Medical bills, moving, and statute of limitations??
Date: Fri, 10/14/2011 - 09:42
Last year, I settled one student loan, and consolidated my remaining loans, and am currently paying that off. I've never missed a payment, and have actually been making double payments, so that is good to go!
I pulled my credit reports and saw that there were some old medical bills on there. My credit scores are 583 Equifax, 560 TransUnion, and 589 Experian.
I have #1 for the amount of $255, that is being handled by CREDITBURCEN in Nevada. Opened 9/2006
I also have: #2 for $282, #3 for $266, and #4 for $393, that are being handled by R Sokoloff, in NY. Opened 12/2006
These are all medical bills. I traveled a lot for my job. At that time, I had an OH driving license (not sure if that decides residency for statute of limitations).
When I was in Nevada, I had a Nevada mailing address, but kept my out of state license, as I was only there for a year. Not sure if this matters or not.
When I was in New York, I believe that my mailing address was in Ohio, as I was only in NY for a few months.
I am currently in Pennsylvania, and will be for the next 2 years. I still have my OH license, but will be switching over to PA at the end of the year.
So my questions are:
1. Which state does the statute of limitations do I follow, where the account was opened, or where I was residing at the time? If it's Ohio, I think the statute of limitations is anywhere from 4-21 years! Nevada is 3-6, NY is 6, and PA is 4.
2. If I am able to settle on them, how much should I try to settle for?
3. After I pay them off, or settle, when should my credit score start improving?
4. Any other input or advice, anyone care to share?
I have since had a baby, and I'm just trying to get my credit fixed and get on with my life. As it stands, I can't even get a credit card!
Thanks!!!!!
As far as I know, you will have to follow the statute of limitat
As far as I know, you will have to follow the statute of limitations of the state where you had opened the account. You can contact your creditors and try to settle the debts. It will be the discretion of the creditor as to how much amount he will settle the debts for. It will take some time to improve your credit score once you pay off the debts.
Hi Cookie, First of all, the Statute of Limitations will depen
Hi Cookie,
First of all, the Statute of Limitations will depend on the state where the debts were incurred. SO, if one debt was incurred in Nevada, then the SOL will have to be that of Nevada. If another debt was incurred in NY, then the SOL on that particular debt will have to be of NY and so on.
If you are going to settle these medical debts, you can settle as per your affordability. Settlement on debts in general is done within the range of 40-60%; however it also depends on the terms and conditions of the creditor or the collection.
The credit score is going to improve only with time. Initially, when you make the payments, your credit score will be hurt as the missed payments are going to come to the forefront.
You are absolutely on the right track and so I think the other thing that you need to do is to always keep a track of all of your expenses. This will help you not only in paying off all of your previous debts but also to incur fewer debts in the future.
Awesome!
Thanks for the info! So my next questions are: My statute of limitations is almost up then (6 years for both states). Should I just let them go and have them fall off my credit (they will be 7 years old in 2 years), or settle on them and have them show up as late payments on my credit for the next 7 years? Is it possible to settle on them and still get a "Pay For Deletion"? I am very aware of my expenses, and keep track of every penny I spend. I've never had a credit card, but I think I should get one, for the sole reason of rebuilding my credit.