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DMB Financial Review

While DMB Financial is smaller than other debt relief companies, it offers more individualized service and a free phone consultation with a certified Program Consultant so you can learn more about the program and decide if it’s right for you.

DMB Financial Review
DMB Financial
3.5
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Diverse service offering
Diverse service offering
Free tax relief consultation
Free tax relief consultation
Low minimum debt requirement
Low minimum debt requirement
Trustworthiness and stability
Trustworthiness and stability
Anna Baluch
Written by:Anna Baluch
Personal Finance Writer

Since its debut in 2003, DMB Financial has helped over 30,000 people manage over $1 billion in debt. The company’s sole focus is customized debt settlement programs, which involve negotiating debts on the behalf of their clients. It proves its expertise and commitment to debt relief through accreditations from the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA).

Editor’s Note (Warning)

While debt settlement can help you get out of debt, it’s important to understand its dangers before you pursue a program. First and foremost, there is no guarantee that the debt relief company will negotiate successfully. You’ll also be on the hook for fees for their services as well as interest charges by your creditors, which can increase your debt burden by hundreds or even thousands of dollars.

Also, since creditors will typically only settle debt when your accounts are already past due or will become past due as you pay the debt settlement company, debt settlement can cause your credit score to take a major hit. Unfortunately, the damage is long-lasting and will remain on your credit report for at least seven years.

If you’re leery about debt settlement, you might want to consider less risky alternatives. These include a balance transfer credit card, debt consolidation loan, nonprofit credit counseling, or a debt management program. You can also go the DIY route and try to negotiate with your creditors on your own.

Summarized Rating

This parameter considers service offering breadth, geographic reach, and minimum debt level requirements. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall services and solutions score.

DMB has a slightly below average 3.0 for Services and Solutions. This reflects its standard service offering and minimum debt requirement.

DMB Financial Pros and Cons

DMB Financial Pros
Convenient client portal
Industry accreditations with the AFCC and the IAPDA
Positive customer reviews
Referral program
DMB Financial Cons
Lack of transparency, the website is vague as it doesn’t disclose the fees
Limited availability - active only in 26 states
Long process: DMB Financial states their process takes 36 to 48 months.
DMB doesn’t offer a money-back guarantee

Types of Debt Covered By DMB Financial

DMB Financial specializes in unsecured debt, which is not tied to any type of collateral such as:

  • Credit card debt: According to the most recent data from the Federal Reserve’s Survey of Consumer Finances, the average credit card debt of U.S. families is $6,270. It’s no surprise this is the most common type of debt DMB Financial works to settle.
  • Medical bills: Whether or not you have health insurance, out-of-pocket costs from medical bills can add to your debt load. DMB Financial may negotiate with doctor’s offices, hospitals, and other healthcare providers to help you pay less than you owe.
  • Personal loans: While personal loans from banks, credit unions, and online lenders offer an easy, convenient way to borrow money for virtually any expense, these products can be expensive, especially if you don’t have the best credit. DMB Financial is well-versed in settling personal loans.
  • Payday loans: Payday loans are short-term, small dollar loans you pay back when you get your next paycheck, usually within two to four weeks. Most of them come with sky-high interest rates and exorbitant fees. DMB Financial knows how to negotiate with payday loan lenders to alleviate some of their burden.

DMB Financial Service

  • Breadth of services offering: Some debt relief companies offer a long list of services in addition to debt settlement, like credit counseling, debt consolidation, and tax relief. DMB Financial, however, only specializes in debt settlement programs. The good news is it offers a free, no-obligation consultation that can give you a better idea of whether you’d like to work with them.
  • Extent of Geographic Presence: Unfortunately, DMB Financial doesn’t serve clients in every state. As of 2022, the company’s debt settlement services are only available in 26 states. You’ll need to book a consultation to find out if you live in a qualifying state as these states are not listed on the website.
  • Minimum Debt: Most debt settlement companies work with clients who owe a minimum amount of unsecured debt, like $7,500 or $10,000, for example. DMB Financial doesn’t disclose its minimum debt requirements.
  • Average Time for Relief: DMB Financial states that on average, clients complete its debt settlement program in 36 to 48 months. This is a fairly long time frame as other debt relief companies alleviate debt in about 12 to 24 months.
  • Average Relief Amount: It’s unclear how much debt DMB Financial typically relieves as the company doesn’t list any figures online.
Breadth of services offering Debt settlement
Extent of Geographic Presence Serves 26 states
Minimum Debt Required Not disclosed
Average Time for Relief 36 to 48 months
Average Relief Amount Not disclosed

