DMB Financial Review – Fighting for You to Settle Debts
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Fast Facts
Service:
Debt settlement
Online dashboard:
Yes
Services offered:
Virtually, online, and over the phone.
USP:
Free consultation
Types of debt settled:
Unsecured
I don’t think that I know anybody who doesn’t have any debt at all. Everybody has something, whether it’s student loans, credit card debt, or a mortgage. Navigating that debt can be difficult, especially if you’re juggling multiple types of debt at once. If you’ve found yourself in that situation, you might wonder if there’s anything you can do to relieve the burden. Debt settlement companies are just one option to help people reduce debt and become debt-free faster. Wondering if it’s right for you? There’s much to learn about debt settlement and other relief options, and we can go over that. If debt settlement seems like it could be right for you, the next step is to consider debt settlement programs. Here’s what DMB Financial can offer you.
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What is DMB Financial?
DMB Financial is a company that offers debt settlement services. The company was founded in 2003 and is based in Massachusetts, but it offers services virtually, online, and over the phone. Services are offered through the company’s Program Consultants, and you will work with a consultant to determine your debt settlement options.
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How does DMB Financial work?
DMB Financial offers a very simple process that you can use to explore your options. All you need to do is visit the company’s website. Once you’re there, click on the “Explore Your Options” button:
Clicking on this will bring you to a quick form you can fill out and submit to DMB Financial’s Program Consultants. You can also call the phone number here if you don’t want to submit the form.
The Program Consultants will review the information you provide and use this to determine which options are the most appropriate for your financial situation. The consultation does not obligate you to anything, so you don’t need to worry if you decide not to proceed with any of the options presented.
If you decide to work with DMB Financial, your Program Consultant will create a customized program for your personal and financial needs. You’ll get set up with an FDIC-insured savings account into which you’ll make a monthly payment. When you have enough money in your account, DMB Financial will contact your creditors to negotiate balance reductions on your debts.
How much does DMB Financial cost?
Unfortunately, DMB Financial does not disclose its fees on its website. To receive information about the fees for the company’s debt settlement programs, you must get a free consultation from a Program Consultant.
That being said, you should be aware of fees associated with debt settlement programs. Debt settlement companies charge fees for their services, typically between 15% and 25%. Each company prices its services on its own so that the price can vary, and you should confirm the fee with the company before agreeing to anything. Some companies may charge a percentage of the original amount of your debt, while others may charge a percentage of the reduced amount of debt they negotiate for you.
DMB Financial does not disclose whether it offers a money-back guarantee, but some debt settlement companies do. Some companies also charge additional fees, such as upfront fees, to enroll in the program. Since DMB Financial does not disclose any of the costs upfront, you should get all this information to know what to expect if you use this debt settlement service.
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- Relieve $25k+ in credit card debt or personal loan debt with this special relief program.
- TurboDebt has a Trustpilot rating of 5/5 based on 1288 reviews
- Subject to qualification and approval. $1,500 monthly income required.
- Apply in 5 minutes. If you qualify, chat online with a friendly online debt representative.
DMB Financial features
Free consultations
DMB Financial makes it simple for potential clients to get information about the programs they might be eligible for. After submitting some basic information, you can receive a free, no-obligation consultation from one of the company’s experts. Each plan is customized based on your financial situation, and you can review your options before deciding whether to work with DMB Financial.
Customer service
DMB Financial offers a few ways for its clients to get support. After your initial consultation, you’ll be given access to an online client portal if you decide to enroll in a program. This dashboard not only gives you access to send messages to the company, but you can also track your progress in real-time.
You can also call or email the company if you prefer to receive support. The customer service and debt relief teams are available by phone Monday through Saturday.
Long history
The debt relief and settlement industries are relatively new to the market so that you won’t find any with a century’s experience. DMB Financial is one of the companies that has been around for the longest, founded in 2003. The company has helped over 30,000 clients settle over $1 billion in debt. The American Fair Credit Council (AFCC) also accredited the company.
