DMB Financial is a debt settlement firm that assists people in dealing with their credit card debt and other unsecured accounts. This may be an appealing alternative for those having difficulty with debt as it could potentially reduce the amount owed. It is important to be aware that there are serious risks that come with the debt settlement process and it may not always be successful. Furthermore, debt settlement can have an adverse effect on your credit score and can lead to additional charges and taxes. Before deciding, it is smart to carefully consider the potential pros and cons of debt settlement.
DMB Financial Summary
- Offers debt settlement programs.
- Free no obligation consultation with a program consultant is available.
- Accredited by the BBB and the AFCC.
- No disclosure of their fees on their website, but may go from 15% to 25%.
- Only accepts unsecured debts but does not disclose the minimum debt required.
- Not available in all states, but does not disclose which states they operate in.
What is DMB Financial?
DMB Financial, created in 2003, is a debt relief services provider with a wide selection of services such as debt settlement and debt management programs. With a Better Business Bureau accredited business status and a B rating, more details about their services can be found on their website, dmbfinancial.com.
How DMB Financial works
DMB Financial offers a straightforward option to get assistance handling debt. By inputting data online, you can start with a program consultant. After that, you will be asked to deposit money into a special savings account each month and DMB Financial will collaborate with your creditors to negotiate the debt. The funds in the independent savings account will be used to pay the negotiated amount to every creditor. This procedure allows you to pay off your debt without requiring to pay the creditors directly.
DMB Financial’s debt settlement program
If you are having difficulty managing your debt, DMB Financial’s debt settlement program is an ideal solution. It can help lower the amount you owe, enabling you to pay off the debt faster. To be eligible, the debt must be unsecured, like credit cards, personal loans, and medical bills. DMB talks to each lender separately and tries to reach an agreement between both sides. With this debt relief program, you can get your debt in order and get your financial situation back in order.
How much does DMB Financial cost?
The program consultant at DMB Financial will provide services without any cost. Nonetheless, the company’s website does not provide details on the fee for debt settlement services. Generally, debt settlement and relief firms charge between 15-25% of the total amount of the enrolled debt. Additionally, there may be fees associated with the savings account.
How to qualify for debt settlement with DMB Financial
DMB Financial does not have a set amount for the minimum debt, however, they provide a gift card for consumers who refer their friends with a minimum of $5,000 in debt that is not secured (i.e. car loans do not qualify). Consumers can take advantage of this opportunity and be rewarded for sending their friends to the company.
What is the minimum credit score to qualify for DMB Financial?
Unlike some debt relief companies, DMB Financial does not give any specifics on the required credit score on its website. However, if you do not keep up with payments, the original creditors will indicate on your credit report that you are delinquent, and that the account will then be labeled as charged off.
It is essential to be aware that even if you are able to pay off the account, the damaging entry will stay on your credit record for up to seven years. Therefore, it is vital to make sure that you are fulfilling your accounts on schedule and as arranged so as to keep away from any unfavorable effects on your credit score.
Who DMB Financial is suitable for
DMB Financial is an ideal option for those having difficulty paying off credit card debt and looking to avoid bankruptcy. They offer the highest quality debt consolidation and debt resolution for individuals who owe the most to credit card companies. They can help minimize debt and manage payments to expedite paying off credit card debt.
What states is DMB Financial available in?
DMB Financial is located in Massachusetts, but their services cannot be accessed in Georgia. It is advisable to phone the organization directly in order to verify whether or not they operate in your area. The personnel at DMB Financial can provide precise details regarding the services they provide in your particular region.
DMB Financial’s customer service
If you need assistance with your DMB Financial account, you can reach the customer service team between 9am and 9pm Eastern Time Monday – Friday, and between 9am and 5pm ET on Saturdays. The friendly and knowledgeable team can be reached at 866-384-6232 and can assist you with any financial needs.
What online features does DMB Financial offer?
As with most debt settlement companies, filling out a web form is the initial step to sign up for a debt management plan. The form requires significant details such as your salary, rent, and amount of credit card debt. Once you join the debt management plan, you can view your account on the client portal to keep an eye on your advancement and financial status. It is a simple, hassle-free way to help you manage your debt and get your finances back in order.
Is DMB Financial legit?
Recently, DMB Financial has been at the center of legal action that has led to two settlements in 2021. In May of this year, the debt relief company agreed to pay a sum of $7.7 million in order to conclude a case presented to the Consumer Financial Protection Bureau, which accused them of charging unlawful settlement fees and violating the Consumer Financial Protection Act.
In August 2021, DMB came to a $1 million agreement with the state of Massachusetts due to accusations of overcharging their customers, as well as other violations. This agreement caused their Better Business Bureau rating to go down to a B-. This serves as a reminder for consumers to be wary of their financial terms and of any potential for exploitation.
So far in 2021, DMB Financial has received seven complaints and satisfactorily addressed four of them. Out of these four, monetary compensation was given as a form of resolution, while the remaining three were dealt with by explaining the situation. Despite this, the debt settlement company is still accredited by the American Fair Credit Council (AFCC), indicating their commitment to providing quality customer service and following industry regulations.