How to Resolve Debt With Source Receivables Management
Source Receivables Management is a legitimate debt collection agency based in North Carolina. Always validate your debt before paying, negotiate a settlement starting at 60% of the total, and get all agreements in writing to protect yourself from future disputes.
Settle Your DebtWhat is Source Receivables Management?
Source Receivables Management is a debt collection company based in Greensboro, North Carolina. The agency collects debts from credit cards, banks, healthcare providers, and other creditors.
You might receive phone calls or letters about outstanding debt. Don’t ignore these communications. Even if the debt isn’t yours, ignoring them can lead to a lawsuit. Collection activity will damage your credit score.
Respond to Source Receivables Management Today
Don't let Source Receivables Management win by default. File your Answer and negotiate a lower settlement before your court deadline passes.
Answer the LawsuitIs Source Receivables Management legitimate?
Yes, Source Receivables Management (Source RM) is a legitimate debt collection agency. The company either purchases your debt from the original creditor or collects on their behalf.
Creditors hire collection agencies when they can’t recover debts themselves. Source RM has the legal authority to pursue unpaid debts.
Source Receivables Management reviews and complaints
As of 2023, Source Receivables Management has an average rating of 1.4 out of 5 stars on Google reviews. Customers report numerous problems with the company’s collection practices.
The Better Business Bureau lists nearly 300 complaints against Source Receivables Management. The Consumer Financial Protection Bureau (CFPB) shows more than 800 complaints. Many complainants say the company contacted them about illegitimate debt.
These complaints highlight why you must validate your debt before proceeding. Never assume collection letters are accurate.
Contact Source Receivables Management
You can reach Source Receivables Management at:
- Address: P.O. Box 4068, Greensboro, NC 27404-4068
- Phone: 877-251-3792 or 866-266-3111
- Email: info1@sourcerm.com or info@sourcerm.com
Document every interaction with the company. Save dates, times, and names of representatives you speak with.
Your Rights When Dealing With Debt Collectors
The federal Fair Debt Collection Practices Act (FDCPA) protects you from abusive collection practices. Debt collectors cannot:
- Threaten you with arrest for not paying your debt
- Call you before 8 a.m. or after 9 p.m.
- Call you multiple times per day
- Contact your friends, family, or coworkers about your debt
- Use profane or threatening language
- Refuse to validate your debt
- Continue contacting you after receiving a Cease and Desist Letter
Report violations to the Federal Trade Commission at 877-382-4357. You can also file complaints through the CFPB’s website or by calling 855-411-2372.
Knowing your rights empowers you to stand up against harassment. Collectors must follow the law.
Steps to Resolve Debt With Source Receivables Management
1. Validate your debt
Many customers report Source Receivables Management contacts them about debts they don’t owe. Request debt validation before you pay anything.
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 your last payment
- Evidence connecting you to the debt
Send your validation request in writing within 30 days of initial contact. The company must stop collection efforts until they provide proof.
Source Receivables Management handles debts for various companies. Validation helps you identify why you’ve been contacted.
2. File an Answer if you’re sued
Source Receivables Management may sue you over unpaid debt. Don’t panic if you receive a summons. You have time to respond.
Most jurisdictions give you two to four weeks to file an Answer. Missing this deadline results in a default judgment against you. Our partner Solo can help you respond to a debt collection lawsuit quickly.
Filing an Answer shows the court you dispute the claim. The collector must prove you owe the debt.
3. Negotiate a lower settlement
Once you verify the debt is yours, you can negotiate a settlement. Most companies accept less than the full amount to avoid legal fees.
Start by offering 60% of the total amount owed. Source Receivables Management may accept or counter your offer. Continue negotiating until you reach an agreement.
Example: Tyler owed nearly $10,000 on his credit card. He requested debt validation from Source Receivables Management. After confirming the debt, he offered $6,000. The company accepted his offer. Tyler now makes payments to resolve his debt completely.
Our partner Solo helps you negotiate and settle debts with collection agencies. The process is simple and effective.
4. Get the settlement agreement in writing
Never accept a verbal settlement agreement. Request written confirmation of all settlement terms. The agreement should specify the amount and payment schedule.
Save all communications with Source Receivables Management. Keep emails, letters, and settlement documents in a safe place. These records prevent the collector from seeking additional money later.
Written agreements protect you from future disputes. They prove you fulfilled your obligations.
5. Make your payments on time
Once you agree to a settlement, make payments as scheduled. Late payments can void your agreement. Source Receivables Management could restart collection efforts or file a lawsuit.
Set up automatic payments if possible. Mark payment dates on your calendar. Completing your payment plan removes the debt from your account.
What Happens If You Ignore Source Receivables Management?
Ignoring collection calls makes your situation worse. Source Receivables Management can take legal action against you. The company may file a lawsuit and seek a judgment.
A judgment allows the collector to garnish your wages or bank accounts. The debt also appears on your credit report for seven years. Your credit score drops significantly.
Unpaid debts don’t disappear. Address collection efforts as soon as you receive contact. Taking action protects your finances and credit.
How to Stop Source Receivables Management From Calling
You can request that Source Receivables Management stop calling you. Send a Cease and Desist Letter in writing. The company must stop phone calls once they receive your letter.
A Cease and Desist Letter doesn’t make the debt go away. The company can still sue you for unpaid debts. Use this option carefully.
Consider negotiating a settlement instead of stopping all contact. Resolving the debt protects you from lawsuits and credit damage.
Check Your Credit Report
Source Receivables Management reports collection accounts to credit bureaus. Check your credit report to see if the debt appears.
You’re entitled to a free credit report annually from each bureau. Visit AnnualCreditReport.com to request your reports. Review them for accuracy.
Dispute any errors you find with the credit bureaus. Removing inaccurate information improves your credit score. Accurate collection accounts remain until you pay the debt.
Rebuild Your Credit After Resolving Debt
Paying off collection debt is the first step to better credit. Your score improves once the debt is resolved. Building positive credit history takes time.
Our partner Kikoff helps you rebuild your credit score after debt collection. The service reports positive payment activity to credit bureaus. You can improve your credit while managing your finances.
Consider opening a secured credit card or becoming an authorized user. Make all payments on time. Your credit score will gradually increase.