What Can DMB Financial Be Used For?
The debts you can include in the DMB Financial debt settlement program must be unsecured, such as credit cards, personal loans and medical bills. DMB negotiates with each creditor separately.
You can submit information about yourself and your debt through an online form, and then work with one of DMB Financial’s program consultants. Next, you would pay into a separate savings account each month. During that time, you would not pay your creditors. DMB Financial would work with each creditor to try to settle the debt, using the money in the third-party savings account to pay the agreed-upon sum.
There is no fee for your consultation with the program consultant. DMB Financial does not publish its fee for settling an account, but debt settlement companies may charge between 15% and 25% of the debt enrolled in the program. There can be additional fees for maintaining the savings account.
DMB Financial does not mention a minimum debt amount on its website, but it offers gift cards to consumers who refer friends with at least $5,000 in debt to enroll. The only debts you can include are unsecured. Therefore, such accounts as car loans cannot be handled by the company.
There is no minimum credit score listed on DMB Financial’s website.
DMB Financial is based in Massachusetts. Its services are not available in Georgia, and you can call to confirm that it operates in your state.
DMB Financial has a B+ rating with the Better Business Bureau. In May 2021, DMB Financial agreed to a $7.7 million settlement to resolve a lawsuit filed by the Consumer Financial Protection Bureau. The CFPB alleged that DMB broke the law by improperly charging fees, among other illegal practices. DMB Financial also reached a $1 million settlement with the Commonwealth of Massachusetts in August 2021 for allegedly overcharging consumers, among other violations.
The CFPB received four complaints about DMB Financial in 2022. The company provided a timely response to two of those complaints. It closed two of the complaints with monetary relief and two with an explanation. DMB Financial is accredited by the AFCC.
DMB Financial can be reached at 866-384-6232 Monday through Friday from 9 a.m. to 9 p.m. Eastern Time and Saturday from 9 a.m. to 5 p.m. ET. You can also email them at info@dmbfinancial.com.
You can complete an online form to start the process. The form includes space for you to provide information including your income, housing payment and amount of credit card debt. If you enroll, you can monitor your account online.
- People who can’t pay their credit card debt and want to avoid bankruptcy.
- People who have most of their debt with credit card companies.
What Are the Pros and Cons of Debt Settlement?
Pros:
- May help reduce the debt you owe.
- Gives you an actionable plan for moving forward.
- Could help you avoid bankruptcy.
Cons:
- Can damage your credit due to withheld debt payments.
- May end up costing more than paying debt off on your own.
- Forgiven debt could be taxable income.