DMB Financial has been providing debt settlement services for over 10 years and has saved consumers somewhere around $353 million during that time. They have over 50 years of combined experience in the financial sector and is one of the largest performance based settlement companies in the United States. In all, DMB offers consumers an alternative answer to the debt questions.

The Good

DMB has much to rave about when it comes to their settlement program. For one, they are 100% performance based which means they only earn when an account is settled. They also do have any upfront fees, however, their is $34.95 monthly administration fee that is charged. Finding a debt settlement company is a huge step toward financial freedom. With DMB Financial, you’ll be working toward financial recovery with plenty of options to choose from. They work with customers to create a budget plan laying out each of their monthly expenses and income accounts, long-term savings, job prospects, stress management, and past due credit card payments.

The aim of the company is to get lower monthly payments while still wide enough to build a program that will get them out of debt. DMB claims to have gotten clients a 50% reduction in debt in as little as 36 months. Their overall goal is to get customers out of debt in under 48 months. In the case that a client requires more than 48 months, they must be approved by the owners and is determined on a case-by-case basis. With the program at DMB, unsecured debts may be enrolled and the rate charged by the company will be wrapped up into one monthly payment made to one US bank account, which is set up by the client himself and maintained by a third party by the name of Global Client Solutions. The payment will be drafted from the bank account each month on a date agreed upon by the clients and DMB.

There is no minimum amount of debt required to qualify for DMB, but they will vary on a case-by-case basis. According to the representatives, clients have been able to enroll from anywhere between $10,000 and $150,000. DMB offers a $1,000 guarantee in the case that an enrolled debt does not become settled. Clients are also given a piece of mind knowing they can opt out of the program at any time with incurring any fees. In this case, any money accrued into the separate bank account will go directly back to the client. Free consultations are offered by calling the toll-free number online or by filling out a form with your contact information located on the left-hand side of the website. If you choose to submit your personal information, a representative will call shortly after to talk about debt relief options and discuss if you can expect to qualify for the program. If for whatever reason you do not qualify, the representative will try to point the client somewhere they can receive help.

DMB Financial also has a “refer a friend” program where a client can receive $200 if they get a friend to enroll in a program. This money can be used as pocket cash or put toward their bank account balance.

Positives to consider:

  • Reduce debts by 50% or more per account
  • Over 10 years of experience to count on
  • AFCC
  • $1,000 guarantee
  • CPA’s and tax consultants on staff

The Bad

Debt Relief has some inherent risks involved with it. No matter what option is taken to get out of debt, there will be some adverse consequences. These can of risks include tax penalties, lawsuits, and further collection attempts. Another point to consider with DMB Financial is that the company only accepts accounts they know they can settle, meaning not all unsecured types of debt will qualify for their program. They also will not keep clients longer than 60 months due to the fact that the risk of litigation is too strong. DMB also does not provide much educational support to help customers get and stay out of debt.

 

 

The Bottom Line

DMB Financial has been listed in Forbes Magazine as the “Leading Debt Provider” twice since 2010. This gives them some credibility in addition to their 10 years of experience in the market. Our team of reviewers was also very pleased with the $1,000 guarantee in the case that their debt does not get settled, giving clients some sort of peace of mind. Although the company lacks in financial literacy resources and isn’t very clear with their enrollment requisites, we do recommend taking advantage of the free consultation that is offered to make sure that DMB Financial is the right for you.