DebtWave Credit Counseling
DebtWave specializes in consolidating credit card debt, offers a free consultation and charges relatively low monthly fees in comparison with other companies.
- Low-interest rates: Between the low minimum payments and the good interest rates, customers will be able to save on their debt, whether it be credit card debt or other.
- Reasonable fees: DebtWave’s monthly fees for counseling service, $10 to $49, are reasonable for the industry.
- Great reviews: One of the most impressive things about the DebtWave program is the loyalty of their clients in praising the company for its debt consolidation services and debt counseling services.
- Limited daily availability: TDebtWave non-profit credit counseling has limited customer service hours, this can be an issue for customers.
- Somewhat limited service area: DebtWave is not licensed to operate in CO, KS, MD, or NY at this time. Some competitors offer debt management services in all 50 states.
- Our recommendation: DebtWave has a well-established track record for providing top-tier customer service and favorable results. Between their affordable rates for credit and debt counseling, professionalism, and track record, DebtWave is a great option to anyone living in their 46-state service area. If you are looking for other options, we recommend also considering Consolidated Credit.
Price
The monthly service fee is tied to the number of credit cards enrolled into the program. Typically it ranges from $10 – $49 (less in some states, it depends on where you live). Payment preferred is automatic debit. Personal checks or cash are not accepted. Once creditors are paid, these fees are typically not refundable. Some very simple plans may potentially be as low as $10 per month. The savings generated typically are much higher than the total amount of fees paid.
Enrollment Fee
A minimum enrollment fee is charged depending on the state you live in. The fee will not exceed $75. You can obtain a no-obligation quote by requesting a free consultation.
Free Consultation
Yes. An estimated pay off time is provided during the initial consultation. They will also provide information on the best path to debt relief and other topics surrounding your specific debt situation.
Time In Business
16 years. DebtWave was founded in June 2001.
Debt Education
Financial literacy seminars are offered free of charge in the San Diego area. Other tools include on-line debt calculators, “Smart With Your Money” Workbook, Budget Template Worksheet, Debt to Income Calculator, FICO Estimator – calculators you might wish “why didn’t I think of that?” such as the “Hours of Work Required to Make Minimum Payments” Calculator.
Money Back Guarantee
DebtWave does offer a money back guarantee for it’s services. If for any reason you are not satisfied with our services within 90 days of enrollment, we will refund back to you your enrollment fee.
Unsecured vs. Secured Loans
Unsecured credit card debt only.
Mobile Friendly
Their website is not mobile friendly. There is no specific app for their services either, although they do have links and info for obtaining mobile coupon apps for groceries and merchandise.
Cancellation Policy
The program is voluntary as stated in their contract and puts no obligation upon clients; they may cancel any time. There is no fee for cancellation.
Contact Information
Telephone:
1 (877) 934-3003
E-Mail:
Address:
9325 Sky Park Ct. #260
San Diego, CA 92123
Business Hours: (all times are Pacific)
Customer Service: 7:00am – 5:00pm Monday – Thursday; 7:00am – 4:00pm PST Friday
Counseling: 7:00am – 6:00pm Monday – Thursday; 7:00am – 5:00pm PST Friday
Types of Services Available
Debt management, debt consolidation, credit counseling, credit report reviews, budget evaluation and more.
Minimum Debt Accepted
Must have at least $5k in debt to sign up.
Online Dashboard
An online account is available for those with a DebtWave account. The online account allows customers to see the progress of their DMP in real time.
CPFC Certified
All employees at DebtWave are certified personal finance counselors.
ISO Certified
DebtWave is ISO certified.
Dear Potential Client,
We understand that debt and finances are difficult subjects to talk about and deal with. That is why at DebtWave Credit Counseling, Inc. we offer services to help make your life simple.
We provide many services, which include: debt consolidation, free credit counseling sessions, student loan consolidation, a financial education program, and we also participate in community outreach. If you join our debt management program, we can consolidate your credit card debt into one monthly payment, lower your interest rates to single digits, and help you become debt-free in 3-5 years. Before joining this program, a certified credit counselor will even take you through a free credit counseling session, where he or she will pull your credit, review all of your accounts, create a detailed budget, and give you a financial analysis report at the end.
Similar to a credit counseling session, our certified credit counselors can walk you through a student loan consolidation session, where he or she will consolidate all of your loans, create a budget, and look at the many repayment plans offered by the Department of Education. On our website, we also offer a financial education program, where you can read our financial workbook and take a short test afterwards to educate yourself on the basics of personal finance. We also have a few different credit card debt calculators online to help you understand your current situation a little better. Lastly, we provide free seminars, workshops, programs, and services to all members of the community, including the military, high school and college students, and employees and their organizations.
