Setup Fee: 0%
Monthly Fee: $30
Settlement Fee: 25%
TASC Members: Yes
BBB Complaints: 21
In Business Since: 2003
DMB Financial runs a program similar to that of New Era Debt Solutions, they make the majority of their money on the back-end of the program. DMB makes 25% of what they save you. So if you have $10,000 in credit card debt and they settle that for $4,000, they would make $1,500 plus monthly fees. As I mentioned in the New Era review, this solution may or may not be better for you depending on your situation. If you have accounts that get settled for 20-30% of what you owe, they will be making more money than if you went with a flat 15% setup fee company.
DMB Financial has three different listings with the Better Business Bureau. They have received 21 complaints in the last 36 months. DMB is also a TASC member. I was told they use the services of the Matthew Guthrie law office to aid in their settlements. When looking at their BBB rating, it appears that Matthew Guthrie is also their Chief Financial Officer and Treasurer.
- : 4.7
- : 4.3
- : 4.7
{ 5 comments… read them below or add one }
I have over 160K in credit card, line of credit and unsecured debt. The majority, or about 120K is in credit card debt.
In reviewing Debt Settlement Companies, yours came highly rated by an online review company. I would like to do business with your company, but I have a serious issue with the 25% fee amount. If that were in the 10 to 15 range, we could talk. Also, I may have some life insurance proceeds in the near future; therefore, if I could pay off all the debts at their reduced negotiated fee in a short time period, say, the next 3 months, would that reduce the fees?
I was struggling with my credit card payments since 1993-1994. It became really hard to pay my bills because my husband lost his job and older son went to college. I found DMB financial online and called their office. I decided to try their services.
My debt was settled. It went down from 65 000 to less than 20 000.
I DONT LIKE THE UPFRONT FEE PLUS THE 25% THY TOOK FOR THEMSELF THE FIRST 2 MONTHS OF 675 TOTAL 1350 SOMEWHAT DISONEST.
Message for Anthony Lauria, or Erin ?. Please give me a call ASAP regarding our next payment. Thanks 505-250-xxxx
@Chris – I edited out the last 4 of your phone number for privacy. You should call DMB directly as they are not affiliated with this site and probably do not check it very often.