Frequently Asked Questions

How do I schedule a meeting with a local representative?

You have a couple options for scheduling. Your first choice is to call into our customer success team at 1-844-378-5736. Our team members would be happy to match you with one of our fantastic local members. You can also complete our online scheduling request online! Once your appointment has been scheduled, you will receive a call from your local representative to confirm.

What can I expect at my meeting?

If you ask us, nothing compares to true human connection. It gives you the chance to truly weigh out your options and feel confident in whom you're working with. At your meeting, expect to complete a brief evaluation. We will ask you about your monthly income and expenses, your debts, relevant hardship information, and your goals. Once the application is completed your local representative will discuss your qualifications for our debt resolution program and determine your qualifications. Please keep in mind not everyone can qualify. Aside from the application, expect an amazing customer experience!

What can I expect after I sign-up?

Once you've been accepted into the program, you will be connected with our customer success team. We will verify your understanding of the program and welcome you! You will be assigned a dedicated account manager and negotiator - they will be your partners through the entire term of your program. Your account manager will keep you updated on your file while your negotiator strategizes and communicates with your creditors. It is possible that your negotiator may ask for you to get involved in the communications. Once an offer has been made, your negotiator will contact you to approve the settlement. You will also receive a welcome packet from Save Source via email or mail, and your account manager will contact you to review it together. This packet will contain information on what to expect in the program, where to send correspondence, what's expected of you, and more!

How does the program work?

Each month you will make a monthly payment into an FDIC specialty account that you own. This is where your settlement savings will accumulate and where our fees will be withdrawn from. At your consultation, you and your local representative will determine an effective and affordable monthly payment and term, based on your budget, debts, and goals. As your funds build, our client success team will build a custom negotiation strategy based on your creditor mix, debt sizes, and monthly payment in order to maximize your savings. Once the negotiation process is complete and a creditor agrees, you will be presented with the offer for approval. Once approved, the payments for your settlements will be withdrawn from the specialty savings account in accordance with the terms of the settlement. Some settlements will be paid in a lump sum, others may be paid in installments. Your team will always try to suggest the option that's best for your budget.

What's expected of me?

Our goal is to complete your program with the least amount of work on your part. That being said, we do ask a few things of you in the program.

1. Provide us with accurate and complete information related to the enrolled debts and creditors.

2. Forward all correspondence from creditors to us immediately via email, text, scan, or fax.

3. Respond to Save Source communication and requests within 48 hours. (Settlements can be time sensitive!)

4. Successfully make your monthly payment into your specialty account each month. We cannot settle your debts without funds to pay off the accounts.

5. If you believe you will miss or need to reschedule one of your monthly drafts, notify our client success team at least 3-days in advance.

6. Keep us updated if your financial situation changes. We are here to work with you!

What kind of debt can you help me with?

Save Source only enrolls unsecured debt into our debt resolution program. Debt that is secured in any manner - such as by mortgage or insurances - does not qualify. Additionally, balances below $450 do not qualify. Some of the debts we frequently work with include credit card debt, department store charge cards, personal loans, medical debt, and collections debt. Our underwriting guidelines change to ensure we only accept creditors we feel confident negotiating with. Your local representative will submit your file for approval prior to us accepting any or all of your creditors.

How can I get the most out of my program?

- Include all eligible debts. - Save your account manager's phone number and return their calls promptly. - Pay more into your specialty account when possible. - Get onto an 'all-cash' diet and stop living on credit. - Don't take out more debt! - Set aside the money you're saving each month for emergencies. - Enroll in an online financial health course. This program is more than a chance for you to reduce your payments and overall debt. It's an opportunity to build a new financial future. We recommend you take full advantage of this opportunity and build new, responsible spending and saving habits.

Do you guarantee you'll be able to settle my debts for a specific percent?

No. Every debt and creditor is different, thus we cannot guarantee how each negotiation will go. We use our best efforts and data to ensure that we only take on creditors with whom we have a recent, successful history and feel confident negotiating. Our ability to successfully negotiate a great settlement for you is heavily dependent on your ability to make your monthly deposit each month so that we have funds to settle with.

Can I be taxed on the forgiven amount?

The IRS considers the portion of your debt that was forgiven to be taxable income. If we were able to save you more than $600 on an enrolled debt, your creditor may choose to file an IRS form 1099-C, Cancellation of Debt. If you receive a 1099-C in the mail at the end of the year, you may want to speak with a tax professional about filling an IRS form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. This may make you partially, or completely, exempt from this tax.

We recommend you speak with a tax professional about this process since we do not offer or provide any legal or tax advice.

When will I get my first settlement?

Our goal is to get you the best possible settlement, which is not always the quickest settlement. The first settlement typically happens 120 to 180 days into the program, but this number varies based on multiple factors including, but not limited to... - The status of your most recent payment(s) - Creditor Policies - If you recently did a balance transfer - Debt size vs. your monthly payment

What happens if I miss a payment?

Making your monthly payments on time is perhaps the most critical thing you can do. If you're in an installment settlement and miss your payment, you risk losing the settlement. Missing a payment can also prolong your program and put future negotiations at risk. That being said, we understand that life happens. If you absolutely cannot afford to make your monthly payment, call our customer success team immediately at (833) 476-6185.

Can my debts be sent to collections?

Creditors have the right to collect on their debts and they may do this by sending your file to collections and/or law firms. If this happens to you, don't worry. Our team of negotiators understands how to approach these situations and will continue negotiating the debt as intended.

Will my creditors contact me?

It is likely that your creditor will reach out to you to attempt to collect on your debts. Debt collectors may contact you in-person, by phone, mail, telegram, or fax. They are not allowed to contact you at unreasonable hours or places, such as before 8:00 AM and after 9:00 PM, unless you have agreed to after-hour communications. They may not contact you at work and may not contact third parties, the only exception being to find out where and how to contact you. Collectors may not contact third parties more than once.

If you believe that a collector has violated the Fair Debt Collection Practices Act you have the right to sue a collector. If you win, you may be entitled to recover money for the damages caused and potentially recover statutory damages. Please note, we are not a law firm and cannot provide legal advice or representation.


Save Source, LLC., 3 Whatney, Irvine, CA, 92618

© 2019 Save Source, LLC. | All Rights Reserved.

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Save Source LLC is a debt settlement company that operates in some but not all states in the United States, Save Source LLC does not accept any clients who do not meet with a consultant for an in-person consultation. If you reside in a state where we do not accept clients in, we may be able to refer you to another company for assistance. 

Save Source LLC negotiates unsecured debts on behalf of its clients and does not assume any of its clients’ debts, make any monthly payments to creditors on our clients’ behalf, or give clients tax, bankruptcy, accounting, or legal advice. We do not provide credit repair services. Please contact a tax professional to discuss potential tax consequences associated with settling debts for less than the full balance. Please read and understand all of Save Source LLC's Program requirements and Save Source LLC's service agreement before enrolling into Save Source LLC's Program.

Save Source LLC is not a debt relief agency pursuant to the Bankruptcy Abuse Protection and Consumer Protection Act of 2005, 11 U.S.C. 101, et. seq., and does not provide bankruptcy assistance to consumers. 

The use of debt settlement services will likely adversely affect your creditworthiness, may result in the balances of your enrolled debts increasing due to the accrual of legal fees and interest on your accounts and you being subject to collections actions or lawsuits brought by your creditors. The settlements we negotiate on behalf of our clients resolve the entire account, including all accrued interest and fees. We cannot guarantee that we will resolve your debts and results will vary based on your individual circumstances.