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How to Resolve Debt With Source Receivables Management

Sarah Edwards | November 28, 2023

Sarah Edwards
Legal Expert
Sarah Edwards, BS

Sarah Harris is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: Source Receivables Management is a debt collection agency. If you’ve been contacted about past debt, it’s important to request that the company validate your debt. Only then can you negotiate a lower settlement through SoloSettle by SoloSuit.

It’s like a twisted game show: Is this debt collection phone call a scam, or am I being contacted by a legitimate company? Unfortunately, it’s not a game. If you’ve been contacted by Source Receivables Management, you’ll need to act fast. Here’s what you need to know about this company and how to resolve your debt.

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What is Source Receivables Management?

Source Receivables Management is a debt collection company located in Greensboro, North Carolina. If you’ve been contacted by Source Receivables Management collections, you may have an outstanding debt with a credit card company, bank, healthcare provider, or other creditor.

Don’t ignore any phone calls or letters. Even if the company is in error, it may press the issue further with a lawsuit. At the very least, debt collection can have a negative impact on your personal credit.

Is Source Receivables Management legitimate?

Yes, Source Receivables Management (or Source RM) is a legitimate debt collection agency. Like other debt collectors, it can purchase your debt from the original creditor or be enlisted by the creditor to collect your debt.

Source Receivables Management reviews

As of 2023, Source Receivables Management has an average rating of 1.4 out of 5 stars on Google reviews. See some real reviews below.

On top of its Google reviews, Source Receivables Management has nearly 300 complaints registered with the Better Business Bureau and more than 800 complaints registered with the Consumer Financial Protection Bureau (CFPB). Many complainants allege they’ve been contacted about illegitimate debt, which highlights the need to validate your debt before proceeding.

Contact Source Receivables Management

According to its website, you can contact Source Receivables Management at:

Resolve debt with Source Receivables Management

If you’ve been contacted by Source Receivables Management debt collection services, your strategy should be to validate your debt, avoid court, and settle your debt as quickly as possible.

What are my rights?

Before you do anything, it’s important to know your rights. According to the federal Fair Debt Collection Practices Act (FDCPA), debt collectors are prohibited from practices such as:

  • Threatening you with arrest for not paying your debt.
  • Calling you prior to 8 a.m. or after 9 p.m.
  • Calling you multiple times per day.
  • Contacting your friends, family, or coworkers about your debt.
  • Using profane or threatening language.
  • Refusing to validate your debt.
  • Continuing to contact you after receiving a Cease and Desist Letter.

Violations can be reported to the Federal Trade Commission (FTC) using the FTC website or by calling 877-382-4357. Or you can report them through the CFPB’s website or by calling 855-411-2372.

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File an Answer to avoid court

What if Source Receivables Management actually sues you over your debt? Don’t panic. You have a brief window of time to respond to the lawsuit by filing an Answer with the court.

Act fast, as most jurisdictions allow you just two to four weeks to respond. If you don’t file an Answer within this time frame, the court may render a default judgment in favor of Source Receivables Management.

Validate your debt

Many customer complaints allege that Source Receivables Management is contacting them about illegitimate debt. That’s why it’s important to request that the company validate your debt. A Debt Validation Letter should include:

  • The name of your original creditor.
  • The amount you owe.
  • The date you incurred the debt.
  • The date of the last payment.
  • Evidence that connects you to the debt.

Since Source Receivables Management handles debts for a range of companies, validating your debt can help you identify the reason you’ve been contacted.

Want to know more about a Debt Validation Letter? Check out this helpful video:

Negotiate a lower settlement

Once you verify that the debt is yours, you can negotiate a lower settlement amount. Most companies are willing to settle for a lower amount to avoid legal fees. Start by sending a debt settlement offer.

As a general rule, start by agreeing to pay 60% of the total amount. Source Receivables Management may accept this offer, or it may respond with a counteroffer. The goal is to open up negotiations until you arrive at a mutually agreeable settlement amount.

Let’s look at an example of how someone settled their debt with SoloSettle.

Example: Tyler knew he’d gotten behind with his credit card payments. He just didn’t know how far behind he was until he started receiving calls from someone claiming to represent Source Receivables Management. Once Tyler confirmed that this was a legitimate company, he requested a Debt Validation Letter to determine the exact source of his debt. The company demonstrated that Tyler owed nearly $10,000. So Tyler used SoloSettle to start negotiating a lower settlement amount. He offered to pay $6,000, and Source Receivables Management accepted. Tyler is now able to make payments to resolve his debt completely and rebuild his credit.

Start negotiating your debt with SoloSettle from SoloSuit.

Save your records

Always save your communications with Source Receivables Management. This is especially important once you reach a settlement. These records will prevent the debt collector from going behind your back and seeking a default judgment after you’ve agreed to a settlement.

Never accept a verbal settlement agreement. Instead, ask for the agreement in writing and save it along with any emails, letters, or other documents that prove that your debt is being resolved.

Resolving debt is possible

Debt can be overwhelming, especially if you’re on the receiving end of a debt collection lawsuit. That’s why SoloSuit makes it easy to resolve debt with collection agencies like Source Receivables Management. Make a commitment to resolving your debt so you can get on with life.

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