I need help with my $30K Medical Debt!?

Question

Hi,
I am 23 with a $30K medical debt that I haven't paid and is now in collection. I received the debt on 03/2003 and haven't paid anything. I would like to know if anyone could give me some advice in this matter? I understand there is something called the "Statute of Limitation". I want to know if I wait 7-10 years for the SoL to be out of date, is the debt going to be cleared from my credit report? If so, is it going to come back one day? Also, is this something I should consider, or should I try for a settlement to reduce the debt? Any help would be highly appreciated! I am so lost and confused! I just want to start all over again. **Note I use to have Medi-Cal since my family is not that well off, but it ended after I reached 18** -thank you

Answer 1

The SoL varies from state to state, with regard to various types of debt. However, you should keep in mind that even if the SoL runs out, there is no law stating they still cannot come after you for the debt; the SoL basically covers you from getting SUED by collections for the debt.

Answer 2

You need to come up with a lump-sum payment of $5,000 hard cash and you can probably get a good settlement.

When you get the $5,000 make sure you use a pay-for-deletion letter as contained in the hyperlink below and send it certified.

You need to get a letter on letterhead back from the hospital that certifies they agree with your pay-for-deletion terms.

This will allow the hospital to process the cash payment as payment in full and then remove any negative item from your credit report.

Waiting out a $30,000 debt for the statute of limitations to apply is not a good idea because the hospital will probably charge off the debt and sell it to a collection agency. And you better believe, the collection agency would love to take you to court on an amount THIS BIG!

Answer 3

Don't know the laws in California, but in my state, 6 years from the date of notice is how long they can attempt to collect...key phrase is attempt to collect. The debt itself may stay on your record for 7 years. If you want to pay it, I'd start with the original creditor as they may work with you...probably what will happen is that they will have sold the loan for pennies on the dollar and can no longer offer in guidance or solution, in which case you'll have to contact the holder of the debt and negotiate with them. I'd offer them pennies on the dollar as well and see what they take. They will probably play hard ball but the older it becomes the more negotiable they will be. One important note though...if you initiate discussions with the collection agencies, you start the reporting clock all over again. SO if you were in my state, they couldn't collect on the debt after 2009, but if you called them to negotiate terms, the clock would start at 2007. With the new BK ruling of 2005 it may be hard to bk the debt, but that may be an option, provided you have no reasonable means or assets to pay the debt. i'd seek legal advise. Good Luck!

Answer 4

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