The Debt Management Group provides consumers with a host of specialized credit counseling and debt relief services. The company’s headquarters are in Brooklyn, New York, and they were founded back in 2011. The Debt Management Group offers consultations free of charge in addition to customized savings plans for any clients interested in their services.
The Debt Management Group also offers plenty of educational resources on their website such as an informative blog, debt calculator, financial guides, and a live chat feature to talk to a specialist at any time. The company's website informs us that they knowledgeable financial advisors and consultants made available to consumers at all time, helping to guide through their financial difficulties and ultimately ensuring that they attain financial freedom.
The Debt Management Group operates in five states: New York, Connecticut, New Jersey, Minnesota, and Ohio. They are not accredited by any major organizations, but there are a lot of positives here worth mentioning. We will discuss these positives, in addition to the downsides, in our The Debt Management Group review, which you can see further down this page.
About The Debt Management Group
The Debt Management Group offers services in debt consolidation, credit counseling, and debt settlement services. For the majority of cases, clients can consolidate loans into one monthly payment, or at least reduce monthly interest rates. The company also have a capability of resolving debt through an agreement to drastically reduce the total amount owed. There is no information about what the company charges for these services.
- Address: 2653 Coney Island Ave Fl 2, Brooklyn, NY 11223-5502
- Web Address: http://www.thedebtmanagementgroup.com/
- Date of Founding: 5/8/2011
- Contact Number: (800) 667-3328
- BBB Accredited? No.
The Debt Management Group is a small New York-based debt relief agency that works with a limited number of clients and hires a small but very experienced team of debt professionals. They promise to help their customers to get out of debt and to learn how to manage their finances going forward.
They are also very transparent with regards to their privacy policies, which is always nice to see. Thy promise that your sensitive information will not be sold on and that you will not be contacted with unsolicited offers at anytime. This is not entirely uncommon, but some companies, LowerMyBills in particular, are notorious for spamming their customers.
The Services and Prices
The Debt Management Group offer customers a debt settlement plan, which can be used to consolidate a range of debts and ensure they are all paid off promptly. They are not very transparent about their prices and we struggled to find any worthwhile information on this matter, but we have discussed these in more details in our Debt Management Group review below.
The Debt Management Group is a very small company with an equally small payroll. Usually companies in this sector have a high turnover of staff and also hire anywhere from 100 to 1,000 staff members at a time (some, including Money Management, hire even more) so we never have an issue finding employee complaints.
That was not the case with The Debt Management Group. This suggests that they have a small staff turnover, a small and hard-working team, and a positive working environment.
There are a lot of positive reviews out there for The Debt Management Group. They are fairly small and localized, so they don't suffer from “big company syndrome”. In other words, they are not so big that they let customers and complaints slip through the net, and they are also small enough for customers to feel like they can get a response if they send their complaints through the company first.
But it's not all down to size. They are also clearly dedicated to helping their customers and this shines through in everything they do. We couldn't find a lot of complaints and most aggregate user review sites score them very highly.
Review of The Debt Management Group
The Debt Management Group is small, but helpful, and in our review of this debt consolidation company we will cover everything you need to know about them. If you are struggling with debt, make sure you also take a look at our guide to household credit card debt (see here) our tips on budgeting (see here) and our guide to saving a quarter of a million in the next ten years.
Before we get to the bad stuff, let's get all of the good points out of the way, because while the Debt Management Group are far from the perfect company, there are a lot of upsides worth mentioning.
Free Debt Analysis
The Debt Management group offers a free debt analysis for customers looking for customized savings plans. A knowledgeable financial advisor will go over all of the options available with regards to debt resolution and they will help the client choose the right one for their situation. They will take into account the size of their debt, the type of their debt, their income, and other factors in order to make this decision.
The advisor will then answer any questions that the customer has and calculate how much they can afford to pay every month in order to settle the debt. According to the information provided on their website, the settlement process provided by the Debt Management Group can take anywhere from 3 to 30 months to complete, which is a very respectable timeframe (but may also be a little ambitious when you consider that this process can take up to 60 months).
Variety of Debt Relief Programs
The Debt Management Group offers a plethora of debt relief options for customers in all kinds of situations. These need to be considered closely as some of them offer just as many downsides as they do upsides for some customers. For instance, there is a debt settlement program to help clients avoid filing for bankruptcy, although this can negatively affect the client's credit score in a similar way to bankruptcy and may not be the best option for everyone.
Clients also have the choice of paying monthly minimum payments or consolidate their debt. Credit counseling is also available and can be helpful a wide spectrum of clients looking to get out of debt.
There are a number of genuine testimonials on the Debt Management Group website, and we also heard many good things from their previous customers. You should always take testimonials with a pinch of salt when they are posted on the company's website. Not only can they be 100% fictionalized, but even the genuine ones can be twisted to better suit the company (such as turning a basic written review into an extended video testimonial with the help of a copywriter and an actor). No red flags were raised when we checked the testimonials on the Debt Management Group website though.
For all the good that this company do, and all the positives that need to be mentioned, there are also a few negatives.
Lack of Major Accreditations
The Debt Management Group does not have any major accreditations from trusted organizations like the FTC, AFCC, or the IAPDA. This is not a massive issue and it is not unique to them, but it would certainly be better if they had these accreditations as it means they are forced to abide by certain rules and regulations and follow a strict code of conduct at all times.
Lack of Transparency
The Debt Management Group does not disclose their fees anywhere on their website. We would like to see more transparency with regards to pricing so that potential clients can make an informed decision on whether or not this company is a good fit for them. It's worth nothing, of course, that debt settlement companies are not legally allowed to charge fees upfront and can do charge them when the debt has been settled in full. This is thanks to a ruling by the FTC that was set in motion back in 2010.
No Money-Back Guarantee
We could not find any information with regards to a money-back guarantee on theDebt Management Group website. The more trusted settlement companies typically offer a money-back guarantee and this is always a welcome featue. The fact that the Debt Management Group do not offer one is a concern and one that lowers their score.
The Bottom Line
The Debt Management Group offers services for residents living in New York, Connecticut, New Jersey, Minnesota, and Ohio. There are also plenty of positive client testimonials on the company’s website. If you reside in one of these states and you find yourself in need of their services then we would recommend checking them out. At the very least you should compare them to some other companies in your area and see if they come out on top, but don't be quick to signup. Not just yet.
There are some major concerns with this company, not least of which is the fact that they are useless to any residents that live outside of these 5 states. The company doesn’t seem to have any major industry accreditations and they also don't have a money-back guarantee or clearly state their fees.
There have also been some negative reviews from DebtReviews readers. Just take a look at our comment section below to see a pick of these reviews for yourself.