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DMB Financial

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32 User Reviews

5.4

Overall Score

LAST UPDATED: October 22nd, 2020

DMB Financial has successfully managed over $1 billion of debt for clients during its 14 years in business. Available in 26 states, it brings a lot of experience to the table. The company is accredited with the AFCC and the IAPDA, which is helpful to consumers looking for a company they can trust. It is also the only debt relief company listed on the INC. 5000 list.

Unfortunately, DMB Financial has a higher potential cost and only services 26 states. Take a look at the top debt relief companies to find one that suits your needs at a fair price.

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The Good

  • Helpful Services
  • Industry Accreditations
  • Great Reviews

Helpful Services

DMB Financial works with clients to establish a debt management plan by organizing monthly expenses, income accounts, long-term savings, employment status, stress levels, and any past-due credit card debt payments (or any type of unsecured debt).

The company strives to find a credit card interest rate that is lower than current payments and a reasonable payment deadline to build a settlement program that will help the individual out of debt. Settlements plans are generally sought out as an alternative to bankruptcy. Where settlement will lower your credit score, the change is temporary. Bankruptcy can stay on your credit report for up to 10 years.

Every client is assigned a Client Services Rep throughout the entirety of the settlement program, an extremely helpful tactic that is surprisingly not seen at every debt relief company in the debt settlement industry. This representative can answer questions or concerns throughout the debt settlement process.

Typical clients with excessive debt have seen over 50 percent of their debt written off, becoming debt free in as little as 36 months.

In addition to its expert financial services, the company offers a "refer a friend" program where clients can refer family members or friends and receive a $200 award for every person that signs up with the company; this money can go a long way for those with high credit card debt and can help to pay off creditors more quickly.

The client can put this towards the settlement or keep the cash. Finally, DMB does not charge any fees until a settlement is reached.

Customers should also know that the debt settlement program from DMB Financial will lower their credit score. As with all debt settlement plans, the company will instruct you to stop paying your creditors, which forces debt negotiation but also lowers your credit score considerably.

Industry Accreditations

Many customers passing through financial hardship will look to industry accreditations to show the legitimacy and commitment of a business.

The commitment of DMB Financial is proven by its AFCC and IAPDA accreditations, suggesting that this company is following best practices. In addition, the company is listed on the INC. 5000 list.

Great Reviews

Customer reviews indicate that DMB Financial's debt relief services take care of clients, both in terms of customer support and in financial services rendered. 

Additionally, it is worth noting that Forbes Magazine recognized DMB as a "Top Debt Professional".

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The Bad

  • Only in 26 States
  • Complaints
  • DMB Financial Cost

Only in 26 States

DMB Financial only provides debt relief services to customers in 26 states within the U.S. Unfortunately, the company doesn't disclose which states it does not service, so customers will need to request a quote to discover if they qualify.

Complaints

Though DMB Financial does have many great customer reviews, there are also some consumer complaints that are worth noting.

Some customers have complained about the company's lack of organization. Others have complained about the fact that the company only pays off one credit card at a time.

Other customers have complained about prolonged debts that resulted in lawsuits with a creditor.

DMB Financial Cost

How much does DMB Financial charge its customers? On average, DMB Financial charges 21.5 percent of your total enrolled debt The average fee in the debt settlement industry is 15 to 25 percent of their enrolled debt. DMB Financial charges 18 to 25 percent, which is a slightly higher minimum fee than most competitors.

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The Bottom Line

DMB Financial provides debt negotiation services and is accredited with the AFCC and the IAPDA and is available in 49 states.  DMB Financial provides debt management and debt settlement services for those who want to escape credit card debt and other types of unsecured debt (student loan debt, medical debt, etc.). Debt relief companies like DMB Financial negotiate with your creditors to achieve a manageable debt amount.

The company does not charge any fees until a settlement is reached. However, the company requires a high minimum debt, therefore consumers with less than $10k in debt will need to look for other companies. In addition, its minimum fee is higher than some competitors. We suggest consumers compare DMB to other debt settlement and debt consolidation companies to determine if DMB Financial is right for their needs.

