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?
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 This is where your settlement savings will accumulate and where our fees will be withdrawn from.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 Once approved, the payments for your settlements will be withdrawn from the specialty savings account in accordance with the terms of the settlement.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?
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?
How can I get the most out of my program?
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?
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.