DMB Financial: No More Collection Calls from Creditors?

Overview of DMB Financial

The company was established in 2003 in Beverly, Massachusetts, with the focus of helping ordinary people resolve their unsecured debt through debt settlement. They pride themselves on having provided professional consultation to over 30,000 people and successfully managing more than $1 billion in unsecured debt within a couple of decades.

While they provide extensive debt relief services to clients, they do not operate in all states. You would need to book a consultation with the company to determine whether they operate in your state or not. That said, they state that they cater to a diverse set of clients, including professionals, students, the self-employed, singles, married couples, single parents, and seniors experiencing undue financial hardship.

Despite not being accredited by the Better Business Bureau (BBB), DMB holds an A rating from the Bureau. This lack of accreditation is due to the company's involvement in marketplace misconduct in 2021. At the time, they were charged with taking unlawful fees from clients and providing improper disclosures. They were made to pay $7.7 million in redress to customers. That was not the only malpractice reported against them. They were fined $1 million in relief later that year, which compelled them to make significant changes to their business practices.

On the other hand, this debt relief provider is currently a member of the International Association of Professional Debt Arbitrators (IAPDA) and the American Association for Debt Resolution (AADR). They are also affiliated with the Greater Beverly Chamber of Commerce (GBCC) and the North Shore Chamber of Commerce (NSCC). Therefore, despite the company’s controversial past behavior, their affiliations and memberships with such organizations highlight their adherence to industry standards as well as their good standing within the community.

Types of Debt Covered by DMB Financial

While the company’s website mentions that they settle various types of unsecured debt, they only specifically list credit card debt as an example. However, they are likely to cover other types of unsecured debt, such as medical bills, personal loans, and possibly private student loans, although details are minimal. For a better understanding of the types of debt they cover, it is recommended to contact them directly to confirm if your specific debt is included in their program. 

To qualify for their debt relief program, you need to have at least $10,000 in unsecured debt, spread between at least two credit cards. 

Services Offered by DMB Financial

They utilize a debt negotiation and settlement process called the Financial Guardian Program for their debt relief initiatives. Services provided within the program are as follows:

• Debt consultation: The program starts with a free, no-obligation consultation where certified debt consultants analyze your debts and financial situation. There are two different ways you can access your free consultation session:
  • First, you can fill out their online application, where you’d provide your personal information, including your name, address, income, and debts 
  • The second method is applying by phone, which you can find in the Customer Support section below
• Debt settlement: Following your initial free session, their team will negotiate with your creditors to settle your debts for less than what you owe. It typically takes between four and eight months for a settlement to be reached
  • Once the program is completed, which usually takes up to 36 months, the company’s clients see, on average, a debt reduction of around 48%. Throughout the program, you will be expected to make a monthly payment into a separate, FDIC-insured account. These savings will accumulate and be used to pay off your creditors
  • The company further promises to work with your creditors and collection agencies to reduce or eliminate harassing phone calls

Fees at DMB Financial

When it comes to pricing, they do not disclose specific information about their fee structure or about any upfront fees, management fees, cancellation fees, or monthly fees on their website. To get details about the program’s costs, you need to schedule a free consultation with the company.

Based on our research, debt settlement companies generally charge between 15% and 25% of the total debt enrolled in the program. This settlement or performance fee is only charged once a settlement is successfully reached with the creditor. It is important to ask for specific percentages during the consultation to understand the exact costs you will incur.

While fees for managing your account with them are not explicitly stated, it is advisable to inquire about these costs during the consultation as well. Also, unlike some other debt relief companies, they do not advertise a money-back guarantee, although you may also inquire about this by contacting their support team.

Advantages & Disadvantages of DMB Financial

Before considering this particular debt relief provider, it is best to thoroughly inspect their advantages and disadvantages.

Advantages

• Free consultations: A perk of their program is that it starts with a free consultation, allowing you to discuss your financial situation and explore your options with no obligations
• User-friendly client portal: Their website offers an easy-to-navigate client portal, which allows you to track your progress, view account details, and simply stay informed of your status within the debt settlement process
• Prevention of collection calls: As they move forward with the negotiation process with your creditors or collection agencies, they will also work to reach agreements to limit or eliminate collection calls coming your way

Disadvantages

• Fee structure not disclosed: One major downside to their services is that they do not disclose their fee structure upfront. Without making such crucial information public, many might be wary of hidden fees or unexpected charges
• Limited geographic presence: The company states that they are unavailable in all 50 states, yet they do not openly specify the names of the states they serve and do not serve
• Limited debt relief options: Their program primarily focuses on debt settlement. If you happen to be seeking a broader range of debt relief options, such as debt consolidation or credit counseling, they might not meet your needs

The Client Experience at DMB Financial

The company holds an A rating from the Better Business Bureau (BBB), although it is not accredited by the organization. Their customer review score on the site stands at 4.85 out of 5 stars. They have a much lower score on Yelp of 2.7 out of 5, although there are much fewer reviews there.

Positive feedback

Their customers generally expressed satisfaction with the company’s personalized care and the expertise of their staff. Many praised their representatives for their attentiveness and willingness to listen to individual financial concerns. Others expressed their appreciation for the flexibility offered in the repayment plans, which allowed them to manage their finances more effectively. Moreover, some reviewers pointed out exceptional personal guidance through the program.

Critical feedback

Negative reviews often cited issues with the handling of funds and the lack of transparency regarding fees. Some customers complained about unexpected fees and dissatisfaction with the overall outcome of the debt settlement process. A common complaint involved the lack of communication, with clients reporting difficulties in reaching their assigned representatives and receiving conflicting information from different staff members. There are also concerns about inadequate customer support, with some reviewers mentioning that their accounts went into collections or charge-off status due to perceived mishandling by the company.

Customer Support at DMB Financial

There are several ways you can use to contact the company’s support team. You can call them at 866-384-6232, or send them an email at [email protected]. Additionally, you can send postal mail to or visit them in their office at the following address:
DMB Financial, LLC
500 Cummings Center, Third Floor
Beverly, MA 01915

Their customer support business hours are as follows:

• Monday – Friday: 9:00 AM to 9:00 PM (EST)
• Saturday: 9:00 AM to 5:00 PM (EST)

Final Thoughts 

DMB Financial is a debt relief company established in 2003 and based in Beverly, Massachusetts. They specialize in helping people resolve unsecured debt through their debt settlement program, the Financial Guardian Program, which has enabled them to manage over $1 billion in debt on behalf of more than 30,000 clients. 

This program includes free consultations, debt negotiation, and settlement, all aimed at significantly reducing debt. One unique advantage the company offers is equipping their clients with a user-friendly online client portal, in addition to reducing or eliminating bothersome collection phone calls.

However, many are concerned about their lack of transparency regarding their fee structure, as they do not disclose their fees upfront. They also do not disclose the states they operate in. It’s also important to keep in mind that their program primarily focuses on debt settlement, which may not meet the needs of clients looking for a broader range of debt relief solutions. 

Exploring our debt relief reviews page can further help you find the right service provider for your unique needs. You can also use our comparison tool to compare them with other competitors in the market. Our blog page is another resource at your disposal that can aid you in learning more about debt relief and other financial matters in depth.

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