PROS / This service charges you a percentage of the debt it successfully negotiates instead of the debt enrolled, saving you money.
CONS / It levies upfront consulting fees.
VERDICT / Oak View Law Group negotiates for debt reduction. It only charges a percentage of the debt it successfully resolves, but it also has monthly fees.
Sometimes, a payday loan consolidation loan is not sufficient. If you are unable to manage your debt and the calls from creditors are getting out of hand, you may need to take legal action. Oak View Law Group is a law firm that specializes in negotiations with creditors, including payday loan creditors, for the reduction or even forgiveness of your debt. It's not the first choice, even for payday loan debt relief, but it is an option if you're up against the financial wall.
Oak View Law Group offers free consultations. You must have at least $1,000 of eligible debt. If this is more than you have in payday loans alone, you can include other unsecured loans and lines of credit, credit cards, and medical bills. This service charges a 25 percent fee on the amount it actually settles. This could save you money, but only if the law firm can settle your debts quickly. This is because it also charges a $50 monthly consultancy fee for its services until a settlement is reached. It is an upfront fee. Debt settlement services cannot charge this, but Oak View can because it's a law firm.
The average period for debt settlement programs ranges from six to 48 months. That means you may end up paying as much as $2,400 to settle your debt before the 25 percent fee, so think carefully before hiring this service.
Once on the program, you get a personal arbitrator and customer service manager for the duration of your settlement program. Although the service itself does not have any national or international debt settlement accreditations, it is registered with the State Bar of California. Also, you may have a professional debt arbitrator certified by the International Association of Professional Debt Arbitrators. You will not be putting money into a separate trust fund while negotiations are ongoing.
The website has useful resources, including debt calculators, financial counseling and FAQs about debt settlement. You can manage your account online with the customer portal. You can contact a representative by phone, email or live chat.
Oak View Law Group is not a payday loan consolidation program, but it specializes in debt settlements, including those for payday loans. As a law firm, it can charge a monthly fee as well as a fee on the amount of debt it settles. While it will take debt situations as low as $1,000, it may be costlier in the long run to use this service. However, if you have issues associated with your payday loan debt and need stronger, legal assistance, it's a company worth considering.