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The Debt Management Group | BestDebtCompanies.com

The Debt Management Group

Pro: In Business Since 1995
Con: No industry accreditations; missing key information

Our Score
3.9
User Score
0.0

Visit Site

Our Score
3.9
User Score
0.0
Rank this Company

Ratings Breakdown

Price

% of total debt
Undisclosed

Accreditations

AFCC or IAPDA
None

Free Consultation

is one included?
Yes

Time in Business

total # of years
22 Years

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
Unknown

Number of Reviews

User reviews here on BDC
1

This Review is maintained by

Review Last Updated: December 21, 2016

The Debt Management Group provides consumers with credit counseling and debt relief services. The company was founded in 1995 and its main office is located in Brooklyn, New York. The company offers free consultations and customized savings plans for interested consumers. The Debt Management Group also provides a variety of educational resources on its corporate website to help consumers such as a blog, debt calculator, and a live chat feature to answer any questions that may arise.

According to the company’s website, experienced financial advisors and consultants are made available to consumers to assist clients with taking more control of their financial situations. The company’s services are provided in New York, Connecticut, New Jersey, Minnesota, and Ohio. The Debt Management Group does not appear to have any third-party accreditations.

The Good

Free Debt Analysis

Consumers are able to receive a free debt analysis for their unique financial situation, as well as a customized savings plan. An experienced financial advisor will explain all available options for debt resolution and help them choose the right choice best suited for their personalized needs. The advisor will review all financial information, and questions, and determine how much the customer can afford in monthly payments to settle the debt. The debt settlement process typically lasts anywhere between 3-30 months, according to information gained from the company’s website.

Several Available Debt Relief Options

The Debt Management Group provides several different types of debt relief options for its customers. Consumers can choose a debt settlement program to help avoid filing bankruptcy, but this can negatively impact an individual’s credit score. Consumers may also choose to pay minimum monthly payments or consolidate debt. Credit counseling is also offered.

Positive Customer Feedback

The Debt Management Group provides numerous testimonials from satisfied customers on its corporate website. The company also provides proof of past successful debt negotiations as well.

The Bad

No Accreditations

The Debt Management Group does not appear to have any accreditations from trusted third-party organizations such as the Federal Trade Commission, American Fair Credit Council, or the International Association of Professional Debt Arbitrators.

No Pricing Information

The Debt Management Group does not publicly disclose its fees on its corporate website. Better transparency regarding pricing structure would greatly enhance the customer service experience. Since 2010, debt settlement companies are not legally allowed to charge fees upfront until a debt is fully resolved.

No Money-Back Guarantee

No information is provided regarding an offered money-back guarantee on the company’s website. Many debt settlement companies in the industry typically offer money-back guarantees.

The Bottom Line

The Debt Management Group offers debt relief programs to residents of New York, Connecticut, New Jersey, Minnesota, and Ohio. A number of positive customer testimonials and proof of past successful debt negotiations are provided on the company’s website.

However, the company appears to have no outside accreditations and does not appear to offer its customers a money-back guarantee. The Debt Management Group does not list its fees to the general public.


About The Debt Management Group

The Debt Management Group provides debt consolidation, credit counseling, and debt settlement services. Consumers are able to consolidate loans into one monthly payment in the majority of cases, or at least minimally reduce interest rates. The company can also negotiate with creditors to resolve the debt completely through an agreement for a drastically reduced amount of the currently owed debt. No online information is available on what The Debt Management Group charges for these debt relief services. 

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  1. User Score
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    November 28th, 2016 Bronx, NY
    0 people found this review helpful!
    Worse company ever. Once you sign up they don’t return phone calls, give you a status update and take their time to settle with credit cards.
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Poll

  • When looking for a debt settlement company, which of these two aspects is most important to you?
  • 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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Our Score
3.9
User Score
0.0
Rank this Company

Ratings Breakdown

Price

% of total debt
Undisclosed

Accreditations

AFCC or IAPDA
None

Free Consultation

is one included?
Yes

Time in Business

total # of years
22 Years

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
Unknown

Number of Reviews

User reviews here on BDC
1
Our Score
9.5
User Score
9.6
Rank this Company

Ratings Breakdown

Price

% of total debt
15-25%

Accreditations

AFCC or IAPDA
AFCC & IAPDA

Free Consultation

is one included?
Yes

Time in Business

total # of years
14 Years

Min. Debt

Min. debt accepted
$7,500

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
284