Oak View Law Group has been offering financial management services, including debt consolidation, debt management, credit repair, and bankruptcy services since 2007. Among these services, the company specializes in debt settlement helping clients release themselves from outstanding debt and getting them back on solid financial ground.
Oak View Law Group helps people stay out of debt by offering clients a 5 step debt settlement process. The fact that this organization is a law group, clients can have a piece of mind knowing that they will follow all settlement laws and will have a panel of attorneys guiding their clients each step of the way. The 5 step process begins with clients getting acquainted with a financial coach who will analyze the customer's financial situation to decide which option is the best route to follow. In the case that debt settlement is the best choice, the coach will then outline fee structures and program details to be signed off on a contract agreement. Step 3 involves giving the customer access to a secure portal where they are personally able to monitor their cases. Step 4 involves a Client Relationship Analyst who opens a dedicated bank account from Bank of America where an agreed upon amount will be placed into the account on a monthly basis. Step 5 is the negotiation phase with the customer’s creditors where debts are settled at around 40% most of the time. There is a minimum of 30% of the total debt for one creditor that must be accumulated in the dedicated account in order for a representative to be able to negotiate a settlement.
Fees for settlement are more expensive than other companies, but the caveat is that OVLG s more than just a settlement company; they are a law firm with real attorneys present to provide legal assistance with each case. On the company's website is an outline of 10 qualities their attorneys bring to the table when it comes to getting customers out of debt, that including knowing all collection laws of hand and how to seamlessly execute the plan and manage collectors. Unsecured debts such as credit cards, those outrageous payday loans, collection accounts, and medical bills may be enrolled into the program.
Some additional positive qualities about this company include:
- Money-back guarantee – including any fees
- 6 month to 4-year debt free settlement program
- Free consultation – several hours of operation
- Detailed information – transparency every step of the way
- Several areas of practice – from settlement to bankruptcy; wills to trusts
- Guides and tools – debt calculators to blogs and newsletters, and infographics
One would think that this company would receive a higher grade seeing how they have only received 4 complaints since 2015. On top of this, the majority of these complaints can be traced back to the client not fully understanding the contract and fees associated with it. Although OVLG is a law firm, not all of the employees are IAPDA certified, which is an important certification for debt specialists to have. Aspects to consider when consolidating debt with OVLG:
- Credit score may drop
- Customers will pay taxes on settled debt of more than $600
- Secured debt such as mortgages and federal student loans do not qualify for settlement
The Bottom Line
Oak View Law Group works out of California but is accessible to clients around the nation. Although they do offer a plethora of services, they specialize in debt settlement in particular. Our concerns with Oak View Law Group are their lack of accreditations and pricing. We recommend looking for a company with better prices and more accreditations. Click Here for Our Top Recommended Debt Settlement Providers.