How to negotiate settle and pay Old Medical bills in collections with least amount of money – Teresa

I have a lot of medical debt from as far back as 2007 with collection agencys. Is there any way to get that paid down or negotiated? Medical bills are the only bad things on my credit and they are bringing my credit way down.

any info would be great.

How to negotiate settle and pay Old Medical bills in collections with least amount of money

—Teresa

Hi Teresa,

You can certainly approach settling these accounts as a means to resolve them. The affects to your credit by these collection accounts being there now or in the future after resolved will vary.

I have some questions for you before I can suggest a next best step:

What state are you in?

When was the last payment made toward any one of these accounts?

How many accounts are there and what are the ammounts?

How prepared are you with money needed to fund negotiated payments and terms?

What goals do you have in the next couple years that would require your seeking out a loan product (home, car, student loan)?

If you can respond in the comment section below I will be better prepared to make some suggestions.

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1 Comment

  1. Michael
    October 18, 2011
    12:26 pm

    Janet,
    You should absolutely look into how you may be able to reduce the balances by offering a lump sum lower amount.
    You can also discuss a payment plan establishing a monthly amount that fits your budget. With medical debt, a lower payment plan generally does not include a negotiated balance reduction, but you can establish an affordable payment.
    Best of success to you!

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