You Can Negotiate Down Your Debt

From ABC Action News:

Emanuel Rivero, a debt counselor for the nonprofit Money Management International, says you can negotiate medical debt.

“Make contact with them,” said Rivero. “We cannot be afraid to reach out to these collectors.”

Rivero said debt collectors will often accept offers of a third or less of the bill owed.

The statute of limitations to collect on a debt is five years, but it can still remain on credit reports for up to seven years.

That means patients with older debt have better bargaining power to clear up that debt – as long as they have the cash to pay.

“You need to be prepared to make the payment that day,” said Rivero.

But Rivero also cautions that patients should always demand written confirmation of what the debt collector is willing to settle for before paying the bill.

And they provide an interesting video:

For more information on the issues surrounding medical debt, please contact RIP Medical Debt.