Are Debt Settlement Companies Connected to Lenders?
Date: Thu, 10/01/2009 - 11:45
I was going to follow the advice I see on this site and try to settle my own payday loans, but I just couldn't face having to deal with their collectors. So I signed up with a debt settlement company instead. This morning I got a really strange call from United Cash Loans. At first it was the normal garbage I was told to expect about them not working with third parties and so on. I was just going to hang up but then he said that if I really wanted to use a settlement company I should go with Oakview.
I never heard of them. Does anyone know who they are? And why would a pdl endorse them? Are they affiliated with the pdl? Can they get me a better deal if they are?
I never heard of them. Does anyone know who they are? And why would a pdl endorse them? Are they affiliated with the pdl? Can they get me a better deal if they are?
Oak View law is a debt settlement law firm. I have heard mostly
Oak View law is a debt settlement law firm. I have heard mostly good things about them. I have read thier contracts and there fees are as follows.
Quote:
A. A one time REPRESENTATION FEE of $600 for OVLG to send letters to and receive phone calls from creditors. B. A MONTHLY REPRESENTATION FEE of $50 for all the creditors combined beginning the start date of services for OVLG to continue representing me in front of the creditors. C. A SUCCESS FEE of 10% of the amount by which any of my debts are reduced. For example, if I owe $10,000 on one account, and OVLG negotiates a reduction of that account to $6,000 that is a $4,000 savings so OVLG's success fee for that account is $400. To calculate the Success fee, it will be assumed that the amount owed on any account is the amount claimed by the creditor at the time of settlement. |
