DMB Financial has been in business for 14 years, and since it was set up has managed to save $1bn in debts for its clients. The company's service is available in 26 states and is AFCC and IAPDA accredited. These accreditations should mean that the staff you speak to are highly trained and able to give you sound advice with regards to your debts; it also means that DMB Financial makes our list of the best debt settlement companies.
Its fees can be a little above average, depending on your credit history, but they do have links with some of the most well-known creditors.
Settlement programs like the ones provided by DMB offer customers who have been struggling with debts to pay off the money they owe in lump sums, at a potentially lower rate than if they left them as they were. Debt settlement does come with its risks, including the risk of bad credit and a lower FICO score - this is because technically you need to default on payments while paying into a settlement account, and is why we always recommend you consider alternatives such as the best debt consolidation companies first.
DMB Financial charge an average fee of 21.5% of the total settled debt. This means that when you pay off your loans or credit cards at the lower rate they negotiate for you, you will need to add on the fee that is paid to them for their service. This may be more or less than the debts you were due to pay. As per the legal requirement, there are no upfront fees, which is the industry standard.
DMB Financial review: Features
- Accredited by the AFCC and IAPDA
- Variable settlement terms
- Debts can be written off in as little as 36 months
Information Support: Over the phone, and online
Support: Online, Phone
Interface: Computer, tablet, and mobile
DMB Financial will first offer you a consultation with one of its advisors, during this call you are encouraged to be honest about your current financial situation and explain your financial plans for the future. The advisor will need details of your income, expenses, any debts, and savings, so have those to hand for your call.
Debt settlement should not be your first line of defense against your unsecured debt, but it does offer a good solution for people who are struggling to meet minimum payment requirements on a monthly basis. There is an inherent risk with any debt settlement program that you will gain bad credit. That will make borrowing in the future more difficult. You can discuss any concerns you may have about this with your advisor when you have a consultation with DMB Financial.
Debt settlement works by stopping payments to creditors, and paying the money into a settlement account instead. Once you have paid into this account for long enough, the debt settlement company will begin negotiating a settlement agreement with your creditors. Make sure your settlement company has experience working with your specific creditors before agreeing to work with them. Many often have good working relationships with certain providers, which could help you get the best reductions possible.
DMB Financial review: How it works
- Clear and easy-to-use website
- Informative staff
- Phone consultation before signing up
DMB works by looking at the whole picture of your finances, to establish exactly where you can save money. It will not only take on the settlement of certain debts, it is also able to find you lower rate credit cards if that is a good solution for you.
Because DMB Financial is accredited, you can be certain the advice you receive from advisors will be accurate, and will not have the sole aim of selling you a product. Its accolades includes a listing as one of Forbes Magazine's 'Top Debt Professionals'.
DMB Financial review: Quality of product
- Industry accredited
- Terms from 24 to 48 months
- Average fee of 21.5%
DMB offers a comprehensive service to help customers manage their debts, and get their finances back on track through debt settlement.
The company will help clients settle debts and find different credit cards to pay off smaller debts with lower interest rates. While it cannot take over any calls from creditors for you it will give you advice on how to tackle them while you are paying into your settlement account.
DMB Financial review: User reviews
- A “Top Debt Professional” according to Forbes
- Agreement to settle with specific creditors made almost immediately
There are not a huge amount of DMB Financial user reviews online to examine, but where there are, the company is rated average at best; it's a far cry from the mainly excellent testimonials that our top choice - National Debt Relief - receives from its past customers.
While some reviews show an agreement to settle with specific creditors was made almost immediately, others mentioned that there are a few individual creditors where no settlement agreement was negotiated. Therefore, it might be worth a quick call to your individual creditors first to see if they would be prepared to work with DMB Financial.
Remember, you may still have to pay into your debt settlement pot monthly even if no agreement is made. As the debt still belongs to you until fully paid off, you may incur a fall in credit quickly with the potential for a legal dispute. DMB Financial should make you fully aware of this before entering an agreement but a quick call to your lenders to tell them you are thinking about debt settlement should give you an idea of which firms they regularly work with.
Should I choose DMB Financial?
DMB Financial offers a well-rounded and effective debt settlement service. Its staff are highly qualified to offer advice on the settlement process.
DMB Financial charge fees that are slightly higher than the industry average. There are no upfront fees to consider, and as is standard with debt settlement their fee is based on the total amount of debt it settles on your behalf.
Debt settlement is a good solution for people who are struggling financially. It is usually recommended for people who have not defaulted on their debts but who are struggling to meet minimum payments on a monthly basis. You do need to keep in mind the effect undertaking a debt settlement program will have on your credit and FICO scores. While you will be able to rebuild credit over time, in the short term it could become very difficult for you to borrow any more money. You should take into account any future plans that will require borrowing before undertaking such a program and discuss these with an advisor.