DMB Financial Costs and Fees

  • Fees - DMB Financial is not transparent about its fees for its debt settlement programs. To learn about the company’s upfront fees, settlement/performance fees, any other fees, you’ll need to schedule a free consultation.
  • Cancellation Policy- There is no information on what will happen if you decide to terminate DMB Financial’s services. You might want to ask them about the cancellation policy and if there are any penalties for canceling during a consultation.
  • Money Back Guarantee Policy - As with the fees and cancellation policy, DMB Financial is unclear about whether it offers a money back guarantee. Chances are it doesn’t as guarantees are usually well-advertised but you’ll want to ask before moving forward with the program.
Upfront Fees Not disclosed
Settlement/Performance Fees Not disclosed
Other Fees Not disclosed
Cancellation Policy Not disclosed
Money Back Guarantee Policy Not disclosed

DMB Financial Customer Experience

  • Website Extensiveness and Usability - Compared to other debt relief company websites, DMB Financial’s site is very basic. It lacks transparency and fails to reveal important information about its fees, policies, and process.
  • Expanded Call Center Support - If you have a question or concern about DMB Financial and its debt settlement programs, you call 866-384-6232 for phone service. Its call center is available Monday through Friday from 8:00 am to 9:00 pm EST, Friday from 8:00 am to 5:00 p.m, EST, and Saturday from 9:00 am to 1:00 pm EST.
  • Multi-channel Support - In addition to phone support, you can email DMB Financial atinfo@dmbfinancial.com. You might also be able to get a hold of a customer service representative on the DMB Financial Facebook, Twitter, and LinkedIn pages.
  • Supplemental Support (Information & Tools) - Since DMB Financial's website is so minimal, it lacks blogs, calculators, and other resources that might come in handy to new and prospective clients. It does, however, feature a client portal you can log into if you decide to work with the company.
  • Mobile Technology - There is no app you can download and use to keep track of your progress on the go via a smartphone or other mobile device.

DMB Financial Trustworthiness and Stability

Years in Business 19
Customers Serviced / Debt Managed Over 30,000 people / Over $1 billion of debt
Certifications/ Accreditations/Memberships Accredited with the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA)

DMB Financial User Reviews

Even though DMB Financial earned a B- rating on the Better Business Bureau (BBB), there are plenty of positive reviews on the site. Many past clients state that they were skeptical about the company’s debt settlement program but are glad they went through it. There are also quite a few comments about the personal attention they received from DMB’s representatives. The negative reviews on BBB related to the lengthy process.

On Yelp, DMB Financial received 3 out of 5 stars. Most of the positive reviews are from former clients with credit card debt who praise the attentiveness of the company’s representatives and smooth process. Some clients, however, explain that DMB isn’t worth it as you can do the work they do on your own without paying any fees.

DMB Financial holds a 2.5 out of 5 star rating on Best Company. There are some positive comments about the straightforward debt settlement program but many complaints about the company’s lack of organization and the fact that they only repay one credit card at a time. A few complaints also mention the prolonged process that led to lawsuits with creditors.

DMB Financial Compared to Other Companies

DMB Financial Accredited Debt Relief Freedom Debt Relief National Debt Relief
Minimum debt required Not disclosed $10,000 $7,500 $7,500
Fees Not disclosed 15% to 25% of enrolled debts 15% to 25% of settled debts 15% to 25% of enrolled debts
Cancellation Policy Not disclosed Not disclosed Can cancel at any time without penalty Can cancel at any time without penalty
Money Back Guarantee Policy Not disclosed Yes Not disclosed Yes
Average Relief Amount Not disclosed Not disclosed Not disclosed Most clients save 30% to 50% off of their original debt amount

Final Thoughts

While DMB Financial isn’t as well known as other debt relief companies and its website lacks transparency, it might be a good fit if you’re in search of personal service from accredited professionals with a great reputation.

Since the company offers a free, no obligation consultation, you might want to speak to its representatives to learn more about the program and find out if it makes sense for your unique situation. After all, you have nothing to lose.

Anna Baluch

Anna Baluch

Personal Finance Writer

Freelance copywriter who enjoys writing for large publications as well as startups, small to medium sized businesses.

More about me