2 Ways To Stop Unpaid Medical Bills From Ruining Your Credit While You Wait For Your Lawsuit Settlement
After being involved in a major car accident, it could take years to settle your claim and receive compensation for your damages and injuries. During this time, you may begin to receive medical bills in the mail that you cannot pay yet, because you will not have the settlement money. If you are worried about this affecting your credit, you could use one of these two methods to prevent these unpaid bills from ruining your credit.
Discuss The Problem With The Healthcare Companies
If your car accident left you with thousands of dollars of medical bills that your insurance is not covering, the healthcare companies that provides the services will want their money. If you cannot pay these debts without your settlement money, you could try discussing the issue with each company that you owe money to.
When you do this, explain the situation you are in and ask them if they would be willing to offer you a "hold agreement." With a hold agreement, the healthcare companies would agree not to turn your bills over to collection agencies. If they agree to this, they might only be willing to hold off on doing this for a certain amount of time, such as one or two years.
If you can work this out with each company, you could be certain that your credit will not be affected by these unpaid medical bills.
Get A Lawsuit Settlement Loan
If there is a very good chance that you will receive the settlement you are hoping for, you could cash in on this money right now. To do this, you will need to apply for a lawsuit settlement loan. A lawsuit settlement loan offers a way to get cash now for a future settlement you are supposed to receive.
By getting a lawsuit settlement loan, you could pay off all the medical bills you keep receiving in the mail, and this would stop the unpaid debts from affecting your credit report. This money could also be handy to live off of if your injuries are preventing you from working.
Before getting a loan like this, make sure you fully understand how it will work and what the terms are. You may also want to discuss this issue with a personal injury lawyer. He or she might be able to give you advice about what company to use or other available options for paying off the medical bills you have incurred.