kaiwen
New Member
Cash: $ 1.25
Posts: 6
Joined: 21 Jul 2010
Location: ak
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| help--debt solution? |
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hello.my name is kai.i got 1 medical bill debt and need some advice on how to deal with them.since i been without a job for few year i was'nt able to make payments on them.the total was 4,500 owe then it was sent to collection agency that recur- interest to 5,500 total on 8% interest in few year?wow.. i feel like i got rip-off bad.i try to seek credit couseling but that did'nt worked.rite now onlty option is to deal with them foward and make payments..help any ideas??
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Wed Jul 21, 2010 7:30 pm |
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coaster
Senior Advisor
Cash: $ 1357.20
Posts: 6683
Joined: 11 Oct 2005
Location: Wisconsin
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Don't make any payments to a collection agency without a written agreement that's a legal contract specifying:
1) how much you are going to pay to settle the debt, and how it's to be paid off
2) the collection agency will report to your credit agency that the debt is paid off
3) that the debt with the original creditor is actually written off or otherwise satisfied
Before you agree on #1, negotiate. Collection agencies purchase written-off debt for pennies on the dollar then try to squeeze as much as possible out of the debtor. Yes, of course, they're trying to rip you off. That's what they do. I'm not advising you to lie to them, but if you can convince them that you're not willing to pay that much, but that you might be able to settle for less, and if they don't, then you're going to allow the debt to go into default, then there's a chance you can get this debt settled for less.
~Tim~
Eye Candy : Why Whimsy
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Wed Jul 21, 2010 8:34 pm |
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kaiwen
New Member
Cash: $ 1.25
Posts: 6
Joined: 21 Jul 2010
Location: ak
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yeah..i just don't want to be feelin like oweing "somebody"bills.i just wanna get this outta way.ok..going to number #1 as you mention.the original bill i owe was sent to the collect agency.i already spoke to the collect agent.i was told that they were going by original creditor guildline agreements.i did try to negotiate before i made any payment.they were only able to drop few hundred from the balances..which they always have good excuse to say".ya know..anyway i try to talk to them again
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Wed Jul 21, 2010 10:10 pm |
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kaiwen
New Member
Cash: $ 1.25
Posts: 6
Joined: 21 Jul 2010
Location: ak
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i doubt it...if i can get it to settle for less.cause i feel like a 4 year old boy gettin rob.
ok...this medical bill reflects on your credit report.lets say u got the money to pay it off??which would be a smart decision make monthly payment or payoff full amount???will it increase your credit score??
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Wed Jul 21, 2010 10:16 pm |
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C9Consulting
Full Member
Cash: $ 17.65
Posts: 88
Joined: 15 Jan 2010
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Paying it off as fast as possible would probably be a better option. Either way, you being late on the payment will affect your credit score but not as much as if you pay it off as soon as possible. Either way the fact that you've owed the money for a few years will make it so that neither option will help your score. It will just make it better than it would be, had you not put any amount towards your balance.
Since you owe the money fair-in-square there's not really a way to lower it more than they already have. Unless you can show a real medical disability in why you haven't worked for the last few years. Remember to get the money that they are willing to settle on, in writing, and signed. If you don't they can walk all over you. Saying that the conversation where they told you they would take less never took place.
Cloud 9 Financial
Company Blog
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Thu Jul 22, 2010 1:50 am |
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kaiwen
New Member
Cash: $ 1.25
Posts: 6
Joined: 21 Jul 2010
Location: ak
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ok..yeah i start to pay like 2 months ago and miss last month payment.this month i went make payment.. then was charge on interest.they told me they charge $20 dollar a month interest even if i make payment to them or not.thats even worst then a credit card company...but i did talk to them about the issue..if i can make a $100 a moth for 6month they will stop the interest..thank for the adive though.
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Thu Jul 22, 2010 6:11 am |
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C9Consulting
Full Member
Cash: $ 17.65
Posts: 88
Joined: 15 Jan 2010
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I understand. Yes, when an account gets turned over to collections, they are generally harsher on the consumer. Good luck with everything.
