Tagged: Old medical bills
April 16, 2018 at 2:24 pm #41573
I have a couple of hospital bills on my credit report, which are showing updated in 2017. But are 2 year old accounts. My MC wants me to take care of them before he sends them off to UW.I old do hospital bills have to be to just write a LOE, instead of paying them off? There are only 2 on my report. What should I do?April 16, 2018 at 9:00 pm #41581
I would suggest getting the original bills that show the date of service and asking her to use this information. The date of service is different from when they billed you and the collections people always try to get you like this by making it seem like your bill is fresh. See if your Mortgage counselor will accept this type of evidence.April 17, 2018 at 5:16 pm #41598
This may well be a case of “hope for the best but plan for the worst”.
One course of action you may want to pursue though is to call the collectors and negotiate a settlement. A lot of people don’t realize that collection agencies pay (literally) pennies-on-the-dollar when they buy those debts.
Call ’em up and play a little hardball. Tell them you give them one tenth the amount of the bill right away if they will consider it paid in full, take it or leave it. PLUS, they have to verify it in writing before you send them a dime and report it as paid in full to the credit bureaus once they have received the money.
So if it is a $2,000 bill, offer them $200 to settle the debt in full and you’ll pay them the day you get the agreement in writing from them. 98% of the time, they’ll take it because they are still turning a generous profit and can get it off their books.
Just an option to consider, but one that gets an obstacle out of the way and lets you get a leg up on a financial predator for once.
Online Operations, NACA
April 20, 2018 at 3:06 pm #41630
- This reply was modified 5 months, 1 week ago by TTrumble.
Thanks. I’m in the process of doing that at this time. One more question different topic. It’s about the PS (payment shock). I have my PMI amount in my checking already, I’ve been saving since last year. And I also have my 3 month payment shock in my checking account as well.
I had a follow-up appointment 2 weeks ago with my MC. We have not seen each other over a year, I was actually going to try another route. But this is the best option for my wife and I, so we entered back into NACA. like I mentioned earlier I was saving to get approved for a USDA loan 100% financing (2 years ago), and was going to use that money for down payment, etc. And so I have the money for both the PMI (like $7,000 something), and the payment shock ($800 extra monthly saved, totalling $2,400 For 3 months).
My next appointment with my MC is on the 18th of May. I want to have everything set to send off to UW. Can I just put the PS into my savings account now? Will this work for the UW? So I can at least start the process of getting approved. I don’t want to wait another 3 months to show payment shock, if I have the money already.
Please advise.April 23, 2018 at 1:30 pm #41652
It depends on when you saved that three months of Payment Shock. If it was over the past three months, you’re okay. If it was from your earlier time in the program, you are going to have to demonstrate Payment Shock again from scratch.
BTW, it does not matter what account you put the Payment Shock Savings in. Remember, successfully saving Payment Shock is determined by the sum total of the balances of all accounts growing by at least the Payment Shock amount each and every month.
Online Operations, NACA
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