Cost:  

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.