Please share your experience with this debt relief company and provide your review and feedback, in the comments section below.
The goal of this page is to allow people to share information that may be important to help others to make a more informed decision regarding their experience with this debt relief company. Here are some potential questions you might be able to provide feedback about.
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It is important to understand when reading comments below that they are the opinions of the individual posters and may not be representative of the overall impression of all consumers that may have or have not used the debt relief services of this company. But everyone does deserve to have an opportunity to express their opinion, even the debt relief company itself, be it good, bad, or indifferent.
what i found right from the start on the conference call a gal asked is it 30 60 or 90 days and the bullspitter said we pay off the big ones first its been 42 months for me and they still havent paid off one of my crediters my payments have been 452 every two weeks so i have paid these snake oil slimies 36000 and they paid off like 18000 this consumerfinancialprotectionbureau is playing games with these scammers i think we should all just cancel our payments and bury this ripoff ourselves
After researching all my options and determining I did NOT qualify for a Chapter 7 Bankruptcy, I went with a Debt Settlement program with DMB Financial. I am 6 months into the program, so I feel I have a fairly good understanding as to what are the pros and cons of this organization:
Amount of Consumer Debt: $27.500 unsecured debt
Initial monthly payment: $370/month
Within 6 months, payment increased to: $500/month
Pros:
* I felt the initial monthly payment and the 32 months term was fair and equitable
* I felt the fee of $5000 for their services over the life the program was not excessive and palatable
* I felt initially they were eager to help and seemed professional
Cons:
* They assigned me to advisers that sounded as if they barely graduated High School
* In only 3 months, I had to request to be switched to 3 different advisers because I had no faith the High School drop out knew better than I did
* They WILL withhold all the facts of the program to include some of the following:
-You will be asked within 4-6 months to cough up more monthly money, because once the single largest creditor was settled, it consumed 90% of the monthly escrow money. So how are they supposed to payout other creditors? Wait for 16 months for the first creditor to the trough to get paid off?
* The senior advisers who actually do all the negotiating have truly the interest of the creditor more at heart than you. Why? Because they work with these companies EVERY day and they already knew going in from the beginning what the creditors negotiated pay down was going to be, yet they did not advise any such information with me up front.
* Don’t expect a great deal from the credit advisers, they are College drop out level of intelligence at best and don’t often understand some basics of budgeting skills. I often found myself in discussions with them where they were more or less giving me a “Sales pitch” as to why I need to increase my monthly payment.
So, there you have it. I didn’t sugar coat anything on this one. Unfortunately, my credit score is such a complete Train Wreck now that pulling out isn’t really a practical solution. The best course of action is to stick with it and even try to pay more as settlement offers come in so that I can pay this off as soon as possible. After that, wait the 5-7 years that is going to be required to wipe the disasters from my credit report.
Summary: If I had been told of some of the tactics they use to obtain a settlement offer, I probably would NOT have gone this route. There ARE going to be charge offs, there ARE going to be potential law suits and my dismal credit score is going to follow me for the next 5-7 years..possibly more!
I hope it will all be worth it in the end…that’s all I can say.
M
Los Angeles, CA
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