Quick Question regarding Medical Debt

[sandieleslie]

Hi Everyone,

I have a quick question. I have my last collection to pay (medical debt) for $789

Should I pay in full or settle?

I have tried to PFD and they came back with a NO for that so what do you think? Settle or PIF, it seems if I pay in full there is nothing gained since they say they will not delete the tradeline.

Please help. Trying to sort this out today.

Thanks for reading and any suggestions/recommendations.

[MarineVietVet]

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@sandieleslie wrote:

Hi Everyone,

I have a quick question. I have my last collection to pay (medical debt) for $789

Should I pay in full or settle?

I have tried to PFD and they came back with a NO for that so what do you think? Settle or PIF, it seems if I pay in full there is nothing gained since they say they will not delete the tradeline.

Please help. Trying to sort this out today.

Thanks for reading and any suggestions/recommendations.

---

If you have a notation of settled on your reports it will be scored just like a charge off. If you do pay in full at least the debt will be taken care of and there will be no more hassling from CA's. Then you can start writing GW letters to get it removed.

I'm not recommending one over the other; just bringing up ideas.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[sandieleslie]

I didn't know that - "If you have a notation of settled on your reports it will be scored just like a charge off"

Wow, I have one settlement account where they knocked off 25% only. Would it make a difference in my score if I went back and paid the remaining 25% of that one?

Thanks so much for your quick response, I truly appreciate it. Paying the $789 right now.

Thanks again

[MarineVietVet]

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@sandieleslie wrote:

I didn't know that - "If you have a notation of settled on your reports it will be scored just like a charge off"

Wow, I have one settlement account where they knocked off 25% only. Would it make a difference in my score if I went back and paid the remaining 25% of that one?

Thanks so much for your quick response, I truly appreciate it. Paying the $789 right now.

Thanks again

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No. Scoring will only see that it was settled and not whether it was paid or not. I would try GW's for this also.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[sandieleslie]

Hi MarineVietVet,

I have tried GWing that account and even sent a PFD for the remaining balance but no dice so far. It is with BCR; I will continue trying.

I plan to launch a GW attack next month when I have time off and I am able to really do the research to find all the addresses.

Thanks again for your help with this

[PixieQueen80]

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@MarineVietVet wrote:

If you have a notation of settled on your reports it will be scored just like a charge off. If you do pay in full at least the debt will be taken care of and there will be no more hassling from CA's. Then you can start writing GW letters to get it removed.

I'm not recommending one over the other; just bringing up ideas.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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MarineVietVet - I am curious about this notation?  When does the above italicized get factored into a collection?  I have "settled" 8 medical collections and one judgment and all that appears with both are "paid" (satisfied for the judgment).  None of them ever mentioned the settlement arrangement.  Is this because when I contacted the CA I requested a settlement in full arrangement?  I thought that paid, unpaid or settled collections were all negative and were scored equally. 

[sandieleslie]

Hi PixieQueen,

My settled account says - "Settled - less than full balance"

That notation on that account was the main reason I asked about the medical debt and whether to settle or not.

For the settled account I actually owed $1375 but I was disputing the full amount because there fees on there that were not supposed to be there. They said to pay what I thought I owed which was $1140 and they said they would settle the account with that. Now I wish I would have just paid the whole thing but I did that prior to joining myfico so oh well.

Sandie

[PixieQueen80]

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@sandieleslie wrote:

Hi PixieQueen,

My settled account says - "Settled - less than full balance"

That notation on that account was the main reason I asked about the medical debt and whether to settle or not.

For the settled account I actually owed $1375 but I was disputing the full amount because there fees on there that were not supposed to be there. They said to pay what I thought I owed which was $1140 and they said they would settle the account with that. Now I wish I would have just paid the whole thing but I did that prior to joining myfico so oh well.

Sandie

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Hi Sandie,

I see what you are saying now.

When I approached my collectors I ALWAYS requested a settle in full and even went to the point of requesting a zero balance letter once the payment is made in the intial correspondence or phone call.  If they were unwilling to give me this then I  told them that the deal just doesn't work for me.  Fortunately, I have not been taken to court or had a garnishment pursued.  I was able to pay 60% of all my medical bills for the settled in full (after visiting here I realized I could have gotten a better deal at around 30%) and on a $48k student loan judgment I negotiated with the law firm (after the judgment was in place) to pay only $28k.  The timeline for full payment was greuling though and was about 50% of my monthly take home income.  Always ask for a "settled in full" when requesting a settlement for your protection.  If they absolutely refuse a settle in full then ask for payment arrangements if paying the entire amount will be difficult for you.

Good luck in settling your next account. 

[MarineVietVet]

Hi PixieQueen,

It looks like your question has been answered. I meant to get back to you on this but I get lost sometimes trying to remember where I've been and where I need to be. 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[sandieleslie]

Hi PixieQueen,

I am trying to get my scores up so that I can buy my first home next year. That medical debt that I paid yesterday was my last open delinquent account and it was also my last collections account.

Now I just need to monitor my utilization, pay bills ontime, start my GW attack on what I have paid off, and watch for the correct reporting of my student loan consolidation.