Can I negotiate my medical bills

Can I negotiate my medical bills? If you are in collections on your medical bills you can negotiate them down. You can typically negotiate your medical bills for about 50% of what you owe. You can also hire a debt negotiation company to do this for you if you do not feel like playing the game. It wont cost you anymore money to use a debt settlement firm.

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Paying off old debts is no longer bad for your credit scores

It used to be that if you had an old debt that was unpaid and then paid it, it would drastically drop your credit score. According to Liz Pulliam Weston this glitch has been corrected. If you settle a debt make sure that the creditor will change the status on your credit report from unpaid collection to a paid collection. Leaving it as an unpaid collection can wreak havoc on your credit score. Believe it or not a paid collection is looked at as a positive mark for your credit score. You don't need to try to get a paid as agreed, most creditors wont want to give you that anyway.

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Can my credit card company sue me?

Can my credit card company sue me? If you stop paying your credit card bill, your credit card company can sue you for payment. They will tack on late fees and interest as well. Your best bet is to just keep paying your bills on time and stay out of trouble.

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What is a charge off?

A charge off is an accounting method that allows a company to remove a bad debt from the company balance sheet. This can be utilized when a bad debt is clearly no going to be paid by a debtor. Charge offs provide several advantages for a company. It eliminates the appearance of the line item on the income statement for the corporation. This would mean that the bad debt does not appear as net income on the financial records of the company and would not be subject to taxes. The people that handle the accounting, no longer have to spend time dealing with it.

As a debtor, a charge off would be a negative mark on your credit report and would impact your credit score greatly. It is in your best interest to try to negotiate or pay the bad debt off. You can contact a lawyer or a debt negotiator to try and help you if you are not comfortable doing it yourself.

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What is the Fair Debt Act?

The fair debt collection practices act of 1977 is a federal law that outlines what creditors and debt collectors can get on you. It is specific on how debt collectors and bill collectors can communicat with you at home and at work. These collections agencies rules are designed to protect the debtor from abusive debt practices and harassment, trick and illegal debt collection tactics.

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What is debt settlement?

Debt settlement is essentially the same thing as debt negotiation. Debt settlement is a process by which you negotiate your charge offs and collection accounts to get out of debt or avoid filing a bankruptcy. Creditors do want to work with you to resolve your debt issues. In fact they will often times take less than what you actually owe them just to close the account out quickly. Debt settlement can be performed by a third party debt negotiator or an attorney. Typically you can save anywhere between 40 and 60 percent of what your original balance was.

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What is a Garnishment?

When your wages are garnished, a percentage of what you make is automatically routed towards paying off a debt. You wages can be garnished if you fail to repay a debt, taxes, court settlement, child support or any other debt that a judgment has been granted against you by a court of law. Only a few states restrict wage garnishment, they are Texas, South Carolina, North Carolina and Pennsylvania. This would be for state and federal debts only. Usually the limit of the garnishment is 25% of what a persons paycheck would be. It is not legal to hide assets to avoid the garnishment. You may be prosecuted for fraud if you try.

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What is a collection agency?

Collection agencies are companies that collect on past due bills. They collecting is either done by the original company that made the loan with you or they have an outside company do the collecting. Typically a third party collection company will often work on commission. They will receive a percentage of the amount of debt that they collect. Usually a debt collector is paid a small salary with a large commission incentive. This is why they may be very aggressive with you. They want to get paid. Typically you are going to get phone calls and letters which most likely will not be of a friendly tone. Their job is to scare you. The more they can scare you, the more money they can collect from you.

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What is Debt Negotiation?

Debt Negotiation is a process of paying off your collection accounts by using a third party. You can either hire a debt negotiation company or an attorney to handle paying off your debts. It is considered to be an effective alternative to bankruptcy. Debt negotiation can save you 40-60 cents on the dollar while paying off your collection accounts. Once the debts are paid off your credit will begin to improve. The unpaid collection accounts will now report as paid collections. A paid collection will report as a positive mark with the credit bureaus.