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Star Rating

2.5

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32 Reviews

Review Breakdown

5 grade

25%

4 grade

13%

3 grade

0%

2 grade

9%

1 grade

53%

Sentiment Criteria

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Quality

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David Wyatt West Sacramento, CA

I have read through many of the reviews of DMB Financial and wanted to get my two cents in. I have had a very good experience with DMB...but I have also been very engaged in the process. I've been in the program since November 2017 and half of my debts are either resolved (finished the payments) or are in process (a few more months to go). I have had a creditor (actually it was turned over to a collections attorney) serve me with a court summons - I turned it over to DMB and contacted my DMB advisor. They reassured me and turned it over to DMB's legal department, and five days later I had a settlement offer (I just approved it this morning). One reviewer mentioned that they have had multiple client advisors at DMB and yes, I've had the same experience, but they all have directly contacted me right away via phone or email and when I returned their calls, I was able to talk with them right away. They all have been knowledgeable, kind, and encouraging - I have been quite happy with their service. Yes, they do take a fair chunk of money for their services. But I found it to be perfectly worth it...especially after the rapid way the court summons was resolved (me not needing to hire my own lawyer saved me plenty of money!). And since I regularly check my client portal and also keep a running accounting on my computer of payments and payouts, I have not had any issues. Sometimes the creditor does suddenly terminate the settlement offer (sometimes a month or two into the settlement) and then it starts over again...but I didn't find that to be DMB's fault...and the new settlement usually arrives quickly thereafter (albeit usually at a bit higher amount). Overall, I have been very happy with my experience and I am so relieved to be able to see light at the end of my financial tunnel. Just stay engaged and regularly talk with your DMB advisor. This isn't a "poof...it's fixed"-process, be patient and knowledgeable and good outcomes can happen.

2 years ago

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Tiffany P. Garland, TX

So far so good. I am reading these reviews and getting scared. I have had my person to change a couple of times since last October 2018 I believe but have settle we 3 companies. I know they are paying them as well because so far I have had one of the creditors send a letter and let me know they received payment. So I don't get it how everyone has given this company a one. I pray I don't change my mind but so far so good. I don't have time to work it out with the debtors either. So its worth the money to me. They have a 4 because of the change in person on my case, but other than that they have contacted me and checked on me through this whole process.

2 years ago

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ken Beverly, MA

I was referred to DMB by a friend of mine who went through their program and was very happy she said. I was very skeptical but willing to give them a shot especially after speaking with them and finding out that I didn't have to pay anything up front. I ended up settling my credit cards - one for 50% of what I owed and the other two for around 40%. The staff was VERY helpful and answered all of my questions - which I had a ton. I strongly recommend them to anyone who debt problems.

6 years ago

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Evelyn Lemon Grove, CA

I am VERY UNHAPPY with this company.I signed up with them December 2017. Big mistake!!!!! I enrolled into their program their 1st mistake was they mistakenly terminated my account I was getting endless creditor phone calls! I was served by another Creditors court paper not knowing they mistakenly terminated my enrollment. They terminated another one of their client and thought it was my file!They had to open a New file for me. I requested for another client consultant. A month later I was assigned to a new one who I was sending new collection bills to he didn’t follow up on any of my new bills so I end up getting served another Court paper! I had to call the new client consultant that never followed up on my court paperwork! Bottom line is you might as well file for Bankruptcy! It has been pretty much a nightmare working with these guys! I feel like I am on my own. One of their manager says he got my paperwork straighten out so I am going to see how it goes or one last time if they don’t I am going to go ahead and file for Bankruptcy.! I feel like these guys have too many clients they deal with that they don’t really care!

1 year ago

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Paul Montiel Hemet, CA

Do Not Go This Direction! Unless your income has been completely cut in half... Your Creditors will work with you... 70 Cents on the Dollar or Cut interest rate with payment arrangement, that you can afford... This will not affect your Credit as long as you are in compliance with your Creditor... DMB Financial will make everything sound so easy. Until you are in the program... Then Your Creditors Will Call You DAY & NIGHT! Send you notices through mail & email... All DMB Financial will tell you, is not to answer... Good Luck with That! Global Solutions is not a Solution, they will make your Life even "WORST!" Global Solution will collect your funds from your Bank Account and will not distribute your funds for 3-6 Months! By then you are so far behind on payments and late Fees, you have no option beside to stay with Global Solution or Filing Bankruptcy... If you own a Home with Equity, cannot Claim Bankruptcy... DMB Financial is just to get you started before actual hearing from Global Solution... The reason I went with DMB Financial from the beginning, is because my Wife's income was cut down... It took me over a month to really say... Well lets do this... BIG MISTAKE EVER!!! I do Suffer from PTSD, it will cause more Anxiety! DMB Financial Representative, will tell you.. Give the Creditor your account #, Global Solution Phone # and Address on your payment coupon... "It Does Not WORK!" Creditors are on to that, plus they will not call or speak to them! Once Again, before you consider Debt Relief, contact your Creditors and Speak to the Collection Department... It will save you sleepless, headaches, anxiety, and paranoia day & nights...

