Do you have multiple sources of unsecured debt? Are you having trouble juggling payments and dealing with growing interest rates and late fees?
If this is the case, DMB Financial offers debt relief options that may help you settle your debt faster while spending less overall.
If you have unsecured debt (like credit cards), DMB Financial can help you negotiate a settlement with your creditors so that you pay them less than you owe.
Clients pay a fee to the debt relief service in return for successfully reaching a settlement.
Read more about the DMB Financial review process, benefits, and drawbacks.
- DMB Financial has IAPDA-certified debt advisors and has an A+ BBB rating.
- This company offers only debt settlement services, so if you are looking for more options, then this might not be suitable for you.
- They charge customers a service fee of 21.5 percent of their total debt.
|Minimum Debt Settlement Requirement||$10,000|
|Features||Free debt consultation, no upfront fees, and access to the client portal 24/7|
|Number of reviews||721|
|Community Rating||Very Strong|
Pros & Cons
- A+ BBB consumer rating
- One-on-one support
- IAPDA-certified debt advisors
- 24/7 client portal access
- Does not disclose fees structure
- Only unsecured debts are eligible
DMB Financial provides debt settlement services that allow you to pay a fraction of what you owe in order to eliminate your debt.
Customers can start by scheduling a free, no-obligation consultation with a qualified Program Consultant, who will discuss options and possible next steps.
However, the company’s lawsuit with the Consumer Financial Protection Bureau and complaints from consumers suggest you should look somewhere else.
DMB Financial strives to help you in settling debts for less than what you owe via a process known as debt settlement.
DMB Financial only provides a debt settlement service. If you want to enroll in a debt management plan, get a consolidation loan, or go through credit counseling, you need to look elsewhere.
You’ll get a free debt consultation before enrolling in DMB Financial’s program, which is standard procedure since debt relief companies cannot charge upfront fees.
After enrolling in DMB Financial’s services, you’ll have access to its client portal 24/7 to monitor your account and send messages to DMB’s support staff.
Most of the best debt relief firms include the option to monitor your account through a client portal constantly, and DMB Financial is no different.
Read: CuraDebt Review
What Is DMB Financial?
DMB Financial is a U.S.-based company with its headquarters in Beverly, Massachusetts, founded in 2003.
They have helped consumers settle over $1 billion in debt to date, and over 30000 customers have resolved their debts with them.
DMB Financial does not specify which states it does not operate in; hence there is no definitive list.
DMB Financial is a gold member of the IAPDA, the International Association of Professional Debt Attributes, which indicates that at least 25 to 99 employees have an IAPDA qualification.
The main disadvantage of this company is that the Consumer Financial Protection Bureau sued them in 2020 for breaching the Federal Trade Commission’s Telemarketing Sales Rule and the Consumer Financial Protection Act.
They were accused of engaging in fraudulent and abusive behavior that violates the Telemarketing Sales Rules by collecting advance fees and failing to disclose the actual amounts to be paid.
Since there is no assurance that you will get a settlement, legitimate companies will only charge you after they have negotiated the terms with your creditors, you have approved the payment plan, and you have started repaying your debt.
DMB Financial charges customers a service fee of 21.5 percent of their total debt on average — however, this amount varies per client and might vary from 18 percent to 25 percent.
It is worth noting that the minimum cost in the typical range is somewhat higher than the industry average, which ranges from 15% to 25%.
If you owe $20,000 in debt, DMB Financial would most certainly charge you a minimum of $3,600, although another debt management firm may only charge you $3,000.
Types Of Debts Addressed
DMB Financial provides minimal information about the types of debt they provide; there is no openness around the eligibility requirements for enrollment in one of their programs.
Unlike other debt relief solutions, you must be aware of everything ahead of time.
One of the few details they did share is the fact that they accept unsecured debts, which include the following but are not limited to:
Credit Card Debt
This includes everything from standard Visa or Mastercard credit card problems to store and private label credit cards.
Americans owe around $900 billion in credit card debt as of 2021, with this figure expected to rise by $60 billion by the end of the year.
Simply put, many people want assistance with their credit card debt. DMB Financial can help you settle credit card debts for less than what you currently owe.
Medical expenditures may quickly balloon out of control, particularly if you don’t have any kind of health insurance.
As medical bills continue to pile up, DMB Financial can negotiate with hospitals and other healthcare providers to help you repay less than you owe.
Personal Loans And Payday Loans
DMB Financial can help you repay your personal debts, including payday loans and all the associated expenses, provided you meet their eligibility requirements.
Get Started With Accredited Debt Relief
DMB Financial will first provide you with a consultation with one of its consultants.
During this discussion, you are recommended to be honest about your present financial condition and outline your future financial goals.
The financial consultant will require information about your income, expenses, debts, and savings when you call.
After signing up, a customer care representative will review your debts and devise a strategy for paying them off.
After you have agreed to continue with the program:
- To help save money, you’ll start making monthly payments into an FDIC-insured account. This money will be used to repay DMB Financial and your creditors.
