DMB Financial Review

Like many other companies in the debt relief space, DMB Financial promises to help you get out of debt using a process called debt settlement. When you sign up for debt settlement, you'll be asked to stop making payments on credit cards, medical debts, and other debts you have. Instead, you'll be asked to deposit a set amount of money into a FDIC-insured savings account. Once you have enough money in your account to settle your debts, DMB Financial will get to work and negotiate your debts down on your behalf. 

They fail to disclose their fees, and they don't advertise a money-back guarantee or offer any information on what it might take to cancel your plan after you get started. 

When we called DMB Financial to gather information for our review, they claimed they don't disclose their fees or requirements until you go through a free consultation with one of their experts. 

Pros Explained

• Client portal lets you track your debt settlement progress in real time: DMB Financial really stands out due to its online client portal, which is a feature not all companies in this industry offer. The client portal lets you track your program and your progress as it happens, and you can also send messages to the company.
• Accredited member of the American Fair Credit Council (AFCC): DMB Financial is accredited member with the AFCC, which proves their reputation in this industry.

Cons Explained

• DMB Financial does not disclose their fees upfront, nor do they advertise a money-back guarantee: Many debt relief firms disclose their fees upfront, which normally fall between 15% to 25% of settled debts. However, DMB Financial does not advertise their fees, nor will they offer information over the phone without a scheduled consultation. 
• The company was accused of charging customers unlawful fees: In May 2021, the company was accused by the Consumer Financial Protection Bureau of charging unlawful fees and improper disclosures. The CFPB is seeking penalties in federal court.

Types of Debt Addressed

While DMB Financial doesn't share much information on the types of debt they help settle on their website, debt settlement as a whole is targeted to unsecured debts. This means any type of debt that is not secured by collateral, which may include the following:

Credit Card Debt

With average credit card debt carried by U.S. households surging to approximately $5,221 as of January 2021, it's no wonder many consumers need help. DMB Financial can help you settle credit card bills for less than you currently owe. 

Medical Bills

It's easy for medical bills to become a huge problem, and that's especially true if you don't have health insurance. As medical bills continue mounting, DMB Financial can work with hospitals and other medical providers to help you pay less than you owe. 

Personal Loans and Payday Loans

Other personal debts you have can also qualify for debt settlement. This includes any unsecured personal loans you have, as well as payday loans or debts associated with them.

Client Onboarding

While DMB Financial doesn't list a minimum amount of debt you need to have to qualify for their services, they do offer a free consultation over the phone. When you call in, you'll speak with a certified Program Consultant who will go over your situation and explain the options available to you. If you decide to move forward, you'll be presented with a custom debt settlement plan tailored to your specific situation and your needs. 

Customer Service

DMB Financial lets you email or call into the company for help, and they answer the phone in a timely manner. They also let you send messages to the company using the online client dashboard, which could be more convenient for you if you prefer not to talk over the phone or send email to a generic customer service address.

When it comes to their customer service hours, you can call in for help Monday through Thursday from 8 a.m. to 9 p.m., Friday from 8 a.m. to 5 p.m., and Saturday from 9 a.m. to 1 p.m. EST. Customer service agents and debt relief specialists are not available on Sundays. 

Company Reputation

It's important to be aware that, as a whole, the debt relief industry does not have an excellent reputation. In fact, the Federal Trade Commission (FTC) warns against many debt relief scams, including ones that specifically target consumers who are struggling with credit card debt. 

The good news is, you can easily research debt relief companies online using resources like the Consumer Financial Protection Bureau database.

If you have a complaint about the services of a debt relief company, you can file a complaint online with the FTC or call 877-FTC-HELP.

Average Time for Relief

The company doesn't make any claims on its website about how long the process will take. The length of your debt settlement process depends on your financial situation and amount of debt.

Cost

While most debt relief companies claim they charge customers fees in the range of 15% to 25% of settled debt amounts, DMB Financial doesn't disclose their fees upfront. This is not necessarily a good sign since it shows the company is not interested in being totally transparent with potential customers. 

The Competition

When it comes to debt relief companies, there are plenty of reputable firms to choose from. However, we chose to compare DMB Financial to Freedom Debt Relief since both offer a coveted client portal that makes tracking your debt relief plan considerably easier over time.

As you compare these companies, you'll probably note that Freedom Debt Relief is considerably more transparent about their services and pricing. They say upfront that your fees will range from 15% to 25% of your settled debts, and they also provide reassurance that you'll never be asked to pay any fees upfront. Freedom Debt Relief also promises an average program time of 24 to 48 months, while DMB doesn't provide a time estimate.

DMB Financial could possibly charge similar fees and get you out of debt quickly, yet their lack of transparency should leave you wondering. In order to find out how much you would pay them for their help, you'll have to talk through your debts and your situation during a free consultation. 

This is one of the reasons Freedom Debt Relief earned a much higher score in our internal study of debt relief companies. Where DMB Financial earned an average of 2.64 stars out of 5, Freedom Debt Relief earned a score of 3.68.

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How We Review Debt Relief Companies

Investopedia profiled more than 15 debt relief companies for the purpose of ranking them based on pricing, transparency, accessibility, customer service reputation, and more. We also considered customer complaints, rankings, and reviews from third parties.

We gave the best rankings to companies that are transparent about their pricing and their services, as well as those with unique features and plenty of ways for customers to contact them. Ultimately, we compared debt relief companies in more than 20 different categories in order to rank them for our internal reviews.