Pros Explained

• Free consultations: DMB Financial doesn’t charge you for your application, nor the time it takes to review and discuss your options. 
• No impact to your credit score with application: Unlike a debt consolidation loan, which uses your credit score to determine approval, DMB Financial doesn’t pull your credit reports when you apply. 
• Streamlined debt reduction: Using a debt relief program makes repayments easy by combining them into a single monthly payment. 

Cons Explained

• Fee structure not disclosed: DMB Financial doesn’t disclose how much it will charge you for its services. 
• Minimal customer service options: The company does not have an app, online chat, or 24-hour customer service, so you’ll have fewer resources for getting into contact with DMB Financial. You will need to contact the company during its hours of operation. 
• No satisfaction guarantee: Unlike some other debt relief companies, DMB Financial doesn’t offer a satisfaction guarantee.
• Company accused of charging unlawful fees: In December 2020 the Consumer Financial Protection Bureau (CFPB) accused DMB Financial of charging unlawful fees and providing improper disclosures.

Types of Debt Addressed

DMB Financial’s website doesn’t include much information about the types of debt that it addresses, but it does say it covers unsecured loans and credit card debt, the latter of which is a form of unsecured debt. 

Unsecured Loans

Unsecured loans are not backed by assets like your house or car to minimize losses to the lender in the event you can’t pay back the loan. As a result of their higher risk, unsecured loans tend to have higher interest rates than 澳洲幸运5官方开奖结果体彩网:secured loans. DMB Financial, like most debt settlement companies, only works with unsecured loans. Unsecured loans can include personal loans, medical debt, utility bills, and credit card debt. 

Credit Card Debt

Interest rates for credit cards can vary greatly. The lower your credit score, the higher your credit card interest rate is likely to be. Carrying high-interest debt from month to month can increase your debt quickly as the interest compounds. DMB Financial works with credit card issuers to reduce the total amount you owe to help you pay off yo🃏ur debt. 

Client Onboarding Process

There are two differen😼t methods to getting started with DMB Financial. The first is via an online . You’ll need to provide your personal information, including your name, address, income, and your debts. Once submitted, your application will be reviewed and a consultant will contact you. From here, you’ll work with the consultant to create a plan that fits your needs.

If you’d prefer to talk on the phone, you can also call DMB Financial to begin your application at 866-384-6232𝕴. ⛦

Finally, you can email the company at info@dmbfinancial.com.

Customer Service

DMB Financial has a few different optܫions for customer service, however it does not offer an app or online chat function. You can call during its hours of operation:

• Monday to Friday: 9 a.m. to 9 p.m. ET
• Saturday and Sunday: 9 a.m. to 5 p.m. ET

Company Reputation

DMB Financial has faced recent regulatory action regarding unlawful fees and improper disclosures. In May 2021, the court ordered DMB Financial to pay $7.7 million in redress to its customers in response to a case filed by the Consumer Financial Protection Bureau (CFPB).

In August 2021, DMB Financial settled a case with the Commonwealth of Massachusetts by agreeing to pay $1 million in relief and significantly changing its business practices. 

Expected Relief Amount

DMB Financial’s website isn’t transparent about the type of debt relief you can receive. However, it does note that you can potentially “save thousands of dollars.” In contrast, many other debt settlement companies make🌼 their average fees and debt reductions m༒ore clear, such as indicating that customers save on average up to 50% off the balance that they owe.

Expected Time to Complete the Program

DMB Financial doesn’t specify a time frame for debt repayment, and factors such as the amount you owe can affect the length of your program. Generally, a debt settlement process takes five years or less. 

Expected Cost

Unlike many other companies, DMB Financial does not disclose the cost of its debt relief program♍. You can call the company for a free consultation.

Compare With the Competition

Final Verdict

DMB Financial has been in business🐻 for over 20 years and helped more than 30,000 customers. It’s also a member of several organizations promising fair and honest business practices. However, it doesn’t provide much information about its fees or services. If you’d like to work with DMB Financial, you can get a free consultation. Then you’ll need to complete an application to learn about its rates and fees.

Is DMB Financial Legitimate?

DMB Financial has been in business since 2003. It’s a membe🌠r of sevღeral different industry organizations and has worked with thousands of customers and has fairly high customer reviews on third party sites. However, be aware that the company has faced regulatory action in the recent past, including for charging unlawful fees to customers.

How Does DMB Financial Work? 

DMB Financial works by negotiating with creditors on your behalf. First, you stop paying money toward your debt and inst༒ead put that money into a fund. When you have enough money in the fund, the company will try to negotiate a lower amount with your creditors so you can pay down your debt successfully.

Does Debt Settlement Hurt Your Credit?

Creditors report a debt settlement to the credit bureaus. Debt settlement services generally lower your credit score as you stop paying debts and your missing payments are reported by lenders. If possible, try to pay off your debt in full before turning to a 🧜debt settlement company. 

Does Debt Settlement Affect Your Taxes?

Debt settlement can affect your taxes. If the amount that has been forgiven exceeds $600, you’ll need to report the savings as income to the IRS. 

Methodology

cnjem.compared eight of the 澳洲幸运5官方开奖结果体彩网:best debt relief companies to rank them in terms of reputation and stability (10%)༒, customer satisfa💜ction and experience (10%), services (30%), and cost and fees (50%).

We considered whether companies had a membership with the American Association for Debt Resolution (AADR), formerly the American Fair Credit Council (AFCC), as well as how long they have been in business. We reviewed the types of services offered, like counseling, debt settlement, tax relief, and more. We also compared companies' money-back guarantees, upfront fees, fee percentage closed, and cancellation policies. For more about how we rate, review, and select the best debt relief companies, 澳洲幸运5官方开奖结果体彩网:read our full methodology.