DebtWave Credit Counseling is the recipient of our TopTenREVIEWS Silver Award for debt consolidation services primarily for its strong commitment to consumer education and prevention of debt catastrophes. Certainly the company offers debt management services for those who need assistance with a too heavy load, but we found their emphasis on creating informed, debt savvy consumers refreshing in an industry that is competitive to say the very least.
Debt Management
DebtWave charges a $49.00 monthly service fee that is included in the total, consolidated payment that is made to them. The fee can vary slightly based on the client’s state of residence. Otherwise, as with all other debt management services, their services are primarily paid for by creditors who pay them for their assistance in collecting debt that may otherwise become uncollectible.
When working with DebtWave, all unsecured debts are consolidated into a single monthly payment that is made to them rather than to individual creditors. DebtWave negotiates with the creditors on the client’s behalf to get interest rates reduced and other fees and penalties reduced or eliminated. As a result of these lower interest rates and fees, a much larger portion of the monthly payment goes towards paying off the debt rather than primarily servicing interest.
While all of this sounds appealing, debt management is not a magic bullet and it requires discipline and dedication to be successful. While in the program, it is essential that the required monthly payment be made on time. If unforeseen circumstances are going to make that impossible or unlikely, it is incumbent upon the client to notify DebtWave as quickly as possible to allow them the opportunity to limit the damage that could be done to the process. Clients must also agree not to take on additional unsecured debt while involved in the debt management process. Taking on more debt can be regarded by creditors as non-compliance with the program which could nullify their participation.
Debt Settlement
DebtWave doesn’t offer debt settlement services. While debt settlement may be necessary for some people, we believe that debt management is a preferable solution when possible and DebtWave is a standout provider of that type of service.
DebtWave has been in operation since November 2001. They’ve also been accredited by the Better Business Bureau since January 2003. Perhaps of greater importance, they’ve earned the BBB’s highest rating of A+. While recognizing that the length of time in business or a great mark from the BBB is not proof that any given individual’s experience will be good, it’s certainly a strong indicator of what can be expected. After all, in the world of debt consolidation, there’s a lot riding on the efficiency and effectiveness of the firm chosen.
You can watch your progress in liquidating debt online with DebtWave. Online account information is extensive showing exactly how much money is being saved on the program as well as to how many months remain until debt freedom. Predictably, the sight is secure using Secure Sockets Layer (SSL) encryption so sensitive data isn’t accessible by unauthorized persons.
It goes without saying that avoiding debt problems in the first place in preferable to struggling to solve problems once they’ve occurred. While all of the debt consolidation services we reviewed offer some assistance in this regard, DebtWave sets the standards for providing credit education services as well as general help in achieving and maintaining financial wellness. With their debt management evaluation, DebtWave’s counselors spend all the time necessary to understand your current financial situation including analysis of spending patterns and short and long term goals before recommending a path of action. They help you take a snapshot of your income and expenses with an eye towards saving money and identifying opportunities for improvement. Their services also include a credit report evaluation to help you make sense of the often confusing and intimidating content of your credit reports. They can also make recommendations that help to improve your overall credit profile over time.
Though debt consolidation is aimed at unsecured debt problems, DebtWave also provides a foreclosure prevention evaluation which can be the first step in preventing or solving financial problems that can be associated with a home mortgage that is becoming troublesome.
DebtWave’s financial education services include a monthly newsletter, extensive money saving tips and you can even email questions directly to their education department. They also offer online workshops and seminars that include subjects like credit basics, retirement planning, creating a successful spending plan, car buying, and tips aimed specifically for young adults. They also emphasize the hazards of identity theft as well as ways to prevent it and what to do if you are so victimized.
The website also offers a number of useful calculators including ones for creating a budget, deciding how much money you’re capable of saving and a debt-to-income calculator. It also has quizzes that you can use to assess your personal knowledge of financial matters.
Customer service is offered by telephone, email and a very responsive online chat feature. Without exception, we were impressed by the consultants we spoke to at DebtWave. They were friendly and upbeat and, more importantly, well informed on the subject of debt management. The company’s web site features an abundance of information on a broad range of topics and has a very informative FAQ section.
Debt consolidation is serious business and the decision to engage the service of a debt consolidation firm should not be made lightly. DebtWave stands out as a superior option for those who determine that debt management is the right course for them. If it turns out that debt consolidation is required but debt management is not affordable, we recommend reading our reviews of CareOne Credit Counseling, Coastal Credit Solutions or CuraDebt when considering the debt settlement option.
