Oak View Law Group may have low debt reduction fees and work with lower debt limits, but we must caution you about using a debt settlement company that uses the law firm model as the fees are usually higher than with other debt settlement options. Typically debt settlement firms like Superior and Guardian comply with FCC rules that govern the way these companies charge fees. Law firms such as Oak View will charge an upfront fee for their services, in addition to any fees on the settled debt.
When we posed as potential customers and spoke to Oak View, they assured us that their monthly fee of $50 is factored into the monthly deposit you make into the program. As is typical of a debt settlement program, you’ll stop making payments into your account and will instead make deposits into an escrow account set up by Oak View. The amount you pay is determined based on the amount of debt you have, how much you can afford and how long you’d like the program to last.
A typical program lasts between 24 and 48 months and can reduce your debt anywhere from 40 to 50 percent. You’ll pay fees of 15 percent on the amount of debt you enroll into the program. For example, if you join with $5,000 of debt and settle for 50 percent, you’ll pay your creditor a lump sum of $2,500, but you’ll pay 15 percent on the $5,000, or $750, to Oak View. This means you’ll pay 65 percent of the total amount you enroll. This factors in the monthly fee Oak View charges.
The minimum amount of debt you need to enroll in a program is $1,000, by far the lowest of any settlement company we reviewed. Individual accounts need at least $500 to qualify for a program. In addition to settlement and bankruptcy services, Oak View offers optional legal assistance with collections calls and potential creditor lawsuits. There are additional costs associated with this service. As a law firm, Oak View is not accredited by any of the industry groups such as the IAPDA or AFCC.
Oak View Law Group offers debt settlement and bankruptcy services. It has low minimum requirements but charges a monthly fee that is factored into the amount you deposit into the program each month.