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If you have a $7,600 credit card balance with an 18% APR and only make 2% minimum payments, you'll need 53 years to pay off your debt. Total interest-$21,731!
6 Steps to Debt Settlement
At DMB Financial, because we have years of hands-on experience and have helped thousands free themselves from their unsecured debt, we have the expertise to also assist YOU in becoming debt free.
The following steps will take you through the process involved with becoming another satisfied DMB client:
1.
A FREE telephone consultation with a DMB Debt Relief Consultant and the completion of an Application Worksheet will determine if our program is right for you. If in fact this is the solution you are looking for and are accepted into the program, you would then complete our Enrollment Forms.2.
Once the Enrollment Forms are returned to us, you will receive a New Client Package that will instruct you to, among other things, forward a change of address form to each of your creditors. This form instructs your creditors to direct all correspondence to our offices, which will help to diminish the number of creditor phone calls and communications being received by you.3.
In the event that you receive harassing phone calls, you will be instructed to complete and fax a Creditor Call Log to your client services representative, which will assist us in managing your creditors. Additionally, we will contact and send a Consumer Authorization Form to these specific creditors acknowledging our authority to negotiate on your behalf.4.
With your funds now accumulating in an F.D.I.C. insured special purpose account that was set up at the beginning of your program, we generally begin negotiations within a four to eight month time frame following your enrollment into the program. The timing of negotiations is relative to the funds available within your account and all of your creditors are negotiated with, and settled individually.* Additionally, in pursuit of maintaining cooperative creditor relations, DMB retains the services of a Massachusetts law firm to oversee its operations and policies in the settlements business unit.5.
Once we receive a settlement offer from one of your creditors, we will forward this offer to you for review and acceptance. In the end, the settlement amount is withdrawn from your F.D.I.C. insured account, and your creditor is paid. (Our settlement fee of 25% is in addition to this payoff amount). We suggest that our clients retain this settlement letter for general record keeping matters as creditors may fail to report this information to the credit bureaus.6.
At this point, ongoing negotiations and communication with all of your creditors is occurring. Once we settle with one creditor, we focus our attention on the next until each debt (account) has been negotiated and settled.
* Individual results may vary based on ability to save funds, amount of debt, willingness of creditors to negotiate, and the successful completion of all program terms. Program does not assume or pay any debts, nor provide legal or tax advice. Prudence should always be taken by consumers when reviewing contracts and disclosure materials. DMB's services not available in all states.