Who is DMB Financial for?
People with outstanding unsecured debts
DMB Financial does not disclose exactly which kinds of debt it can help with. However, debt settlement is targeted toward unsecured debts, so you can get a general idea of the types of debt it may be able to help with. Unsecured debts can include credit card debt, personal loans, payday loans, medical bills, and other debts not secured by collateral.
Anyone in debt who is exploring their options
If you’re feeling overwhelmed by your debt, you may wonder how even to begin considering your options. Since DMB Financial offers a free, no-obligation consultation, it can be a good option to explore to familiarize yourself with how debt settlement programs may be able to benefit you.
People who are motivated by tracking their progress
When you use a debt settlement program, you’ll be depositing money into an account the same way you would if you were adding money to your regular savings account. This can make your debt settlement program easy to become an “out of sight, out of mind” situation. With DMB Financial’s online dashboard, you can keep track of your program and the progress you’ve made to keep you motivated as you work toward becoming debt-free.
Who shouldn’t use DMB Financial?
People who need help paying off secured debts
Unfortunately, debt settlement companies like DMB Financial can’t help clients with secured debts. Some common examples of secured debts include mortgages and auto loans.
Anyone who’s concerned about their credit score in the short-term
One of the biggest drawbacks of debt settlement programs is that enrolling in one can give your credit score a huge hit. This is especially true if you have good credit when you enroll in the program. Your debts appear “settled in full” on your credit report when they are eventually settled. This is different from paying off an account in full, which shows up as “paid in full.” Having an account “settled in full” on your account counts as a negative item on your report. This can remain on your credit report for up to seven years after settling the debt.
People who haven’t considered other debt-relief options yet
While debt settlement programs can be very helpful for some people, that doesn’t mean it’s the right option for everybody. If you haven’t yet, you may want to look into other debt-relief options, such as debt consolidation loans or a consultation with a credit counseling agency.
Related: Best debt settlement companies
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- Relieve $25k+ in credit card debt or personal loan debt with this special relief program.
- TurboDebt has a Trustpilot rating of 5/5 based on 1288 reviews
- Subject to qualification and approval. $1,500 monthly income required.
- Apply in 5 minutes. If you qualify, chat online with a friendly online debt representative.
Pros and cons
Pros
- DMB Financial is an accredited member of the AFCC and has been in business for almost 20 years.
- You can track your debt settlement program progress through DMB Financial’s online client dashboard.
- Potential clients can get a free consultation with no obligation to enroll in the program.
Cons
- DMB Financial is not transparent on its website about its fees or whether there is a money-back guarantee.
- The company has faced controversy — in 2020, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against DMB Financial. In the lawsuit, CFPB alleges that DMB Financial “had charged unlawful upfront fees before it performed its promised services, and before consumers began making payments under any debt settlement.”
- DMB Financial only offers debt settlement programs, so you won’t be able to find information about other debt-relief options from this company.
DMB Financial vs. competitors
Company | Minimum debt | Fees | Year Founded |
DMB Financial | Undisclosed | Undisclosed | 2003 |
Freedom Debt Relief | $7,500 | 15% to 25% of the total debt enrolled in the program | 2002 |
National Debt Relief | $10,000 | 15% to 25% of the total debt enrolled in the program | 2009 |
Freedom Debt Relief
Freedom Debt Relief is a debt settlement company that offers a transparent debt settlement program. You can find information on its website about several aspects of the program, including the minimum amount of debt required to enroll in a debt settlement plan. The company also offers guidance for potential clients about which types of debts and amounts of debts it suggests enrolling in the program.
Like DMB Financial, Freedom Debt Relief has been in business for longer than most competitors, founded in 2002. In addition to common types of unsecured debt from credit card companies, medical facilities, and personal loan lenders, Freedom Debt Relief may extend its debt settlement relief options to other types of debt. This includes private student loans and some business debts.