2 years ago

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ROBERT ARON Stony Point, NY

BEST DARN COMPANY I EVER TALKED WITH ,ON HELPING ME OUT OF MY FINANCIAL MESS. THANK YOU. JOHNTHAN MADE ME FELL LIKE I WAS A HUMAN BEING. HE DID NOT TALK DOWN TO ME AS IF I WAS NOT HERE. THANK YOU ALL SO MUCH

4 years ago

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Gail l Gray - Habig

Nicholas H , was the best. He made me feel like I mattered, Knowledgeable in his field, very friendly and easy to understand how it works. Gave me more information than I ever got from Customer Service ever any where.

4 years ago

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Stacy Meredith

Do not consider business with DMB financial.... This place is a joke, the money I've paid in for my credit cards they have kept well over half of it. I understand they get a percentage of it "but half really" I have had 3 of the credit cards sent to court, so im out the regular amount plus court cost. I have my bank account garnished and now my pay check, and now also have a lien put on my home. Then one of their attorneys contacted me about my accounts being took to court, wanting to know if I had extra money to pay toward the credit cards..... Really???? Give me a break I was living pay check to pay check anyway, then having my wages garnished. These people are out of their minds.

1 year ago

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Jose McAllen, TX

Best experience I've had..Louanne helped me a great deal and keeps me posted on the regular..so far one year in and 2 settlements down couple more to go..Thank you DMB

2 years ago

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Evan Flattes

DMB is one of the worst companies I have ever had the misfortunate of working with. They are terribly disorganized, do not follow up with their customers and have 0 desire to settle the debt. In the 24 months that I have been enrolled in the program, I have had a creditor absolve my debt (my own doing); however, DMB is still fighting for an offer despite myself and the creditor letting them know it has been resolved. Additionally, I continue to follow-up, email and call to no avail. I just called for the second time in two-weeks after beeing promised a follow-up and had to review the entire story I've shared with every rep I've spoken to the past 7 months. Service is abysmal and this companies practices are abhorrent. Had I known what I know now I would have never joined this program. Paying off debt is one of the most stressful and overwhelming experiences one can go through; DMB does not do anything but exacerbate those feelings.

2 years ago

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Holly Butte, MT

I signed up for DMB thinking it was a good idea. Just like others mentioned, they settle your accounts but don’t pay the creditors first. After they settled my two accounts and took their fee, I cancelled the program. They tried to tell me that the creditors would also cancel the settlement and I would be back to square one. I simply called Capital One and Wells Fargo, set up my bank account and continued to pay on the amount that was settled on. I wish I would have known but anyone can settle their debt on their own. May take a couple of calls or letters but it can be done. Stay away from DMB at all costs!!

2 years ago

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Anonymous Bellaire, TX

Very deceptive and not honest they got me in a worst situation even worst on my credit report, they let all your bills go into pass due and fees keep adding up..more money for them. When going into this they made it sound great, that's how they get you. Customer service sucks? only when they want something, it's ridiculous. then they give you the cold shoulder and hang up on you, when you cancel. They charge you 25% of your original account balance ... whether they settle or not. I got a settlement offer letter send to me and took a whopping 25%. It's almost like a loan shark scam. They tell you we will be getting offers coming in and after 4 months I got 1 out of 8 taken care . and keep telling you refund in the process which is just a few dollars after their hefty fees.

3 years ago

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Sandy Hermosa Beach, CA

This company is a mess! Not sure people should be going to them. I could have done a better job of negotiating a debit payoff, they basically left my account unhandled for months - I paid off the account and all my money is still in their escrow account paying my bills monthly vs., lump sum so they earning money off my money that should be paid directly to the credit card companies. They don't follow direction well either.

3 years ago

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Rob

They talk a big game and conveniently leave out the bad on doing business with them. My accounts have been paid and closed as of Dec 2016 now here we are in Aug 2017 still wondering where my account statements and itemized logs to see were all these settlement Fees went to. Straight up told me. "Jason Nichols" I told them not to send you anything! I replied with all i want is a balance sheet of what I owed and what I paid and how much money in settlement fees went to them per account. Told me to have a nice day. You would think after paying over $10,000 in Fees we the client would receive some sort of information verifying what they did for us.

