Business ProfileforManage My Net Worth
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Current Alerts For This Business
Ad Review:
On January 15, 2020, BBB reached out to the business regarding statements the business made in customer service call recordings the business provided to BBB in response to a BBB complaint.
***Claim 1:
In the recordings, the business greets the consumer by stating "Thank you for calling the Division of Student Loan Relief."
BBB expressed concern that the name of the department has the potential to mislead consumers about the nature of services offered by the business, and debt relief is an industry that requires licensing in the state of Maryland.
***Claim 2:
"We need income verification in order to get your (loan consolidation) application submitted."
BBB accessed the loan consolidation application and instructions from the official Department of Education website, https://studentaid.gov/app/launchConsolidation.action, and the application does not appear to request/require income verification. BBB sought clarification about the request for income verification from consumers applying for federal student loan consolidation.
***Claim 3:
"With them (loan servicer) what they will do is calculate your income and get you into a higher repayment plan ... They are contracted by the Department of Education to collect ... we are a third party processing company just like them ... except for we aren't contracted with them because we are not out there to collect on your debt. If they (loan servicer) aren't collecting money on client student loans they aren't going to get any more contracts ... Their (loan servicer's) best interest is not going to get you into a zero dollar payment"
BBB expressed concern that this claim could be misleading, as consumers are indeed able to work directly with federal student loan servicers to determine if they qualify for lower monthly payments, zero dollar payments, etc.
***Claim 4:
"What we were going to do is move you away from (your servicer) and put you with another servicer."
BBB was unable to confirm that the business has the ability to move consumers from one servicer to another.
The BBB Code of Advertising states that advertisers have a responsibility to have substantiation for all claims made and should be able to provide that substantiation upon request.
On January 28, 2020, the business phoned BBB from a restricted number and shared that the business only provides document preparation services. The business then provided a written response to the advertising review that indicated it agreed to discontinue and/or modify the first three statements. The business, however, did not provide substantiation for the third statement.
BBB has been in contact with the business regarding follow-up. However, as of April 3, 2020, the business has not provided substantiation regarding the remaining concerns.
***Claim 1:
In the recordings, the business greets the consumer by stating "Thank you for calling the Division of Student Loan Relief."
BBB expressed concern that the name of the department has the potential to mislead consumers about the nature of services offered by the business, and debt relief is an industry that requires licensing in the state of Maryland.
***Claim 2:
"We need income verification in order to get your (loan consolidation) application submitted."
BBB accessed the loan consolidation application and instructions from the official Department of Education website, https://studentaid.gov/app/launchConsolidation.action, and the application does not appear to request/require income verification. BBB sought clarification about the request for income verification from consumers applying for federal student loan consolidation.
***Claim 3:
"With them (loan servicer) what they will do is calculate your income and get you into a higher repayment plan ... They are contracted by the Department of Education to collect ... we are a third party processing company just like them ... except for we aren't contracted with them because we are not out there to collect on your debt. If they (loan servicer) aren't collecting money on client student loans they aren't going to get any more contracts ... Their (loan servicer's) best interest is not going to get you into a zero dollar payment"
BBB expressed concern that this claim could be misleading, as consumers are indeed able to work directly with federal student loan servicers to determine if they qualify for lower monthly payments, zero dollar payments, etc.
***Claim 4:
"What we were going to do is move you away from (your servicer) and put you with another servicer."
BBB was unable to confirm that the business has the ability to move consumers from one servicer to another.
The BBB Code of Advertising states that advertisers have a responsibility to have substantiation for all claims made and should be able to provide that substantiation upon request.
On January 28, 2020, the business phoned BBB from a restricted number and shared that the business only provides document preparation services. The business then provided a written response to the advertising review that indicated it agreed to discontinue and/or modify the first three statements. The business, however, did not provide substantiation for the third statement.
BBB has been in contact with the business regarding follow-up. However, as of April 3, 2020, the business has not provided substantiation regarding the remaining concerns.
BBB Investigation Results:
In May of 2019, BBB began receiving reports from consumers alleging that Manage My Net Worth charged them upfront fees for services related to their student loan debt. As of April of 2020, there are complainants who allege that the work contracted was not performed.
In October of 2019 the business provided recordings of its customer service calls as supporting documentation in a response to a BBB complaint. The business also provided a copy of its client enrollment packet. The packet outlines the terms and conditions for student loan document preparation services. The packet also includes a limited power of attorney form which authorizes the business to contact the complainants' student loan servicers on their behalf.
On January 15, 2020, BBB initiated an advertising review and reached out to the business about claims made in the recordings they provided:
- In the recordings, the business greets the consumer by stating "Thank you for calling the Division of Student Loan Relief."
- "We need income verification in order to get your (loan consolidation) application submitted."
- "With them (loan servicer) what they will do is calculate your income and get you into a higher repayment plan ... They are contracted by the Department of Education to collect ... we are a third party processing company just like them ... except for we aren't contracted with them because we are not out there to collect on your debt. If they (loan servicer) aren't collecting money on client student loans they aren't going to get any more contracts ... Their (loan servicer's) best interest is not going to get you into a zero dollar payment"
- "What we were going to do is move you away from (your servicer) and put you with another servicer."
