Reader Questions

Is DMB Financial, Legitimate or a Scam? – Kim

Written by Consumer

I have approxmitely 31,000 in credit card debt. I have signed on to repay my debt within 48 months at $520.00 per months. Does this work. I have had a lot of correspondence with them. But dont know if it is a scam or legite. I am still within my 30 days but I am a bit nervous about the situation. Please help me. I WANT TO KNOW IF THEY ARE FOR REAL BEFORE PROCEEDING ANY FURTHER AND POSSIBLY DESTROYING MR CREDIT RATING.

Is DMB FINANCIAL LEGITIMATE OR A SCAM? I need help in consolidating my credit card debt. But dont know who to trust.tHEY ARE OUT OF Beverly MA 01915, phone 978-865-6959.

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.

READ  New York Attorney General Announces Nationwide Investigation Into Debt Settlement Industry



About the author

Consumer

This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.

22 Comments

    • The Lawsuit is bogus. I am a member of the program and they have done everything they say. From the article – Plaintiff alleges a large percentage of enrolled consumers fail to complete their debt settlement and many consumers drop out of the program in worse financial condition than before they enrolled. There is NO WAY plaintiff would know this information and just because they can’t pay doesn’t make that persons claim valid.

  • …ps, when the fees start adding up from the CC Companies they go on your principal balance. By the time you will settle an account it is wacked up so high in fees that you paid them, and then the settlement fee, you actually got nowhere money wise. Settlement company wins, you lose. But in most cases the client is so glad to be rid of the debt they dont complain.

  • Well if you dont mind several calls from creditors and letting all your accounts fall behind, killing your credit score and getting sued its great. Other than that it sucks. I worked in the industry and things aren’t generally explained the way they really are. Debt settlement companies cannot settle your debt with a creditor until you are behind on payments to the creditor. Then you have to keep paying to the settlement company until there is enough money built up to start to settle debts. Yes you will be sued on a 48 month program. Probably several times. Too long. If you can get some money and fall behind maybe 3 months +, then the company can start to settle your debts at that point, possibly avoiding suit. This is not for the faint of heart. I would avoid it like the plague. Customers are not advised they will be sued and are taken into the program generally on false pretenses. Actually DmB is one of the better companies, but they are not doing anything you couldnt do youself.

    • I hired DMB to settle 4 of my credit cards. My credit score dropped down 100% 😡 I have already paid DMB $1,180 and for what. I could have settle with the credit card companies myself. My credit was good. I had not missed any payments and now I am fuck. I trying to figure out how to get my money back and stop payments.

  • Hello,
    I have the same amount of debt and have been researching solutions for a while. Unfortunately, debt consolidation has always been listed as the wrong way to go about it. You will end up paying much more than you originally owed. The debt seems less, but it’s because it’s being stretched out over a longer period of time. The only real way of getting yourself out of debt is creating a budget, spending much less than you earn, and trying to make more than the minimum payment. Also, try calling your credit card companies and explaining your situation. Sometimes they are willing to work out a plan with you. I feel your pain. It will get better.

Leave a Comment

Scroll to Top