4 years ago

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Linda Canning West Point, VA

Do Not use this company!!!! Due to their poor management skills, they left our account go into a Judgement!!!! Turn over in staff is very quick. I have had at least 6 reps. In 2 years. None of them are compatant. Nice talking but no results. I am now getting a layer and suing. I filed a complaint with the BBB in their area.No improvement!Really disappointed and disgusted!!!

1 year ago

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arnold phavong Baldwin Park, CA

worst company ever. I signed for a 28 months contract and they keep extending it. I already paid 34 months and added another 8 months to pay giving me no valid reason. total amount put in was almost 10,000 worth of my payments. they got a settlement of $6,700 for my account plus the 25% fee will be $1,675 which brings a total of $8,375. and still want me to make more payments. Tammy C is the worst representative and just wants to argue and not help the client.

2 years ago

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Wendy Brookfield, MO

We have been with DMB for 6 months, worst ideal ever. I stressed and waited to decide to do this. My husband and I finally decide to do it. Our representative has changed 3 times in 6 months. They have settled 2. I read through all my paperwork to see if it told you they would only settle one at a time, never seen anything. I’m gonna call a different company and drop them. Completely ridiculous!

2 years ago

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Pam Scott Fort Worth, TX

DMB Financial are crooks! We were told that we had to authorize all settlements. Well if you talk to multiple people, you get multiple answers. We got a voicemail about a settlement, so I called. Did not authorize advising that I need to talk to my husband , got an email to advise me to remember to go online. I did not do either but they took their fee from our account and no money sent to debt. That is thief or bate and switch. Either way they are crooks!

2 years ago

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Phil Fioresi South San Francisco, CA

Did I not mention that they will make agreements without your approval, yes I had a $675.00 debt and they settled for $2000.00 they didn't call me they didn't e-mail they just took money out of my escrow account for their settlement fee! Can I give them zero stars? Needless to say I won't be dealing with them ever again, they make a bad situation worse.

2 years ago

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Customer El Paso, TX

They are the absolute worst! They fast talk you into the program and then completely destroy your credit. They nickel and dime you on fees, they keep your money and don’t even pay the creditors after they supposedly make a settlement. They use the excuse “oh the creditors aren’t cashing our checks, this happens all the time” . They are a fraud, they are crooks, don’t get near them.

2 years ago

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Brian Powell Lake Toxaway, NC

These guys make a lot of good promises to reel you in to their program. I am about 4 months into the program and my credit is the worst its ever been. They have settled 1 account out of 6 and took a 25% fee for making the settlement instead of paying my creditors. Now I am in need of a vehicle and cant finance a wheelbarrow. STAY AWAY at all cause......

2 years ago

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Christine Tucson, AZ

This financial institution does not follow through. I was wanted to terminate my account. I was told I would receive my remaining balance, instead they put the money toward one of my cards, which I had already terminated so they had no right to send them the money. Now I can't get my remaining balance because they took it away from me which I need for my car payment. I would NOT recommend this as a debt solution.

4 years ago

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Wade Escondido, CA

This company fails to communicate with their clients. The fees are astronomical. They said I would be able to settle 19,000 of debt for 4700. I’ve paid over 10, 000 in fees and now they say I owe another 2700. Worst debt company ever. Wouldn’t recommend to anyone.

2 years ago

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Earline Williams

I was not told they only do one credit card at a time and once you use the money you got build up on one they don't worry about the other two they give it all in one so you probably will have a lawsuit and you probably will have to get a lawyer

3 years ago

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Angela Masters Ashville, AL

They were very helpful. They answered all my questions and worked out a payment plan that works for me.

3 years ago

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Barbara Whitesboro, TX

Been with DMB for about a year and so far they've only settle one credit card. Now I have three that have gone into collections with amounts higher than before. DMB has made my situation worse; not better.

3 years ago

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Anonymous New York, NY

They charge more than any other company and yet I am being sued by one of the creditors who they settled my account with about six months ago. How is this even possible? Don't sign up for their services.

4 years ago

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Melodie S Anderson Louisville, KY

I asked a lot of questions and received the answers. Nick took his time helping me to understand and feel comfortable.

4 years ago

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Marylin Salgado Otero

Great knowledge of product and debt/credit advise. Richard W is very helpful.

4 years ago

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Andrew S Mancuso

Rian was extremely helpful and understanding. He gave me hope

4 years ago

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AB Knightdale, NC

Anthony provided superior customer service and active listening to aid with a customized plan.

4 years ago

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rhiannon Orlando, FL

absolutely helpful, and very explanatory.

4 years ago

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