subject: Medical Debts Settlement Programs - How to Legally Settle Medical Debt for Less [print this page] Medical Debts Settlement Programs - How to Legally Settle Medical Debt for Less
These days, due to the recession turmoil many people are suffering from several debt issues. One of the main issues is the medical loans. Due the recession period, most of the people have lost their jobs and have borrowed money from the lenders. Even though they have medical health insurance, still they are suffering from these heavy burdens of debts. Among these affected people, most of them got frustrated and filled for bankruptcy. Instead of filling for bankruptcy, they should have hired the services of an experienced and well reputed debt settlement agency. There are many solutions available in the markets for this purpose and the federal government has laid down some new laws and regulations for overcoming this problem. These laws have been proved very beneficial for the consumers as they have helped them to clear their loans. The federal trade commission is looking forward to settle these debt issues of the borrowers.
The new laws have come up with settlement options these are, debt settlement, negotiation and credit counseling. The debt settlement option states that if a person has an unsecured medical debt amount of up to $10,000 then he should hire the services of settlement firm in order to get as much reduction as he can. This reduction usually ranges from 60 to 70 percent and the consumer can repay the remaining loan amount in a lump sum later.
Negotiation is another option which is very helpful for the consumers as they can get full clearance of their dues by opting for this option. Firstly, one has to hire the services a relief agency, then the agency's representative would negotiate with the authorities on the borrower's part. The agency will make the authorities believe that you are unable to repay your medical bills. If the authorities will consider your appeal you will be able to get full clearance of your debt amounts without paying a single penny.
The credit counseling technique states that if your previous financial record is good then the bank would give you some loan to payback your medical loans and then you would pay the bank's money in convenient installments. These are some of the options which would help you to settle your medical loans for less in a legal way.
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement. Check out the following link to locate legitimate debt help in your state.