Cloud 9 Financial
Company Blog
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Fri Jul 23, 2010 3:53 am |
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Adria.John
Preferred Member
Cash: $ 32.60
Posts: 162
Joined: 20 Apr 2010
Location: UK
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| Re: help--debt solution? |
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quote:
Originally posted by kaiwen
hello.my name is kai.i got 1 medical bill debt and need some advice on how to deal with them.since i been without a job for few year i was'nt able to make payments on them.the total was 4,500 owe then it was sent to collection agency that recur- interest to 5,500 total on 8% interest in few year?wow.. i feel like i got rip-off bad.i try to seek credit couseling but that did'nt worked.rite now onlty option is to deal with them foward and make payments..help any ideas??
Hi there,
Pay day loans are a type of loan that is offered in the UK. It is a short term loan used to shoulder unnecessary, emergency, and unexpected expenses. As such, there is a limit to the amount of money you can borrow in pay day loans. And you will also have to pay for the loaned money as soon as payday arrives.
There are a number of advantages in getting pay day loans. One of these advantages is that it can be quickly availed. Other loans take weeks, months, and sometimes even years to process. But you can’t wait that long especially when faced with an emergency situation. During these times, pay day loans would be extremely helpful. In pay day loans, you can get the money as soon as you apply for it.
I think, thats a best solution for you.
Loan Expert!
Loans Fast | Pay Day Loan | Fast Payday Loans
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Thu Aug 05, 2010 6:59 am |
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genniechan
New Member
Cash: $ 0.60
Posts: 3
Joined: 11 Aug 2010
Location: las vegas
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| Re: help--debt solution? |
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quote:
Originally posted by kaiwen
hello.my name is kai.i got 1 medical bill debt and need some advice on how to deal with them.since i been without a job for few year i was'nt able to make payments on them.the total was 4,500 owe then it was sent to collection agency that recur- interest to 5,500 total on 8% interest in few year?wow.. i feel like i got rip-off bad.i try to seek credit couseling but that did'nt worked.rite now onlty option is to deal with them foward and make payments..help any ideas??
The key to repairing bad credit is to write a properly formatted letter of dispute to one or all of the credit bureaus and send them out via registered mail.
free credit repair
credit repair letters
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Wed Aug 11, 2010 4:30 am |
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mukeshkkashyap
Full Member
Cash: $ 21.20
Posts: 99
Joined: 05 May 2010
Location: india
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Good luck with everything.
Personal Finance Planner
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Wed Aug 11, 2010 5:46 am |
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teal1066
Contributing Member
Cash: $ 5.40
Posts: 26
Joined: 23 Aug 2010
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Take full information on that collection agency before any settlement.Try to search for a job.Because if you have a job you can get loan online also.These online loans are really fast.
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Thu Aug 26, 2010 10:15 am |
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Adria.John
Preferred Member
Cash: $ 32.60
Posts: 162
Joined: 20 Apr 2010
Location: UK
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quote:
Originally posted by teal1066
Take full information on that collection agency before any settlement.Try to search for a job.Because if you have a job you can get loan online also.These online loans are really fast.
Hey there,
I think you have not read the first post carefully. He said that he is not in the job from several months.
Loan Expert!
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Fri Aug 27, 2010 12:58 pm |
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teal1066
Contributing Member
Cash: $ 5.40
Posts: 26
Joined: 23 Aug 2010
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If you need a loan for your debt management you can take payday loans.
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Mon Aug 30, 2010 12:58 pm |
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Adria.John
Preferred Member
Cash: $ 32.60
Posts: 162
Joined: 20 Apr 2010
Location: UK
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quote:
Originally posted by teal1066
If you need a loan for your debt management you can take payday loans.
I dont think is a good idea. A debt for a debt is not a wise advice in my opinion.
Loan Expert!
Loans Fast | Pay Day Loan | Fast Payday Loans
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Tue Aug 31, 2010 10:29 am |
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mukeshkkashyap
Full Member
Cash: $ 21.20
Posts: 99
Joined: 05 May 2010
Location: india
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thanx for more info
Personal Finance Planner
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Thu Sep 02, 2010 6:29 am |
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