To work with Freedom Debt Relief, you can either fill out an online form or call one of its debt consultants. To qualify, you must meet the minimum unsecured debt amount of $7,500. In most cases, you must also be behind on your payments to the creditor(s). According to the company, some customers can settle their debts in as little as two years. Fees for Freedom Debt Relief’s services depend on the debt you enroll in and where you live.
National Debt Relief
National Debt Relief is newer when compared to the other two debt relief companies, but it offers the same services. You’ll get a free consultation with no obligation and a customized debt relief plan based on your financial needs. National Debt Relief is also transparent on its website about one key fact — there are no upfront fees, and you won’t pay any settlement fees unless the company can settle your debts to your satisfaction. Additionally, you can expect information from the company about how much you can save by using its debt settlement services.
National Debt Relief can help with some of the most common unsecured debts and others. This includes credit card debt, retail debt, bank debt, business debts, and some private student loans. You may also be able to enroll some old judgments and repossession deficiency balances into your plan.
National Debt Relief is a well-respected debt settlement company. It is accredited by the AFCC and the Better Business Bureau (BBB). It is also certified by the International Association of Professional Debt Arbitrators.
FAQs
How do I know if a debt settlement company is a scam?
Some debt settlement companies are legitimate, but it’s always a good idea to know how to spot a scam when you see one. There are some things to keep an eye out for. One of the most obvious signs is if you receive a robocall from a company that offers to settle your debts, even though you’re on the Do-Not-Call List. Upfront fees can also be a red flag because debt settlement companies are only legally allowed to charge fees after it has successfully settled a debt for you. Having transparency from the debt settlement company is preferable from the start. DMB Financial does not offer that. No matter what information you have beforehand, you should have your customized settlement terms and fees in writing. Be sure to look for settlement fees, the company’s suggestions for handling your debts, and whether there is a money-back guarantee. Another major red flag is if the debt settlement company asks you to stop making payments on your debts. Some companies may suggest that you do this to put the most money toward your debt settlement program. However, this can further negatively impact your credit score. A reputable debt settlement company should consider your current budget (including your monthly minimum payments for your debts) and provide a plan that will help you become debt-free with the least negative impact.
Are debt settlement services worth it?
For the most part, financial services can be worth it, depending on each person’s situation. The short answer is that a debt settlement service may be worth it if you’re already behind on payments and struggling to keep up. However, you should consider alternative options, such as credit counseling services. Debt consolidation loans could also be an option, and you should consider the interest rates of those loans compared to the settlement fees of debt settlement programs.
Can I negotiate a debt settlement on my own?
It is possible to settle debts on your own. Nothing prohibits you from reaching out to your creditors on your own to negotiate your debts. However, working with an experienced company can provide benefits. Debt settlement companies have experience with the process, so as long as you’re working with a legitimate company, they may be more successful than you would be if you negotiated a settlement on your own.
How do I know if I should work with a debt settlement company?
The first step is to make sure that the company you are considering is legitimate. If it is, think about the interest rates you’re paying now compared to the projected savings and settlement fees you would have working with a debt settlement company. Debt settlement plans should not be taken lightly, so be sure you’ve researched to identify the best financial strategy based on your situation.
Relieve $25k+ in Credit Card Debt or Personal Loan Debt With TurboDebt
- Relieve $25k+ in credit card debt or personal loan debt with this special relief program.
- TurboDebt has a Trustpilot rating of 5/5 based on 1288 reviews
- Subject to qualification and approval. $1,500 monthly income required.
- Apply in 5 minutes. If you qualify, chat online with a friendly online debt representative.
The bottom line
DMB Financial is a debt settlement company with a long history. That being said, it also has some negative points that should be considered. The company is not completely transparent regarding its fees or minimum debt requirements on its website. To get these pieces of information, you must go through a free consultation.
Before considering DMB Financial or any other debt settlement company, look closely at your financial situation. Consider why you are considering debt settlement programs and your alternative options. If you think debt settlement is something you should seriously consider, DMB Financial’s free and no-obligation consultation might be worthwhile.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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