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LearningFast
Joined: 22 Aug 2008
LearningFast's page
Posts: 15
428 Magic Points
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Subject: Medical Bills Consolidation
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Thu Nov 20, 2008 5:10 pm
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| 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? |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Fri Nov 21, 2008 7:06 am
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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.
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Fri Nov 21, 2008 7:19 am
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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.
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All the Best 
Justin |
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LearningFast
Joined: 22 Aug 2008
LearningFast's page
Posts: 15
428 Magic Points
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Subject: Thanks
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Fri Nov 21, 2008 3:05 pm
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| 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. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Fri Nov 21, 2008 7:10 pm
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| 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. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Sat Nov 22, 2008 5:04 am
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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.
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Carol |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Sat Nov 22, 2008 5:18 am
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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.
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All the Best
Justin |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Sun Nov 23, 2008 3:09 am
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| 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. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Sun Nov 23, 2008 3:41 am
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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.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Sun Nov 23, 2008 2:29 pm
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| I agree. I also think we need some more info from the poster to answer this better. |
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LearningFast
Joined: 22 Aug 2008
LearningFast's page
Posts: 15
428 Magic Points
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Mon Nov 24, 2008 10:07 pm
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| Fireyone: What addt'l info is needed? I live in NC. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Wed Nov 26, 2008 3:07 am
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| 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? |
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LearningFast
Joined: 22 Aug 2008
LearningFast's page
Posts: 15
428 Magic Points
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Wed Nov 26, 2008 4:49 pm
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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. |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Tue Dec 02, 2008 7:01 am
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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.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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LearningFast
Joined: 22 Aug 2008
LearningFast's page
Posts: 15
428 Magic Points
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Tue Dec 02, 2008 3:22 pm
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| 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. |
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