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What is a secured debt?

Secured debt must have collateral behind it. Homes and cars are secured debt. If you quit paying on them, someone will come to your door and take the stuff back. The best test if a debt is secured or unsecured is if you stop paying on it. If you stop paying your bills and your get to keep your stuff, it would be unsecured debt.

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Are you feeling harrassed by collection agencies?

You may be feeling harassed by collection agencies if you have fallen behind on your bills. If you are serious about paying your creditors back, you may have nothing to fear. Sometimes the bark is worse than the bite when it comes to collection companies. If you understand the tactics of a collection agency, you will regain the upper hand when going up against them. A collection agency uses fear as a tool. They know that fear motivates people and they can use that fear to get what they want. What they want is money out of you. If you understand that they will follow through on their threats less than 1% of the time you can gain your peace of mind back. They don't want to go to court it's expensive and even if they win it can still be hard to collect on it. If they garnish your wages and you get a new job, they have to start the process all over and it gets expense. If you understand this you can do your own negotiating with them and save yourself some money in the process. They may say that they want to do all of these bad things to you, but the truth is they would really prefer not to spend the money. If you don't want to deal with the negotiation, you can hire a debt negotiation firm to represent you and they will handle all of this for you. Typically a debt negotiator can save you anywhere from 40-60 cents on the dollar.

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Beware of third party debt negotiation companies

If you are considering signing up for a debt negotiation company, you may want to consider using lawyer and not an unlicensed entity. An attorney is held to a higher standard. Their are many stories of debt negotiation companies disappearing in the middle of the night. If you don't believe me just Google Jubilee Financial. This kind of thing goes on all the time. An attorney has to answer to the state bar if there are any complaints. They don't want to loose their license to practice law.

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Had a Bankruptcy - 4 Critical Steps To Good Credit Scores

Bankruptcy is not the end of your borrowing of money. It does provide a clean slate. However, to get back on track there are some critical steps to take following your bankruptcy which you need to take right away after your process is complete.

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8 Major Misconceptions About Filing a Personal Bankruptcy

Bankruptcy is a big step and can be quite helpful in the process of restoring your credit. Not filing a bankruptcy because of untruths about it can be a mistake. Read about some of the misconceptions of bankruptcy in this article.

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Consumer Credit Counseling - Is it right for me?

Consumer Credit Counseling or CCCS can be a great way to get out of debt. Beware however as there are some things you need to know before you start a counseling program. Don't get surprised once you are in the program because it will be too late to back out.


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Insider Tips - Why use a debt negotiation company?

Given the recent changes in 2005 in the bankruptcy laws, it has gotten tougher for us as consumers to file for bankruptcy. What else can we do, if we get in over our heads with debt and its getting old treading water every month? One alternative is debt negotiation.


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Tips on Negotiating your Debt with Collection Agencies

Settling your debt with a collection agency can be a rough experience. With some knowledge of how the system works you could save yourself a lot money and heartache.

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The Fair Debt Collection Practices Act, What Are My Rights If I Owe Money?

Let's face it, most consumers owe money and at some point, we miss a payment, get ourselves into a jam because we disagree with something we were billed for, or something catastrophic happens and our bills suffer. Even though you either legitimately or illegitimately owe money, you have rights. Knowing these rights could save you a lot of hassle, time and money.

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10 Tips for Negotiating with Collection Agencies, Bill Collectors and Debt Collectors

The phone rings and there is this feeling, it is a debt collection call. It is upsetting to get these calls. But how do you handle them? It is important to handle these calls properly or else you will continue to get harassed until you give in to what they want. They want your hard earned money.

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Tips for Consumer Credit Counseling - Should I Do It? Finding the Right Company

The benefits of a Consumer Credit Counseling program can be great. However, before you start a program take a look at all your options for getting out of debt, and do you homework. There are many companies out there to stay away from. This article covers things to look for in choosing a company.

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