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Hey everyone, my name is Darrell. I live in Texas and this story is a little embarrassing, but since Oak View law group helped me out so much, I thought I'd take a few minutes to share with you my story, and how they were able to help. I've always sort of worked in a line of work where over time was almost required. I've been working overtime for you know four or five years before this happened but basically towards the end of 2015. I transferred to a new company and while I said over time was going to be there around Christmas time. It kind of went away and they never came back so I was constantly finding myself in need of more cash. so I did the dumb thing and I started going with payday lenders but under the assumption that at some point overtime would come back. well a year and half later the overtime never came back and one payday loan turned into two and then into three and then to 4 into 5 and over the course of a year and a half I actually racked up about 11 grand in debt and there was no way I could keep making even the minimum payments on those payday loans and installment loans. so I was in a bind, so I started looking around at my options. I was trying to find a debt consolidation company online that could help me with this problem and a lot of the sites that I found they didn't seem credible. They didn't have really good reviews but when I found out OAK VIEW LAW Goup they were different. They had lots of good video testimonials, hopefully mine will be up there someday and their website seemed really really well put together and they seemed like they had their stuff together. so I decided to get all my financial paperwork together and give them a call and the gentleman who assisted me on that initial call he made it seem like it was no big deal. He's like he took all my information and he said don't worry we'll be in touch we've got this so what they did was they asked me you know of course who do I owe money to how much do I owe and then they asked me well how much can you afford to pay each paycheck. so we worked that out with them and I set up an automatic draft through them and I paid them every paycheck and overtime. let's see I started in I started in June of 2017 that was my first contact with OAK VIEW LAW group and today is January 31st 2019, that's about a year and a half and I am completely debt free that 11,000 I had racked up is gone. so I'm pretty happy about that they kept me informed throughout the process. They let me know when they contacted the the creditors, they let me know if a creditor made an offer and I could either choose to accept or or deny the offer and Oak View Law Group always gave me advice on whether or not I should take the offer and I usually follow their advice because it was it was always good and things have had a question I could always contact my customer service representative. mine was SANDRA GIBSON I usually emailed her, I never called, I think I called a couple times but she always got back to me promptly and quickly answered my question and everything was good, and yeah there really were no hiccups along the way they even a hurricane came through. Texas and we were out of work for a couple of weeks and OAK VIEW LAW Group was able to postpone my payment you know during that period which was really helpful. so I just another good thing about them they will work with you and your budget, um let's see what else oh yeah I'm supposed to say how much I saved because I did save a bunch like I said my total debt was 11 grand oh cool our group was able to settle it for about seventy four hundred bucks which is the savings of almost three thousand bucks which is awesome. I could have never done this on my loan but I'm sorry I could have never done this by myself, it was just too much to take care of, so I needed somebody I could that could that could do this for me and they were able to do it and, of course they deserve to be fade so the fees I ended up paying was $2,400. so even with what I saved that's still less than the eleven thousand that I initially dug myself into. so I consider that to be a more fair price and you know like I said the whole experience was was positive glad to be out of debt. I'm glad I found OAK VIEW LAW GROUP and if you find yourself in a similar situation I hope you have a OAK VIEW LAW GROUP a chance because um they really came through for me and I really appreciate it so. If you have any questions you know just pick up the phone a call because their help that's what they do and they're really good at it. so thanks for listening to my story and if you're in a bind like I was good luck, give oak view law group a call and they'll take care of you. Alright, Cheers
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FAQs
Why do you want to be debt-free? ›
Whatever you really want out of life, becoming debt-free will help you get there faster. Without a ton of bills to pay each month, you can finally save for what you want and pay for it in cash.
Why is it important to avoid debt? ›There are several benefits of not getting too deep into debt. Debt can drain your cash. Once you free yourself of debt, chances are you will have more money to spend on things you want or enjoy without having to worry about interest payments. Mishandling debt can lead to a bad credit history.