- DMB Financial will approach your creditors to discuss a debt reduction. DMB Financial will pay your creditors a small portion of the settlement sum you have agreed to pay each month. Your personal accounts will be deactivated at this time.
- You will be debt-free when the payments are made — and DMB Financial has received its cut.
Debt Relief Time
The relief time varies from person to person and depends on a number of factors.
DBM Financial has not revealed how much time it takes for them to settle your debt but the industry average for the same is 36-48 months.
Disadvantages of Debt Relief
Surely getting debt settlement done frees you from financial burden, but there are a few things that you must look for before opting for this.
- First of all, debt settlement drastically reduces your credit score, so if you don’t want a ruined credit score, then refrain from getting your debt settled.
- Another thing is that debt above $600 that is forgiven comes under taxable income, and you will be required to pay tax on your settled debt.
- In most cases, your creditors won’t comply easily and might still call you, so that burden still ensues.
NPC DBM Financial Ratings
|Debt Settlement help||4.5/5|
|Ease of use||4.7/5|
You may call 1-866-384-6232 (toll-free) six days a week during business hours to talk with a DMB Financial customer care representative or get a free debt consultation.
Hours of operation are Monday through Thursday 8 am–9 pm; Friday 8 am–5 pm; Saturday 9 am–1 pm.
If your request is not urgent, you may contact them at any time at [email protected], and they will respond as soon as possible.
If you’re a new customer, you can also obtain a free debt consultation by filling out the online form.
Unfortunately, DMB Financial does not provide live chat and does not have a FAQ page on its website.
We looked at a variety of sources to get a sense of what it’s like to work with DMB Financial.
While there are many excellent reviews, the number of negative complaints about DMB Financial’s pricing structure and billing method is concerning.
Furthermore, several customers claimed that DMB Financial’s program was taking significantly longer to complete than intended.
While some reviews indicate that an agreement to settle with particular creditors was reached almost immediately, others state that no settlement agreement was reached with a few individual creditors.
As a result, it may be worthwhile to make a short call to your individual creditors first to check whether they are willing to deal with DMB Financial.
Even so, DMB Financial has a 4.3-star rating based on 53 votes on Glassdoor.
We contacted DMB Financial to get a clear picture of how we can deal with our debt situation.
Initially, they listened to us and analyzed our problem; then, they gave us an idea of how we could go about dealing with our debt settlement.
We must say that they were really helpful and also cleared a lot of doubts that we had initially.
If you are considering whether you should choose them or not, then we would say everything went smoothly, and yes, you must talk to them once before jumping to any conclusions.
|Company||Freedom Debt Relief||DMB Financial|
|Minimum Debt Settlement Requirement||$15,000||$10,000|
|Features||No upfront fees, free one-hour consultation, and Consultant’s assistance.||Free debt consultation, no upfront fees, and access to the client portal 24/7|
|Fees||15% to 25% of the settled debt||Not revealed|
|Relief Time||24-60 months||Not revealed|
|Savings||20%-35% including fees||Not revealed|
|BBB rating||A+||Not accredited|
|Trustpilot Rating||4.5||Not available|
Read our full Freedom Debt Relief Review
How We Review Debt Relief Companies
When it comes to reviewing debt relief companies, we use a three-step process.
The first step is to research the company and its services. We look at things like the company’s history, accreditation, and customer reviews.
This helps us get a good understanding of the company and its capabilities.
The second step is to evaluate the company’s fees. We make sure that the fees are realistic and in line with other companies in the industry. This helps ensure that you’re not overpaying for services.
The third step is to actually use the company’s services. We test out their customer service, process, and results.
This allows us to provide an honest, first-hand review of the company. We hope you enjoyed reading this DBM Financial Review.
Read Our Detailed Debt Relief Review Methodology
So DMB Financial offers only a debt settlement program and requires you to have a minimum debt of $10,000.
They have an excellent online reputation but have not disclosed their fees.
So if you are looking for a debt relief company that offers more options than just debt settlement, then you can check out CuraDebt, as it also offers debt consolidation services along with debt settlement.
To be eligible for CuraDebt, you need to have a minimum debt of $5000 and need to pay a fee of 20% of the total debt.
How do I know if a company is legitimate?
You can look for several things, including accreditation from organizations like the BBB or the AFCC.
You can also check for customer reviews to get an idea of what other people have experienced.
How much does it cost to use a debt relief company?
Debt relief companies typically charge a percentage of your total debt, plus a monthly fee. The exact amount will vary depending on the company you choose.
What's the difference between debt settlement and debt consolidation?
Debt consolidation involves taking out a new loan to pay off your existing debt. Debt settlement involves negotiating with your creditors to reduce the amount you owe.
What Accreditations does DMB Financial have?
They have AFCC and IAPDA accreditations.
Does DMB Financial charge any fees?
Yes, they charge a monthly fee of $34.95.
Shefali Jain is a Content Editor & Writer at National Planning Cycles.
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes.