I owe over 2500k in medical bills. They are all listed on my credit as 10 different postings. Can I consolidate these and make payments? And will this help?
Yes, you can definitely go for debt consolidation loans to pay off your medical bills that are outstanding. However, your credit score may not improve due to your repaying off your debt, because the status of the listing will change "paid" once you pay off the debt and this will stay there for seven years from the date you became delinquent. But you should always pay back the debt, because if the debt is outstanding, the creditor may charge off your debt which may lower your credit score by over 100 points.
You can go for debt consolidation loan only if you have a good credit score. However, before repaying off the debt, you should ask for debt validation by certified mail to check whether you actually owe the debt or not. If the creditor or the CA can validate the debt, you can go for a pay for deletion agreement before you pay off the debt. If they agree to pay for deletion get it in writing so that as soon as you pay back the debt in full, the negative listing is removed from your credit report. This will help you to improve your credit score.
I think that I'll call the creditor and ask them for debt validation first. Then once I receive validation, I'll ask for a pay for delete on the accounts. I know that I must get this in writing. Then I will begin to make payments or pay it in full. Thanks Justin. Sounds good to me! I'll let you know how this goes.
Great. You really are learning fast. I am glad to see you know what steps to take and are ready to do them. Good Luck and always remember your credit is precious.
Hi Learningfast
You need not call up the creditors for debt validation, instead send a DV letter to the creditors by certified mail with return receipt as a proof that you have asked for debt validation. Now if they validate your debt, first try to negotiate for a discount on the outstanding debt amount. Most of the creditors agree to settle for 60 to 80% of the debt. Now after settling the debt amount go for settlement plans with the creditors to repay off the debt.
Yes, you should pay off the debt through settlement plan if you really own the debt. However, even if they validate the debt, you should check the Statute of Limitation in your state. SOL varies from 3 years to 10 years depending upon the state you have made the medical bill payment and starts from the date of your delinquency. If the SOL has already expired, you need not pay it back and the creditor cannot do anything to recover the debt back from you. However, if you pay back a small amount after SOL expiry, the creditor may sue you to the court and recover the entire debt from your.
If you need to find your states statute of limitations you can either google it or come here and give us your state. We will be glad to help you out. One of the worst things you can do is not check the SOL in your state and the date of last payment on the debt before paying any money on the account. Restarting the SOL can really be a nightmare.
We would need to know what type pf credit you have..is it good..and can you go to the bank to get a personal loan to combine all these med bills? You said there were ten different listings on your report...is this because they are ten different bills turned into collections? Believe me I have med bill nightmares of my own and know how easily they an accumulate and they can bill your seperatley fifty times for one service. I had a tubal and geot bills from the gas man( can't spell anestiologist), pharmacy, two doctors, all in seperate bills. If you can combiine them and pay them off it could help your credit report...only thing is then you will have to pay interest...I don't think they can charge interest at hospitols on bills...Anyone know for sure?
My credit score is currently a sad 580! :(( So I probably wouldn't be able to go get a loan to consolidate them. Having said that....Outside of the medical bills I only owe about 2500 on 2 charged off cards. That's what my credit consists of: 2 charged off cards and several medical bills. Some of the medical bills are from one service. And the others are from a continuing medical service that I had when I was sick. I'm trying to get this taken care of so that I can purchase a home soon.
Since you have two charged off accounts, your credit score is such low and now since the account is already charged off, it is very difficult to remove the charge off listing if the original creditor has sold off the debt to the collection agency. Now, if your SOL has not yet expired on the charged off account, you should take steps to repay back the debt because charge off does not mean that you are no longer required to pay back the debt and the creditor can bring judgment against you to recover the charged off debt.
The SOL is definitely up on the 2 charged off credit cards. They are so old I believe that one will "fall" off in March 2009 and the other will come off in July 2010. I had another credit card that I payed and it was about to come off in March 2009 also but I paid it without asking for a pay for delete.
I wish you would have found your way here before paying that debt. Anyhting that is protected by the statute of limitations really needs to be left alone and left to fall off. Looks like they are going to fall off soon. Do not make any contact to the company or debt collectors who may have these accounts. You do not want them talking you out of a payment when the debts are soon going to be off your report and a thing of the past. Do not feel bad though. We all live and learn. Just remmeber once you get these negative listings off your report try to keep it clear sailing from there.
If you have already paid off the credit card without PFD in writing, the creditor generally do not remove it from your credit report. Now, this pay for deletion agreement with the creditor is effective in improving your credit score if the OC has not sold off the debt to the collection agency and you have made the agreement with the original creditor. But if the debt has been sold off to the CA, and you come to a PFD with the CA, only the CA listing will be removed from your report and not the OC listing.
I can understand when the original creditor does not remove it. They were not fully paid abck so why do the debtor any type of favors. Do people have trouble getting collection agencies to stand behind the pay for delete once the bill is paid off and how long does it usually take for them to remove their listing fro your credit report? They have to do this to all three correct?
Did your read any of the new persons (DOC) posts? He says that it is actually illegal for the creditors to delete marks off reports. He says also that the system has a lot of flaws and most marks can be deleted. If you could find that post he may be able to help. At first I doubted the Doc but it seems he is giving some advice freely so maybe we should with hold judgenment. Read through some of those posts and see the things we don't know. I think you will be surprised.
Can you be more specific on where these posts are about deleting posts, I would be interested in reading them. I will put a search in for all docs posts and see what I can find on my own, but if you find them first can you post the link for them here. thanks
I am not quite certain exactly which one it was. I have only been answering exactly ten posts per day and haven't run onto it yet. I am trying to figure out why I keep getting my points deducted and thought maybe I was posting too much since I have been on topic. I remember him saying that by laws of the reporting agencies the creditors are not suppose to be able to grant pay for deletes. If I run onto it again I will send you a om.
Yes, you can definitely go for debt consolidation loans to pay off your medical bills that are outstanding. However, your credit score may not improve due to your repaying off your debt, because the status of the listing will change "paid" once you pay off the debt and this will stay there for seven years from the date you became delinquent. But you should always pay back the debt, because if the debt is outstanding, the creditor may charge off your debt which may lower your credit score by over 100 points.
You can go for debt consolidation loan only if you have a good credit score. However, before repaying off the debt, you should ask for debt validation by certified mail to check whether you actually owe the debt or not. If the creditor or the CA can validate the debt, you can go for a pay for deletion agreement before you pay off the debt. If they agree to pay for deletion get it in writing so that as soon as you pay back the debt in full, the negative listing is removed from your credit report. This will help you to improve your credit score.
Thanks
I think that I'll call the creditor and ask them for debt validation first. Then once I receive validation, I'll ask for a pay for delete on the accounts. I know that I must get this in writing. Then I will begin to make payments or pay it in full. Thanks Justin. Sounds good to me! I'll let you know how this goes.
Great. You really are learning fast. I am glad to see you know what steps to take and are ready to do them. Good Luck and always remember your credit is precious.
Hi Learningfast
You need not call up the creditors for debt validation, instead send a DV letter to the creditors by certified mail with return receipt as a proof that you have asked for debt validation. Now if they validate your debt, first try to negotiate for a discount on the outstanding debt amount. Most of the creditors agree to settle for 60 to 80% of the debt. Now after settling the debt amount go for settlement plans with the creditors to repay off the debt.
Yes, you should pay off the debt through settlement plan if you really own the debt. However, even if they validate the debt, you should check the Statute of Limitation in your state. SOL varies from 3 years to 10 years depending upon the state you have made the medical bill payment and starts from the date of your delinquency. If the SOL has already expired, you need not pay it back and the creditor cannot do anything to recover the debt back from you. However, if you pay back a small amount after SOL expiry, the creditor may sue you to the court and recover the entire debt from your.
If you need to find your states statute of limitations you can either google it or come here and give us your state. We will be glad to help you out. One of the worst things you can do is not check the SOL in your state and the date of last payment on the debt before paying any money on the account. Restarting the SOL can really be a nightmare.
I think that we need a direct link here to that information on states statute of limitations. That would make life around here alot easier.
I agree. I also think we need some more info from the poster to answer this better.
Fireyone: What addt'l info is needed? I live in NC.
We would need to know what type pf credit you have..is it good..and can you go to the bank to get a personal loan to combine all these med bills? You said there were ten different listings on your report...is this because they are ten different bills turned into collections? Believe me I have med bill nightmares of my own and know how easily they an accumulate and they can bill your seperatley fifty times for one service. I had a tubal and geot bills from the gas man( can't spell anestiologist), pharmacy, two doctors, all in seperate bills. If you can combiine them and pay them off it could help your credit report...only thing is then you will have to pay interest...I don't think they can charge interest at hospitols on bills...Anyone know for sure?
My credit score is currently a sad 580! :(( So I probably wouldn't be able to go get a loan to consolidate them. Having said that....Outside of the medical bills I only owe about 2500 on 2 charged off cards. That's what my credit consists of: 2 charged off cards and several medical bills. Some of the medical bills are from one service. And the others are from a continuing medical service that I had when I was sick. I'm trying to get this taken care of so that I can purchase a home soon.
Since you have two charged off accounts, your credit score is such low and now since the account is already charged off, it is very difficult to remove the charge off listing if the original creditor has sold off the debt to the collection agency. Now, if your SOL has not yet expired on the charged off account, you should take steps to repay back the debt because charge off does not mean that you are no longer required to pay back the debt and the creditor can bring judgment against you to recover the charged off debt.
The SOL is definitely up on the 2 charged off credit cards. They are so old I believe that one will "fall" off in March 2009 and the other will come off in July 2010. I had another credit card that I payed and it was about to come off in March 2009 also but I paid it without asking for a pay for delete.
I wish you would have found your way here before paying that debt. Anyhting that is protected by the statute of limitations really needs to be left alone and left to fall off. Looks like they are going to fall off soon. Do not make any contact to the company or debt collectors who may have these accounts. You do not want them talking you out of a payment when the debts are soon going to be off your report and a thing of the past. Do not feel bad though. We all live and learn. Just remmeber once you get these negative listings off your report try to keep it clear sailing from there.
If you have already paid off the credit card without PFD in writing, the creditor generally do not remove it from your credit report. Now, this pay for deletion agreement with the creditor is effective in improving your credit score if the OC has not sold off the debt to the collection agency and you have made the agreement with the original creditor. But if the debt has been sold off to the CA, and you come to a PFD with the CA, only the CA listing will be removed from your report and not the OC listing.
I can understand when the original creditor does not remove it. They were not fully paid abck so why do the debtor any type of favors. Do people have trouble getting collection agencies to stand behind the pay for delete once the bill is paid off and how long does it usually take for them to remove their listing fro your credit report? They have to do this to all three correct?
I have not had any luck having anyone getting anything deleted. I will just have to wait for the seven years to get them to fall off my report.
Did your read any of the new persons (DOC) posts? He says that it is actually illegal for the creditors to delete marks off reports. He says also that the system has a lot of flaws and most marks can be deleted. If you could find that post he may be able to help. At first I doubted the Doc but it seems he is giving some advice freely so maybe we should with hold judgenment. Read through some of those posts and see the things we don't know. I think you will be surprised.
Can you be more specific on where these posts are about deleting posts, I would be interested in reading them. I will put a search in for all docs posts and see what I can find on my own, but if you find them first can you post the link for them here. thanks
I am not quite certain exactly which one it was. I have only been answering exactly ten posts per day and haven't run onto it yet. I am trying to figure out why I keep getting my points deducted and thought maybe I was posting too much since I have been on topic. I remember him saying that by laws of the reporting agencies the creditors are not suppose to be able to grant pay for deletes. If I run onto it again I will send you a om.