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I have just signed up with Oakview Law Group and I have Chase Visa listed as a creditor?*

To fill out all the info on OVLG website, I had to call Chase to get the fax# & account#, I had already called and told them a few days ago I was doing this and why, and the person I got was nice. The guy I got today was a real P****, he kept going over all my amounts & days past due and put me on hold forever to get the fax and acted like he didn't want to give me the fax#, I finally had to hang up, but he told me my account wasn't eligible for a settlement offer-with a smile in his voice. My balance is $5100 and is 120 days past due? What gives? How much of a balance and how past due must you be to settle with Chase? I am new to all of this and with OVLG, any perspectives from folks that have had to deal w/CHASE or OVLG would be appreciated. I am very nervouse about all of this. Thank you.

Answers:

1) Why would you sign up with a law group?!?!?! If you want to get out of debt, then you can do it yourself. Call all of them and work out a payment plan and get them to suspend penalties. Then, make the minimum payments on all your accounts. On the one with the lowest balance, pay every extra dollar you can come up with. Cut out your cable, get a part-time job, etc. Once that one is paid off, then start concentrating on the next smallest balance. As you continue your debt snowball you will end up paying them off pretty quickly. But before you do any of this, cut up your cards and vow to PAY CASH for the things you NEED from this point forward.

2) A creditor doesn't have to negotiate if they don't want to.

3) None of these “debt consolidation” firms have the power to force your creditors to accept settlements. Your creditors have the right to refuse these terms and take you to court. Even if it's run by attorneys they still don't have the power to force your creditors to settle. Seriously, if you are this far behind in your payments then you're already in a position to settle yourself. Every creditor is different and will responds differently to defaulted accounts...they might settle...or they might take you to court...You'll find out soon because once an account goes six months past due they are required to charge-off the account...after which point they might settle with you...or they might take you to court. Get all terms of any settlement deal you reach with debt collectors IN WRITING BEFORE you give them your money.

4) You can definitely do the settlements on your own with the creditors theoretically. But in practical life I have seen that the creditors will listen to a law firm much more then they will listen to you or me as individuals. You mentioned that the guy at chase that you called didn't even want to give you the fax number. Now how can you try to get a reduced payment plan from chase if they wont even talk to you nicely. I am a client of OVLG they gave me a dedicated client relationship associate. I have the direct number of my client relationship associate at OVLG and I have put her on my speed dial. Each time I have a question I dial my client relationship associate. Each time a creditor has called me I conference in my client relationship associate at OVLG. The creditors have finally stopped calling me and sending me mail once they mark it in their computer systems that I have a law firm representing me. I choose to take the help of OVLG since the business of debt relief is filled with bad players just like any other business. I always go by the BBB rating of a company and prefer to stay away from companies who do have at least an A rating. OVLG was the only law firm that I found after months of research that had an A rating with the BBB. This gave me the confidence of taking their help in working with them. Here is a link to the BBB rating of OVLG: https://www.bbb.org/online/consumer/cks.aspx?ID=10803211112993 It is understandable that you are nervous I would suggest that you read the reviews of OVLG on the trust-link website. Trust-link is a website started by BBB and I find it easier to believe trust-link. Here is a link to the trust link page of OVLG. http://www.trustlink.org/BusinessProfile.aspx?ID=206054627 When I initially started with OVLG and I was nervous I read their FAQ number 11 and I quote it here: "11. I am not satisfied with OVLG services. What can I do? OVLG has a 100% ssatisfaction policy. If you are not satisfied with our services we will refund all your money. However, we will request you to give us an exit interview that will help us to improve our services. " Here is a link to their FAQ page: http://www.ovlg.com/faq/services.html Since they have a full satisfaction guarantee policy it gives me the confidence that I can go ahead and give them my business. As far as chase is concerned the credit card companies have 180 days to write off the debt and sell it to a collection agency. So they are most willing to make an settlement offer once your date is nearing 180 days. Since after that they will have to see it to a collection agency for pennies on the dollars. So if they are going to sell it to a collection agency for 40 cents on the dollar it makes sense to them to make you an settlement offer for 70 cents on the dollar. Once you are represented by a law firm the equation changes. Since now Chase is going to think that if they do not take an settlement offer from the law firm the law firm can file a chapter 7 bankruptcy on your behalf. If you file for chapter 7 bankruptcy then the creditors are not going to get paid anything. Hence Chase now has a stick of bankruptcy and a carrot of closing the account by accepting your settlement offer. Best wishes in your quest to become debt free.

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