SettleSource and its Competitors

How SettleSource compares to other commercial debt settlement or turnaround companies.

Fees:Our program is designed with the small business owners’ needs in mind. We understand that improving cash flow is vital to your company’s survival.

Therefore, our fees are limited and primarily success based but moreover, our fees are completely included into one low monthly payment! Our settlement fees can be as much as 10% less than other companies. Other companies in our field can have up to 10 possible fees* associated with their program, we only have 3 program fees!

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Program Costs: Other companies can charge or have you “pre-pay” as much as 25%* of what you owe, before they settle even one account!

At SettleSource, we are motivated to reduce your debt through settlements because we share in your win by EARNING our settlement fees! We don’t charge the fee until a settlement is in place! With other companies often charging “sliding scale” or “stretch” fees their motivation is to extend settlements as long as possible to earn additional fees. Other programs can end up charging as much as 90% of what you owe! Generally our program costs including payments to creditors and our company average to equal about 50%-60% of what you owe**. At SettleSource, we understand that we are engaged as your representatives to get you through as quickly and efficiently as time and money will allow. We are fully committed to that process.

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Debt Servicers: Perhaps the most important difference between SettleSource and other companies is that from the time our clients first contact us until we settle their last account, we will be your representatives as we are comprised of competent sales, customer service and negotiations teams all in one company.

We know, understand and provide service for your unique situation from day one on. You will never be signing an agreement with a third party “backend processor” to service your debt settlement program. SettleSource is your processor on every aspect of program management.

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Program Funding: Other companies require you to manage savings for settlements on your own and often in your own bank. This may not be in your best interest!

With SettleSource, we manage what you save through an FDIC insured third party special purpose account. You however will, maintain full discretion and control and have access to your money throughout the program, and will be able to download statements 24/7, which detail all activity regarding your account with us. This will enable your bookkeeping to be current and you to keep track of all fees that you are paying to SettleSource.

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Creditor Communications: Other companies will require you to communicate directly with creditors. That is not the reason you hire a (competent) settlement company!

At SettleSource, we do the talking for you and create an environment where you can focus on your business rather than speaking to creditors. In the unlikely event that you should ever need to speak with a creditor, we stand right by you on the phone ready to intervene.

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Settlement Options: At SettleSource, every settlement we transact is subject to written approval by our clients. You will always have the option to reject any settlement.

If other options to settlement exist or are needed, we will always consult with you first so you understand what will happen with your accounts. You will always know when and how much you will be paying for each settlement transaction. Unfortunately, other companies will settle an account, to generate fees without consulting you first and making you aware of all details or options related to the transaction.

*Includes program fees