On January 28, 2020, the business phoned BBB from a restricted number and shared that the business only provides document preparation services. The business then provided a written response to the advertising review that indicated it agreed to discontinue and/or modify the first three statements. The business, however, did not provide adequate substantiation for the fourth statement.
On February 13, 2020, BBB sent the business a follow-up communication requesting clarity on some of the business's responses, as well as a description of the process for moving loans from one servicer to another.
The same day, the business provided responses to BBB's request for clarity, but did not provide a response to BBB's inquiry as to how they are able to move loans from one servicer to another.
On March 23, 2020, BBB sent the business a follow-up communication requesting:
- A description of the business's process for moving loans from one servicer to another.
- An explanation of the business's timeframe for completing and submitting paperwork on behalf of their clients.
- Clarity as to the services the business provides, as the website mmnw.biz advertised services related to financial planning, unsecured and credit card debt, and debt counseling.
As of April 3, 2020, the business has not responded to BBB's follow-up request.
BBB also notes that as of April 3, 2020, their website mmnw.biz is no longer active, and that calling their main line (855 640-5873) results in a busy signal. BBB was able to locate another business website (managemynetworth.com) which advertises debt counseling services.
Based on the information above, BBB is unable to confirm the services that the business offers.
BBB advises consumers that you don't have to pay for help with your federal student loans, and at no cost, the U.S. Department of Education and their federal loan servicers can help you:
- lower your monthly loan payment;
- change your repayment plan;
- consolidate multiple federal student loans;
- postpone monthly payments while you're furthering your education or are unemployed;
- see if you qualify for loan forgiveness or other programs; and
- get your loans out of default.
A link to their tips is available below:
https://studentaid.gov/resources/scams
In October of 2019 the business provided recordings of its customer service calls as supporting documentation in a response to a BBB complaint. The business also provided a copy of its client enrollment packet. The packet outlines the terms and conditions for student loan document preparation services. The packet also includes a limited power of attorney form which authorizes the business to contact the complainants' student loan servicers on their behalf.
On January 15, 2020, BBB initiated an advertising review and reached out to the business about claims made in the recordings they provided:
- In the recordings, the business greets the consumer by stating "Thank you for calling the Division of Student Loan Relief."
- "We need income verification in order to get your (loan consolidation) application submitted."
- "With them (loan servicer) what they will do is calculate your income and get you into a higher repayment plan ... They are contracted by the Department of Education to collect ... we are a third party processing company just like them ... except for we aren't contracted with them because we are not out there to collect on your debt. If they (loan servicer) aren't collecting money on client student loans they aren't going to get any more contracts ... Their (loan servicer's) best interest is not going to get you into a zero dollar payment"
- "What we were going to do is move you away from (your servicer) and put you with another servicer."
On January 28, 2020, the business phoned BBB from a restricted number and shared that the business only provides document preparation services. The business then provided a written response to the advertising review that indicated it agreed to discontinue and/or modify the first three statements. The business, however, did not provide adequate substantiation for the fourth statement.
On February 13, 2020, BBB sent the business a follow-up communication requesting clarity on some of the business's responses, as well as a description of the process for moving loans from one servicer to another.
The same day, the business provided responses to BBB's request for clarity, but did not provide a response to BBB's inquiry as to how they are able to move loans from one servicer to another.
On March 23, 2020, BBB sent the business a follow-up communication requesting:
- A description of the business's process for moving loans from one servicer to another.
- An explanation of the business's timeframe for completing and submitting paperwork on behalf of their clients.
- Clarity as to the services the business provides, as the website mmnw.biz advertised services related to financial planning, unsecured and credit card debt, and debt counseling.
As of April 3, 2020, the business has not responded to BBB's follow-up request.
BBB also notes that as of April 3, 2020, their website mmnw.biz is no longer active, and that calling their main line (855 640-5873) results in a busy signal. BBB was able to locate another business website (managemynetworth.com) which advertises debt counseling services.
Based on the information above, BBB is unable to confirm the services that the business offers.
BBB advises consumers that you don't have to pay for help with your federal student loans, and at no cost, the U.S. Department of Education and their federal loan servicers can help you:
- lower your monthly loan payment;
- change your repayment plan;
- consolidate multiple federal student loans;
- postpone monthly payments while you're furthering your education or are unemployed;
- see if you qualify for loan forgiveness or other programs; and
- get your loans out of default.
A link to their tips is available below:
https://studentaid.gov/resources/scams
At-a-glance
Related Categories
Business Details
This is a multi-location business.
- Headquarters
- 19 Walker Avenue Suite 201, Pikesville, MD 21208
- BBB File Opened:
- 5/13/2019
- Years in Business:
- 9
- Business Started:
- 3/30/2015
- Business Incorporated:
- 3/30/2015 in NJ, USA
- Type of Entity:
- Corporation
- Alternate Business Name
- Manage My Net Worth Inc
- Student Loan Solution
- National Student Loan Protection Program
- Business Management
- Mr. Anupam Satyasheel, Owner
- Contact Information
Other Contacts
- Ms. Haley, Manager
- Haley patricia Ramsdell, Manager
- Additional Contact Information
Website Addresses
Customer Complaints
0 Customer Complaints
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