May 10, 2012 at 11:59 am #456TanyaMoParticipant
I was submitted to underwriting a week ago, YEAH!
They are asking for resolution on a few medical collection accts.
Here’s my question: Is there anything I should do before paying them off? I want the quickest resolution. However, I want to ensure I do it correctly and not waste time or find I should have handled it differently. Can anyone advise on how I should handle paying them off. Do I ask for something in writing in advance prior to paying? I want to pay using a debit card- quicker processing but I read somewhere I should do it via check with the memo stating something along the lines of:
:”By cashing this check Payee agrees to accept this check in full payment of the account as agreed and agrees to remove all derogatory information from Remitter’s Credit Reports.”.
Thanks in advance!
TanyaMay 10, 2012 at 1:11 pm #457
My suggestion is toward paying with the debit card. First, most collection agencies will automatically reject a check with a restrictive endorsement. They will simply return the check to you uncashed. Paying by debit card is quicker and also provides some additional security as well. You will have the ability to challenge to amount in the event an unscrupulous agency (or individual collector who is paid on commission) should try to debit you for more than the agreed upon amount or try to collect more after you have already paid.
In either case, make sure you have the settlement amount in writing from them before you send a penny, and demand that they also follow up with written verification that the payment has been received and that the account has been settled in full.
Online Operations, NACA
email@example.comMay 10, 2012 at 1:39 pm #458TanyaMoParticipant
Thank you Mr. Trumble! I’m on the phone at this very minute requesting a the settlement in writing, as you instructed. Thanks again Mr. Trumble, as you are always there helping others move along, inching toward that finish line. I hope you know how greatly you are appreciated!
TanyaMay 14, 2012 at 6:03 pm #507soanxiousParticipant
My MC told me that I wasn’t required to pay my medical collection account??? Should I pay it or not?May 15, 2012 at 11:45 am #519
I’m afraid that is far too vague a question to answer. Why did the MC tell you you didn’t have to pay it? Is it not a legitimate debt? Was it somebody else’s debt you signed on to as a guarantor (i.e. co-signer)? Was supposed to be covered by insurance?
The NACA program is about responsible home ownership, which starts with demonstrating the ability to manage money effectively. If your MC advised as you state, you will have to discuss the reasons why with him or her.
Online Operations, NACA
firstname.lastname@example.orgMay 19, 2012 at 8:28 pm #628Nieckp0302Participant
We have a similar situation – There’s a medical bill dispute that is stopping us from moving into underwriting. The collection agency confirmed on Tuesday, May 15th, that the balance has been resolved as the insurance paid due to the services being covered services. We were advised that a letter showing balance paid in full, would go out in the mail on Wednesday, May 16th and to date we are still not in receipt of the letter. We attended the American Dream Event this morning in hopes of moving forwarded to an approval or at minimum to underwriting, as we had a letter of explanation of the charges, only to be told that we are now scheduled for 6/12. So frustrated! Are lease will be up in September, so we were hoping to have been approved by June in an effort to meet our approaching deadline. We have been in this process since August, 2011. Becoming weary, but still hopeful that it will happen soon. Any suggestions on how to expedite this process though it seems as though we are currently at the mercy of the collection agency to either provide the letter as promised or wait another 30 days for the credit to be updated?May 20, 2012 at 10:18 am #631
Your best bet is to use the collections agency’s own tactics against them until the letter is sent. Call them every day relentlessly, asking when the letter is going to be sent. Speak to anyone and everyone you can reach there. The collectors, the managers, the receptionist, the janitor even! Be the one person they all know about and hope they don’t hear from. Become a “polite pest” and you’ll likely have your letter within a few days.
The best way to get through the qualification process quickly is to be over-prepared. For example, members who have past collection issues could deal with them in advance instead of waiting for the MC to discover them and put them on a task list.
Federal law allows you to get your credit report at no charge once each year. Members who get their report and are proactive on getting any issues there care of in advance don’t have to have the process delayed. Likewise, keep the paystubs and bank statements current in your file. Don’t wait to be asked to explain any additional deposits other than normal income, but send the written explanation in with the bank statement.
Try to think ahead and be prepared in advance instead of waiting for your MC to ask for things. Not only will that eliminate unnecessary delays, but it will probably keep you top-of-mind with your MC since your proactive involvement will definitely make you stand out from his or her “normal” members.
I wish you the best!
Online Operations, NACA
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