DMB Financial

About company

DMB Financial is a debt relief company committed to assisting individuals facing financial challenges. With a track record of helping over 30,000 people navigate their financial burdens, they have earned a reputation as a trusted industry leader, managing more than $1 billion in debt. Since 2003, their dedicated and experienced team has been offering real human support in a world increasingly dominated by automated systems. Unlike many in the field, DMB Financial's primary focus is on the client, not creditors or lenders. They tailor personalized debt restructuring programs to help clients regain control of their finances swiftly, ensuring a path to financial well-being. DMB Financial specializes in consolidating high-interest credit card balances into a single, manageable monthly payment, making it an ideal solution for those struggling with minimum payments and high-interest rates. With certified program consultants available for free consultations, they guide individuals through the application process, providing professional and friendly assistance in defining goals and crafting personalized debt restructuring plans.

Key Features

1. Client-Centered Approach. DMB Financial is dedicated to assisting individuals in resolving their financial struggles. With a focus on putting clients first, they have successfully aided over 30,000 people in managing their financial burdens.

2. Trusted Industry Leader. This debt relief company managed more than $1 billion in debt and established itself as a trusted leader in the industry.

3. Human Support. In a world where automation is prevalent, DMB Financial prides itself on offering a team of experienced, friendly professionals who provide personalized assistance.

4. Client Advocacy. DMB Financial's primary mission is to help clients regain control of their lives by providing a personalized debt restructuring program.

5. Debt Consolidation. The company offers the ability to consolidate high-interest credit card balances into a single, fixed monthly payment. This is an effective solution for those struggling with high interest rates and challenging minimum payments.

6. Free Consultations. DMB Financial provides free, no-obligation consultations with certified program consultants.

Pros and Cons

Pros

1. Expertise and Guidance. DMB Financial has experienced professionals who can provide expert advice and guidance on managing your debt. They have in-depth knowledge of various debt relief options, helping you make informed decisions tailored to your financial situation.

2. Debt Consolidation. DMB Financial can often help you consolidate your debts into a single, more manageable monthly payment. This can lower your overall interest rates and simplify your financial obligations, making it easier to budget and plan for the future.

3. Personalized Solutions. DMB Financial creates personalized debt restructuring programs to address your specific financial needs and goals. This customized approach ensures that you receive a plan designed to help you achieve financial wellness in the shortest time possible.

4. Support and Advocacy. Working with DMB Financial means you have a dedicated client services representative by your side throughout the process. They provide continuous support, helping you navigate the complexities of debt relief and acting as an advocate on your behalf when dealing with creditors and lenders.

Cons

1. Fees and Costs. Debt relief companies typically charge fees for their services. While these fees can be reasonable, they add to your overall debt burden. It's essential to fully understand and compare the costs before committing to their services.

2. Impact on Credit Score. Enrolling in debt relief services may have a negative impact on your credit score. While it can ultimately help you manage your debt, creditors may report your participation, which could affect your credit rating.

3. Limited Flexibility. Debt management programs often have rigid structures which may not accommodate individual financial circumstances. This lack of flexibility could lead to a situation where your monthly payments are still challenging to meet.

4. No Guaranteed Debt Reduction. Although debt relief companies aim to negotiate with creditors to lower interest rates and fees, there is no guarantee of successful negotiations. You might still end up paying the full amount of your debt, or in some cases, the negotiations may not lead to a significant reduction.

How Does DMB Financial Work?

DMB Financial operates by assisting individuals in addressing their debt-related challenges effectively. This is how the debt settlement process looks.

1. Initial Assessment. The debt settlement process begins with a thorough evaluation of your financial situation. A certified Program Consultant conducts a no-cost, no-obligation review to provide insights into your options.

2. Customized Program. After assessing your financial condition, DMB Financial designs a personalized program tailored to your specific financial needs and goals. This program is structured to fit within your budget.

3. Savings Account Establishment. A dedicated FDIC-insured savings account is established, controlled by you. Monthly deposits into this account are made to accumulate funds for settling your debts.

4. Creditor Negotiations. As funds accumulate in your savings account, DMB Financial initiates negotiations with your creditors on your behalf. These negotiations aim to secure reductions in the outstanding balances, making your debt more manageable.

To initiate this process, you will need to provide essential information, including your full name, current address, details of your unsecured debt, and your income. DMB Financial aims to offer an informative and structured approach to addressing your financial challenges.

Cost

The consultation with a program consultant is typically provided free of charge. DMB Financial, while not explicitly publishing its account settlement fee, it's common for debt relief companies to charge between 15% and 25% of the debt enrolled in the program. It's worth noting that additional fees may also apply for maintaining the savings account.

Types of debt settled by American Debt Relief​​

DMB Financial specializes in addressing a specific category of debt: unsecured debt. This means that the company primarily focuses on resolving obligations that do not have collateral tied to them. Unsecured debts often include credit card debt, medical bills, personal loans, and certain types of unsecured lines of credit. However, it's important to note that DMB Financial debt relief does not handle secured debts, such as car loans or mortgages, which are tied to assets that can be repossessed by creditors in case of non-payment.

Risks associated with a settlement program

• Negative Impact on Credit Score. Enrolling in a debt settlement program typically involves missed payments on your debts, which can have a negative impact on your credit score. This may make it more challenging to secure credit in the future and could affect your ability to qualify for loans or credit cards.

• Accrued Fees. Debt settlement companies often charge fees for their services, which can add to your overall debt burden. It's crucial to fully understand and compare these fees before enrolling.

• Uncertainty in Outcomes. Debt settlement does not guarantee that creditors will agree to reduce the debt balances. Some creditors may not be willing to negotiate, and you could end up paying the full amount of your debt.

• Potential Tax Consequences. In some cases, forgiven debt through debt relief could be considered taxable income by the IRS. This means you may have to pay taxes on the amount forgiven.

• Legal Action. While in a debt settlement program, creditors may continue to pursue legal actions against you, including lawsuits or wage garnishment.

Reliability

DMB Financial's reliability is underscored by its membership in the International Association of Professional Debt Arbitrators, indicating its commitment to ethical debt management practices. With a substantial track record of helping over 30,000 consumers and managing over $1 billion in debt settlement, they have demonstrated their ability to handle diverse financial situations. The company's 4+ star rating on Google further attests to its dedication to providing quality service and support. This combination of factors positions DMB Financial as a dependable choice for individuals seeking assistance with their debt management needs.

Editorial Opinion

Additional resources

To learn more about debts and best practices, check out some of the following resources:

• Debt Consolidation Companies
• Best Debt Consolidation Loan Options
• Federal Debt Relief Agencies
• Debt Consolidation Loans for Bad Credit
• Top Debt Consolidation Loan Companies
• Consolidate Payday Loans With Bad Credit
• Credit Card Consolidation Loan Providers
• Student Loan Debt Relief Providers
• Leading Debt Relief Companies Reviewed
• Bill Consolidation Loan Providers
• Debt Consolidation Company List
• Emergency Debt Relief Programs
• Federal Debt Relief Agencies

Sources

• dmbfinancial.com
• DMB Financial. bbb.org