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Additional Details
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College Guy | Should we take the settlement offer...? |
About 10 months ago, my wife went to an emergency room because she was having terrible pains. We did not have the funds to pay the bill. For last few months a collection agency has been trying to collect the funds; however, we still have enough money to pay. Last week, we received in the mail a settlement offer to only pay 50% of the bill. This is something that we can arrange with our parents help. Should we take the offer of not? I am afraid to they will come later asking for the other 50%. We are college students, and we are barely making to pay our education. We the intention of paying, but health care is so expensive, and we do not have insurance. Please let have you advise. Thank you!
Additional Details
Does receiving a letter that states the offer counts as the "written" part? It is kind of an invoice stating the offer to on or before Mar 08, 2007. It has the account number and the name of the company trying to collect. Thanks |
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WILDWATERS
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This offer sounds good, but sometimes it is too good to be true. I have been in the collecton business for 20 years, most of it in the legal dept. Sometimes these agencies settle your account for 50% then sell your account to another agency who will call you for the difference. It is best that you get a profession to help you resolve this.. Feel free to contact me at my email address...You have to act fast because you can be sued on this account..Remember that if you lose, all attorney and court cost will be pushed onto you. |
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rstall384
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I AM A BILL COLLECTOR...
what I tell debtors who ask about settlements is this:
if you are trying to clean up your credit, dont settle. if you want the creditors off your back, then settle. also consider this, if you save 600.00 or more, that $$ gets reported to the IRS as earned income. so think about the future intrest rates you will be charged b/c of the settlement and the taxes you will pay. |
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SPIFIMAN1
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Take it. They can not come back later and try to get the other 50%. Just be sure to get it in writing. |
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Yanswersmonitorsarenazis
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If that's as good as it gets, take it. But do not send them one penny until you have, in writing, an agreement from them that this is settled in full.
Uninsured people get screwed pretty bad by hospitals. If you had insurance, the insurer would've knocked that bill down by 75% before they'd have paid it. Our insurer took a $12,000 hospital bill down to about $3500, as their contracts limit the charges. You don't get that benefit being uninsured. It's borderline criminal, in my opinion. The work cost the same regardless of who pays for it, but the hospitals jack up the costs to a super-artificial high value, just to give them room to negotiate down.
So, it's possible they might take even less. I'd start offering 20%, and see what happens. But again, NOT ONE PENNY UNTIL YOU HAVE A WRITTEN AGREEMENT. I have personally seen people pay half, no contract, then a year later, the other half of the debt was sold to someone else. And they had no proof that their payment was intended to be payment in full, so they had to pay the other half again. |
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luciousgreeneyedlady
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you should take the settlement but make sure you get a letter stating that you agreed to pay 50% of the balance and this will close your account. |
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Shari
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Take the offer. |
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Mahatma Coat
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Generally any settlement that pays off less than the amount owed is bad for your credit, in some cases almost as bad as declaring bankruptcy. Ideally, rather than settling at half the original bill, you should try to set up a payment plan where you pay off all of the bill over a longer period of time. As far as the offer itself, it is probably legitimate. If you know the name of the collection agency (and you should) then look them up online or with the FTC and make sure they are not in trouble for deceptive or fraudulent practices.
Good luck. See if you can get low-cost health insurance through your school. |
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emarie21
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Take the offer and pay it off. Keep your reciept as proof and the paperwork they give you, they will not be able to come back later and make you pay it all after you accept.
Also, try to get some kind of basic insurance- there is affordable insurance - just in case so you don't get in another bind like this. A small payment each month is much easier than a big surprising bill from the hospital all at once. Even if you are both students. You could also check out your local medicaid program-which is basically affordable insurance and if you qualify then you can be covered for situations like this. In Indiana they have a medicaid program called Hoosier Healthwise and I am sure they have them in other states too. |
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Matt M
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The written offer must include the words "in full payment of the debt" or "full satisfaction or the owed amount" basically something like paid in full. Otherwise they may try to come back for the rest. Plus, make sure you get the offer in writing before you send any money.
Also, the other user is correct, you may be able to negotiate them down to reduce the bill. Uninsured people do get screwed for medical care and insurance companies as well as medicare, medicaid, the VA, etc can sometimes get the bill reduced by 2/3 due to contracts, payment plans etc. However, the medical provider is not obligated to reduce the amount you owe just because other people may pay less (I realize this is not fair) and sometimes they may just send the patient a bill for whatever the insurance doesn't pay. They probably reduced the amount just to be able to resolve the claim even they though don't get all the money they want. |
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kingsgirl
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If you take the settlement offer they will not come back to get the rest. that is what they are willing to settle for if you just pay it. other wise they will keep sending you to collections and you will have to deal with thtat headache. I would take the settlement offer. |
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Debt Free!
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take the settlement. pay it off. keep the letter forever as proof |
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