April 29, 2009 (FPRC) — Beverly, Massachusetts: DMB Financial has been selected by Goldline Research as one of the Leading Credit & Debt Professionals of the Eastern United States for 2009. The list of the Leading Credit & Debt Professionals of the Eastern United States is scheduled to be published in the April 27th issue of Forbes Magazine. DMB Financial received this prestigious designation after intense review by Goldline Research and is a validation of its strong customer service, its proven history of delivering value to the consumer, and its strong leadership role in the industry.

DMB Financial was selected from among 3,300 firms on the East Coast. ‘Those selected provide extensive client service that exceeds the industry standard,’ Dana Mahoney, Analyst, Goldline Research. ‘We believe that they are setting the benchmarks for the industry as a whole.’

‘We’re honored to be named a leading debt settlement company,’ notes Booway Balhaajav, the CEO of DMB Financial. ‘As one of very few ‘success fee’ based companies in this industry, we’ve tied our success directly to the client’s—really setting us apart from the rest. It’s great to be recognized for that commitment.’ DMB Financial is actively involved as a board member of The Association of Settlement Companies (TASC), the leading industry association, in pressing for higher standards for regulation, licensing, and ethical business practices across all 50 states. According to Balhaajav, ‘There’s a real need for debt settlement today, especially as credit card companies raise interest rates and lower credit limits. There aren’t too many companies out there who truly care about delivering tangible savings to the client.’

About DMB Financial

DMB Financial negotiates debt with credit card companies for significant savings to the consumer. They’ve saved 11,000 clients over $87 million in credit card debt and counting. DMB Financial is the industry champion of a ‘success fee’ based business model, where the company only gains when and if it delivers real savings to the consumer.

About Goldline Research

Goldline Research is a third-party, independent research firm specializing in evaluating professional services providers. Goldline Research undertakes an extensive, in-depth research process to review all qualified candidates in a respective area. Its proprietary research process includes individual provider interviews and quantitative analysis of key data, as well as customer reference checks to confirm high levels of customer service. Those providers that earn Goldline Research’s designation demonstrate a commitment to service unparalleled in their industry.

For more information contact Jeff Takle of DMB Financial LLC (http://www.dmbfinancial.com)
866-810-3210

Keywords: debt settlement, debt consolidation, bankruptcy alternative

You can read this press release online at: http://www.free-press-release-center.info/pr00000000000000040353.html

• Or download the whole report here: File Attachment: Success Fee Based DMB Financial Named a Leading Credit and Debt Professional.pdf (9 KB)

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DMB Financial, a leading provider of consumer debt resolution services, announces the selection of Booway Balhaajav as Chief Executive Officer. Mr. Balhaajav brings nearly 20 years of international diplomacy and business leadership experience to DMB Financial, and will lead the company’s efforts to become the premier client-focused debt resolution company in the United States.

Balhaajav comes to DMB Financial with 13 years of experience in business leadership, entrepreneurship, and financial analysis in the management consulting and financial services industries, and 6 years experience in international diplomacy, Mr. Balhaajav is uniquely qualified to assist DMB Financial in servicing their broad portfolio of debt resolution clients.

Prior to joining DMB Financial, Mr. Balhaajav served as the Founder and Managing Director of Triumph Partners, and Principal Consultant at Cayenne Consulting. He holds a Masters degree in Linguistics from Moscow State University as well as an MBA from Harvard Business School.

“I am thrilled to be joining DMB, particularly at this time, as the debt resolution industry is just beginning to take a defined shape.” says Mr. Balhaajav. “We have an opportunity to set new standards for the industry, and ethical debt settlement practices are greatly needed in today’s economic climate to maximize benefits for debt settlement clients.” 

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About DMB Financial

DMB Financial negotiates debt with credit card companies for significant savings to the consumer. They’ve saved 11,000 clients over $87 million in credit card debt and counting. DMB Financial is the industry champion of a “success fee” based business model, where the company only gains when and if it delivers real savings to the consumer.

View the Full Press Release here:

• File Attachment: DMB Names New CEO PR 052109.pdf (32 KB)

Odd to post an announcement of myself onto our corporate website, but it’s appropriate. I am thrilled to join this team, especially at this point in time. As one of only two major success fee based debt settlement companies in the industry, DMB Financial is poised to do great things over the next two years.

I’ve also been very fortunate in my first few weeks to engage directly with the New York Attorney General’s investigation into debt settlement companies. Having helped compile the DMB Financial performance statistics, I am incredibly proud of the very real savings percentages, graduation rates, and successes that DMB Financial has had in New York. This exercise really has been a blessing in disguise.

Please see the press release below or in the attached file:

• File Attachment: DMB New VP of Marketing PR 052109.pdf (32 KB)

Have you ever had the unpleasant – but increasingly common experience of finding that your credit card provider has boosted your annual percentage rate (APR) without warning or explanation? Do you suspect that the grace period for making payments has been steadily shrinking? Does it seem as though the bank is applying your payments in such a way as to maximize interest charges? In other words, do you have the helpless feeling that you’re being taken for a financial ride?

Good news! Some welcome relief is in the works, courtesy of the U.S. government.

At the beginning of May, the Federal Reserve Board proposed a set of new regulations that would help to protect consumers against the aforementioned practices and a number of others considered to be unfair. These rules, proposed for public comment under the Federal Trade Commission Act, are a follow-up to the board’s 2007 proposal for improving credit card disclosures under the Truth in Lending Act.

The proposal includes five major protections for credit card users. (Note that although we’ll use the term “bank” throughout, these rules would also apply to other institutions such as savings associations and federally chartered credit unions.)

1. Rates on Preexisting Balances — Banks would be prohibited from increasing the APR on a preexisting balance (except under certain limited circumstances), and would have to permit the consumer to pay off that balance over a reasonable period of time.
2. Above-Minimum Payments — Banks would not be permitted to apply payments over the minimum in a way that maximizes interest charges.
3. Discounted Promotional Rates — Banks would be required to extend the full benefit of discounted promotional rates by (1) applying payments over the minimum to any higher-rate balances; and (2) offering a grace period for purchases for which the consumer is otherwise eligible.
4. “Two-Cycle” Billing — Banks would be prohibited from assessing interest charges using the “two-cycle” method, which calculates interest on balances on days in billing cycles preceding the most recent one. (In effect, the cardholder gets hit with a double whammy because interest is charged retroactively to the date of purchase—even if it’s the month before.)
5. Reasonable Payment Time — Banks would have to give consumers a reasonable amount of time to make payments.

Also included are regulations affecting payment of deposit account overdrafts, whether they’re created by a check, an ATM withdrawal, a debit card purchase, or some other type of transaction. Financial institutions would be required to provide consumers with notice and an opportunity to opt out of overdraft payments.

According to a Federal Reserve Board member, these and other proposed rules “would provide the benefits of substantial protection against practices that can harm consumers.” At a time when consumers are under relentless financial pressure on so many fronts, it’s reassuring to know that someone is watching our backs.