How can I be free of debt? ›- Understand Your Debt. ...
- Plan a Repayment Strategy. ...
- Understand Your Credit History. ...
- Make Adjustments to Debt. ...
- Increase Payments. ...
- Reduce Expenses. ...
- Consult a Professional Financial Advisor. ...
- Negotiate with Lenders.
A good goal is to be debt-free by retirement age, either 65 or earlier if you want. If you have other goals, such as taking a sabbatical or starting a business, you should make sure that your debt isn't going to hold you back.
What is the impact of being debt free? ›Debt-free families may enjoy greater flexibility in making certain life decisions. Whether it's the ability to choose a job based on passion rather than salary, the option to travel, or the opportunity to invest in their children's education, the absence of debt opens up a range of possibilities.
Are debt free people happier? ›There are notable mental and emotional costs of debt, and the fact that 97% of people with debt believe they'd be happier if they were out of debt is strong evidence in the favor of that fact. These figures are understandable given the connection between experiencing extreme stress and being in debt.
How important is having no debt? ›Being debt-free is a financial milestone we often hear about people striving for. Without debt, you can focus on building more savings, investing those extra funds and just simply having more peace of mind about your finances.
Why is eliminating debt good? ›Wiping out high-interest debt on a timely basis will reduce the amount of total interest you'll end up paying, and it'll free up money in your budget for other purposes. On the other hand, not having enough emergency savings can lead to even more credit card debt when you're hit with an unplanned expense.
What are the disadvantages of being debt-free? ›Cons of Living Debt-Free
Without open accounts, there may not be enough credit activity for credit bureaus to calculate your score, which could harm your credit. Of course, that's not a problem if you don't want to play the credit game and have enough cash to take care of your financial needs.
- Build an Emergency Fund.
- Create a Budget and Stick to It.
- Develop a Savings Habit.
- Keep Track of Your Bills.
- Pay Your Credit Card Bill in Full Each Month.
- Only Borrow What You Need.
- Maintain a Good Credit Score.
- Use Caution With Buy Now, Pay Later Plans.
What is the best way to get out of debt? ›
List your debts from highest interest rate to lowest interest rate. Make minimum payments on each debt, except the one with the highest interest rate. Use all extra money to pay off the debt with the highest interest rate. Repeat process after paying off each debt with the highest interest rate.
How can I build my wealth once debt free? ›- Setting and maintaining a budget. Even as a wealthy person, you still need a budget that's regularly updated. ...
- Trimming expenses. ...
- Increasing income. ...
- Building an emergency fund. ...
- Employer-sponsored 401(k) ...
- Roth IRA. ...
- Stock market. ...
- Smaller home.
Generally speaking, try to minimize or avoid debt that is high cost and isn't tax-deductible, such as credit cards and some auto loans. High interest rates will cost you over time.
Is debt necessary in life? ›Many people believe that having no debt is ideal, but often, debt can be considered good for your finances if it helps you build wealth. For example, if you can't afford to buy a home with cash, you may go into debt with a mortgage.
What is the 50 30 20 rule? ›The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals. Let's take a closer look at each category.
Why do people want to pay off debt? ›Over time, paying down debt has the potential to significantly improve your health and overall quality of life. No matter how small, any step toward becoming debt-free is a positive move in the right direction.
What are the benefits of living a debt free life? ›A life without debt gives your budget some wiggle room so that if things go awry, you have a safety net to fall back on that is not tied to debt payments. Being debt free also means that you don't have to worry about late payment fees, or in a more drastic scenario, losing your car or home.
Why is it not good to have debt? ›Having too much debt can make it difficult to save and put additional strain on your budget. Consider the total costs before you borrow—and not just the monthly payment.
Why are you better off not borrowing? ›Studies show that such debt is correlated with stress. The size of the debt also matters: Unhappiness and burnout are higher when student loans are larger. Again, this is very likely because carrying the debt inhibits the satisfaction of making progress toward financial freedom and security.