Sincerely,
Antony Murigu, President
Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.
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User Score100 people found this review helpful!Dawn and staff are wonderful! They always keep me in the loop of what is going on with getting my debit paid. It has been a great comfort to know that my debit is getting paid and some day I will be debit free. Thank you and God blessWas this review helpful? YesRead More
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User Score100 people found this review helpful!DebtWave is an excellent company. I have been a client for approximately 18 months, and so far I have no complaints. Payments are deducted and distributed to creditors on time. Also, if I have any questions my advisor has always been prompt to respond. I highly recommend this company.Was this review helpful? YesRead More
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User Score100 people found this review helpful!Hello,
I called to inquire about my account today and had the pleasure of speaking with Dawn. I just want you to know that Dawn was PROFESSIONAL, extremely helpful…patient and more than competent during our interaction. Dawn provided all of the information that I requested. Please be advised that based on my interaction with Dawn, I consider Dawn an asset to your company and a true professional in dealing with your customers. I’m glad that I had an opportunity to speak with Dawn and hope that Dawn has a bright future with the company.
Sandra Eziokwu
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User Score100 people found this review helpful!Dawn S, my counselor provides excellent customer service!!
She is very patient and helpful!
Everyone that has to join Debtwave should be able to have quality service like Dawn has provided for me!!
Love the program! It works!Kerensa Nagahisa
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User Score102 people found this review helpful!We have been using DebtWave over the past 36 months to get out of a ton of debt. They contacted all of our creditors and set up a plan that we could live with. Could not have asked for a better experience. We are getting close to completing our plan. What a relief is it.Was this review helpful? YesRead More
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User Score101 people found this review helpful!DebtWAve has been a great company to work with. They negotiated a particular debt for me and significantly reduced the interest rate on the debt which is allowing me to pay it off much quicker than I would have been able to do on my own. I would absolutely recommend DebtWave as an option if someone has gotten in over their head on a particular bill or suffered a financial setback but wants to do the responsible thing and pay off the debt.Was this review helpful? YesRead More
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User Score101 people found this review helpful!I have been very pleased from the beginning with my consultant Dawn, she’s helped me quite a bit answered all the questions, issues problems etc. I thanked her every time she help me she encouraged me and I want to say thank youWas this review helpful? YesRead More
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User Score106 people found this review helpful!DebtWave was incredible to work with. I was skeptical at first, but they were so easy to work with. Started with over $60,000 in debt in 2014 and even added some later on and just paid the entire thing off this past month. Without them, I would never have had the discipline to get it done myself. The consolidation also saved us several 100 dollars a month while in the program. The website is a great resource, you can see where each account is, when the payoff is, and when something is paid off it brings you such great relief and you can see the light at the end of the debt tunnel. I am so happy I used this company, they were financial life savers. Alex was our adviser and she was absolutely awesome. I thought maybe we wouldn’t have her the entire time and that worried me, but she was with us the entire time. That shows the company values its’ employees. Thank you DebtWave!!!Was this review helpful? YesRead More
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User Score103 people found this review helpful!4 years ago when my husband of nearly 20 years surprisingly walked out of my life I was left devastated. Wondering how I was going to “make it”. Then came along the added stress of trying to figure things out financially. I did some research about credit counseling and reached out to a few and decided to have DebtWave help me with my credit. Everything that they told me was exactly true! I was able to pay off my debt in about 3 years which would have taken me nearly 20 without their help. I built my credit back up and because of them I was actually able to bring up my credit score so much that I was able to get a MORTGAGE! I still can’t believe it sometimes but it happened! I HIGHLY recommend DebtWave’s services to anyone struggling with debt!Was this review helpful? YesRead More
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User Score86 people found this review helpful!My experience with Debtwave has been pretty decent. Once you’ve decided to work with the company, they do a great job at keeping you in the loop with every step of the process. One of the most important things I can advise anyone who’s looking to utilize this service: MAKE SURE you call your creditors as instructed by the credit counselor to change your due dates. If you do not change your dates to align with the creditor posting of payment, you will incur late fees and it will take more time to pay off your debt than anticipated. Debtwave is very clear about this when they are going through the process. I’m saving about $200 per month consolidating my debt with them, and they’ve been a huge life saver for me. Please note: My credit score TANKED after using this service, HOWEVER – Once my debt is paid off, my score will go back up. I’m saving almost 43 years in paying off my debt, and to me that’s more important than my credit score. Thank you, Debtwave, for giving me the financial relief I needed. I would recommend this service to any family member or friend looking for alternate options to resolving their debt issues.Was this review helpful? YesRead More
- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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309 DebtWave Credit Counseling Reviews