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Advice needed - facing some challenging times ahead

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Advice needed - facing some challenging times ahead

In 2015 I was in an auto accident  that resulted in my car being totalled and some pretty serious injuries to me, of which I am now mostly recovered.  The timing was awful on many levels.  I was pretty extended credit-wise at the time of the accident but managing.  However, the costs associated with the accident coupled with diminished income from my contracting business resulted in a real material impact to my family.  While I have never been late with a payment, ever, that is about to change this week when I can't make the payment on an installment loan.  And my formerly good credit is now damaged by a medical debt which was reported to the credit bureaus over the weekend, taking my score between 35 and 45 points.

My attorney is trying to handle that  - there is an error involved on the part of one of the involved insurance companies.  However, today I just feel sick and like crying. 

Long term, my attorney thinks I have a good case but that the liable insurance company may offer an amount that is too low.  If they do that, he really thinks we could do well with a jury but that will drag this out and I am at the point of desperation.

I am gradually rebuilidng my contracting business but there isn't enough in the pipeline for me to feel comfortable.  I am not sure what I am asking for but if anyone has any guidance in general about prioritzing payments, approaching creditors, and their experience with removing a medical debt from their report, I would appreciate it.   And please let me be clear, I have no intention of not paying my debts.  I just don't want to incurr even more costs as a I struggle to catch up that make it difficult to get back to where I was one and a half years ago.

Thank you.

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Re: Advice needed - facing some challenging times ahead


@betterdays2011 wrote:

In 2015 I was in an auto accident  that resulted in my car being totalled and some pretty serious injuries to me, of which I am now mostly recovered.  The timing was awful on many levels.  I was pretty extended credit-wise at the time of the accident but managing.  However, the costs associated with the accident coupled with diminished income from my contracting business resulted in a real material impact to my family.  While I have never been late with a payment, ever, that is about to change this week when I can't make the payment on an installment loan.  And my formerly good credit is now damaged by a medical debt which was reported to the credit bureaus over the weekend, taking my score between 35 and 45 points.

My attorney is trying to handle that  - there is an error involved on the part of one of the involved insurance companies.  However, today I just feel sick and like crying. 

Long term, my attorney thinks I have a good case but that the liable insurance company may offer an amount that is too low.  If they do that, he really thinks we could do well with a jury but that will drag this out and I am at the point of desperation.

I am gradually rebuilidng my contracting business but there isn't enough in the pipeline for me to feel comfortable.  I am not sure what I am asking for but if anyone has any guidance in general about prioritzing payments, approaching creditors, and their experience with removing a medical debt from their report, I would appreciate it.   And please let me be clear, I have no intention of not paying my debts.  I just don't want to incurr even more costs as a I struggle to catch up that make it difficult to get back to where I was one and a half years ago.

Thank you.


Regarding your installment loan, defiitely call them and let them know what's going on.  Remember you're not 'late' enough to be reported util 30 days after the due date.  Maybe youo can work something out with the creditor so it doesn't affect your credit scores.  As for your medical debt, we aren't allowed to discuss it in great deal but Google the HIPAA process for dealing with medical debts.

 

Try to hang in there.  I know what you're going thru is very stressful but in time you'll get thru all of this.  Good luck.

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