthly recurring bills. $5 for each additional bill.
Let's look at an example:
Suppose Stacy has:
A. 2 bills: She will pay OVLG $50 each month for the bill pay service.
B. 10 bills: She will pay OVLG $50 each month for the bill pay service.
C. 12 bills: She will pay OVLG $60 each month for the bill pay service.
Interest rate negotiation fees (also known as Debt Management or Credit counselling)
Monthly maintenance fee: $39.
Chapter 7 Bankruptcy fees
Chapter 7: $1,800 for most cases (filing fees and credit counseling fees not included).
The fees listed below are statutory filing fees, payable to the bankruptcy court.
Chapter 7 Filing Fee:$306 (additional for discharge of most unsecured debts).
Amendment Fee:$30 per amendment (If you have to make changes to certain documents after initial filing).
Chapter 13 Bankruptcy fees
Chapter 13: $3,000 plus additional amount set by the court.
A lot of our clients sign up for debt management or debt settlement hoping to avoid bankruptcy but while they are in the debt management or debt settlement program their financial situation might become worse. In such a scenario we give them an easy path to bankruptcy. Hence, for both chapter 7 and Chapter 13 bankruptcies we give up to $500 credit for fees paid towards debt management or debt settlement. Here are some examples of fee credit..
The fees listed below are statutory filing fees, payable to the filing fees, payable to the bankruptcy court.
Chapter 13 Filing Fee: $281 (additional for structured partial repayment plan for debtors who want to keep assets like homes).
Conversion Fee: $25 (to change a Chapter 13 case into a Chapter 7 case)
$0 (to change a Chapter 7 case into a Chapter 13 case)
Amendment Fee: $26 per amendment (if you have to make changes to certain documents after initial filing).