If you’re struggling with debt, you may be considering debt settlement as an option. Debt settlement companies like DMB Financial can help you negotiate with your creditors to potentially reduce the amount of debt you owe. However, it’s important to do your research and understand the risks associated with debt settlement before making a decision. In this article, we’ll take a closer look at DMB Financial, including its services, fees, and reputation.
What is DMB Financial?
DMB Financial is a debt relief services company that was founded in 2003. The company offers debt settlement and debt management programs to help consumers manage their credit card debt and other unsecured accounts. They are accredited by both the Better Business Bureau (BBB) and the American Fair Credit Council (AFCC). According to their website, they offer a free consultation with a program consultant to help you determine if their services are right for you.
How Does DMB Financial Work?
The debt settlement program offered by DMB Financial works by having you deposit money into a separate savings account each month. This money is then used to negotiate with your creditors to try to settle your debt. The company negotiates with each creditor separately and works to reach a settlement agreement between the two parties. Once a settlement is reached, the money in the savings account is used to pay the agreed-upon sum to each creditor. This process allows you to pay off your debt without having to pay the creditors directly.
What Program Does DMB Financial Offer?
DMB Financial offers a debt settlement program that is designed to help consumers with unsecured debts, such as credit cards, personal loans, and medical bills. The company negotiates with each creditor separately to try to reach a settlement agreement. If a settlement is reached, the consumer will be required to pay the agreed-upon sum using the money in their savings account. While debt settlement can be a helpful option for some consumers, it’s important to note that there are risks associated with the process of debt relief companies, including potential negative impacts on your credit score, credit card companies, and additional fees and taxes.
How Much Does DMB Financial Charge?
While DMB Financial does not disclose its fees on its website, it may charge anywhere between 15-25% of the total amount of the debt enrolled in the program, as is typical for debt settlement companies. It’s also possible that fees for maintaining the savings account may apply. It’s important to understand the fees associated with debt settlement before making a decision.
How to Qualify for DMB Financial Debt Settlement
DMB Financial does not disclose a minimum debt amount required to enroll in its debt settlement program. However, they do offer gift cards to consumers who refer their friends with at least $5,000 in unsecured debt. Additionally, accounts such as car loans cannot be handled by the company, so only unsecured debt qualifies.
What is the Minimum Credit Score Required to Work with DMB Financial?
DMB Financial does not list a minimum credit score on its website. However, it’s important to note that if you do not pay your accounts as agreed, the original creditors will note on your credit file that you are late, and then that the account has been charged off. This information can have a negative effect on your credit score. It’s important to make sure that you are paying your accounts on time and as agreed in order to avoid any negative impacts on your credit score.
Who is DMB Financial Best For?
DMB Financial is a good option for people who are struggling to pay their credit card debt and want to avoid bankruptcy. The company provides debt consolidation and debt settlement services that can help you reduce your debt and manage your payments so you can pay off your credit card debt faster. However, it’s important to carefully weigh the risks and potential benefits of debt settlement before deciding if it’s the right option for you.
What States Does DMB Financial Operate In?
DMB Financial is based in Massachusetts, but they do not disclose which states they operate in. If you’re unsure whether or not they operate in your state, it’s best to call the company directly to confirm. Their staff will be able to provide you with accurate information about the services they offer in your specific area.
How to Contact DMB Financial’s Customer Service
DMB Financial offers customer service and support Monday through Friday from 9 a.m. to 9 p.m. Eastern Time, and Saturday from 9 a.m. to 5 p.m. ET. If you have any questions or need assistance with your account, you can contact their customer service team at 866-384-6232. They are available to help with all your financial needs.
DMB Financial’s Online Features
Completing an online form is the first step to enrolling in a debt management program with DMB Financial. The form asks for important information such as your income, housing payment, and amount of credit card debt. Once you enroll in a debt management program, you can monitor your account on the client portal to track your progress and financial situation. It’s an easy, convenient way to help your debt quickly get your finances back on track.
Is DMB Financial Legit?
While DMB Financial is accredited by the BBB and the AFCC, the company has recently been the subject of lawsuits. In May 2021, they agreed to a $7.7 million settlement to resolve a lawsuit filed by the Consumer Financial Protection Bureau for allegedly breaking the law by improperly charging fees and other illegal practices.
Additionally, they reached a $1 million settlement with the Commonwealth of Massachusetts in August 2021 for allegedly overcharging consumers, among other violations. As a result, their rating with the BBB is currently a B-. It’s important to be aware of the potential for predatory practices when working with debt settlement companies.
DMB Financial has had seven complaints lodged against them in 2021, of which they have successfully responded to four in a timely manner. The company was able to close four of the complaints with monetary relief, while the other three were resolved with an explanation. While this may not be indicative of the experience of all consumers, it’s important to do your research and carefully consider your options before deciding to work with any debt settlement company.
Conclusion: Is DMB Financial a Scam or is it Legit?
In conclusion, DMB Financial is a debt settlement company that can potentially help consumers manage their credit card debt and other unsecured accounts. While debt settlement can be an attractive option for those struggling with debt, it’s important to understand the risks associated with the process and carefully consider your options before making a decision.
DMB Financial is accredited by both the BBB and the AFCC, which indicates a commitment to providing excellent customer service and following industry regulations. However, they have been the subject of recent lawsuits and have a rating of B- with the BBB. It’s important to be aware of the potential for predatory practices when working with any debt settlement company.
If you’re considering working with DMB Financial or any other debt settlement company, it’s important to do your research and carefully weigh the risks and potential benefits of debt settlement before making a decision. It may also be helpful to consult with a financial advisor or credit counselor to explore all of your options for managing debt.