Debt Settlement

Should I Stick With DMB Financial?

Written by Steve Rhode


Dear Steve,

I opened a small business last year and building up to that caused my personal finances to get a little high. I recently enrolled with DMB financial but after doing the math I am really not saving enough for it to impact my credit score the way that it will. I would like to get my settlement as low as possible, but also minimal impact to my score. I have $12,000 in cash available to pay all my debt.

Can I use $12,000 as leverage to pay off $32,000? Will I be able to negotiate myself? Can I get out of DMB financial?



Dear Tara,

You can always terminate the agreement with any company. Here is my guide on how to attempt to get satisfaction.

But before you get outraged or rush to cancel, I would suggest you read the client agreement you signed when you enrolled in their service. I would seriously doubt they said anything about protecting your credit or giving you a guarantee they could settle for that amount including their fees.

The first step to being a protected consumer is to be aware what the legal client agreement you are signing says and the terms you agreed to.

That being said, it is as close to impossible to minimize or eliminate the impact to your credit when you settle. By definition settlement is achieved almost exclusively by defaulting on your debt sufficiently to get your account past due enough to be eligible to settle.

Settlement is not a free pass. It’s a tool that is best utilized when you have defaulted, can’t afford the debt, but have some assets to pay a settled amount. You also have to be willing to have the forgiven debt noted on your credit report for the next seven years and potentially pay income tax on the forgiven debt if you are not insolvent.

READ  DMB Financial Settles Trustee Suit for Debt Settlement Fees

If you want to compare your debt relief options, use my Get Out of Debt Calculator.

I would suggest you call DMB Financial back, discuss your expectations and make sure you are on the same page with them.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


  • Hello Steve!

    I don’t know what to do! I am currently a DMB client. Been on the plan for 2 years but it’s so slow and I hardly have enough for food after paying. I am disabled and and the only thing I need is my apartment and my car to go to medical appointments! I’ll never own a house again! I don’t think I need credit! Can I stop paying Dmb and live a little better?

    • You should discuss these concerns with your DMB Financial representative. Specifically, you should talk to them about what bankruptcy would mean for you and how it would help eliminate your debt is about 90 days.

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