How to Negotiate Hospital Charges

Many people fall behind on their bills from time to time. And some people find it a challenge to pay their medical bills. However, if you are experiencing financial problems and cannot pay your entire hospital bill, there may be a solution for you. Fortunately, most hospitals will work with patients who demonstrate financial need. So, if you have an expensive hospital bill, do not panic. You might actually be able to negotiate those hospital charges and save money.

Instructions

1

Contact the hospital for an itemized bill of your charges. An itemized bill lists all of your hospital charges in detail, instead of simply showing a total balance due. For example, your itemized bill will display all services that you received, such as lab tests and exams, treatments, surgical procedures and medications--and the cost for each service. You will need to speak to someone in the billing department at the hospital in order to request an itemized bill.

2

Review your statements from the hospital. Take time to carefully read over your monthly billing statement and itemized bill from the hospital. Quite often, hospitals make billing errors, and sometimes a patient is either overcharged for services or billed for services they never received.

3

Inquire about financial assistance. Many hospitals offer special financial assistance programs and discounts for patients who cannot afford to pay their hospital charges. In fact, the hospital may be able to reduce your total balance due and waive certain fees for you based on your current financial situation. You can speak with a financial counselor at the hospital to find out which programs you may qualify for based on you income, family size and the amount you owe the hospital.

4

Negotiate a payment plan with the hospital. Be honest with the hospital and let them know how much you can afford to pay each month. Please keep in mind that your payment plan should be reasonable and affordable for you.

5

Ask for a confirmation letter. Make sure the hospital provides you with a confirmation letter outlining the terms and due dates for your payment plan. The letter should also state your new balance and any type of financial assistance programs or discounts you qualify for.

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Does Divorce Affect Your Credit?

Married couples can share a number of things, such as bank accounts, physical property and even credit accounts. A divorce, therefore, can affect the ownership of any of the things owned jointly by the couple. Despite this fact, if your spouse is suppose to pay off a credit account and fails to do so, your credit can be affected adversely.

Joint and Individual Credit

You can have credit either as an individual or jointly with someone, such as a spouse. Qualifying for a credit account for an individual means a lender will look only at your credit history, income and other qualifications for the qualification process. You may need a second person on the account, however, to make a strong enough case to qualify for the credit account. With joint accounts, both parties are responsible for making sure the account is paid in time throughout the life of the loan, otherwise the creditor can take action against both parties.

Authorized Users

Even if you have an individual credit account, such as a credit card, you can have an authorized user added to the account. You still obtain the credit account based solely on your credit, but the authorized user can use the account freely. Only you, and not the authorized user, are responsible for repayment of the account, according to the Federal Trade Commission.

Divorce Decrees

As part of a divorce decree, one party may be assigned one or more joint credit accounts on which he must keep making payments until the accounts are paid in full. Joint accounts will not automatically be put in the name of the spouse who has been assigned responsibility by the divorce decree, according to the Federal Trade Commission, meaning the account will still be attached to both parties after the divorce. If the party assigned the debt by the decree does not make the payments, the creditor can legally go after both parties, including reporting the delinquency on both parties' credit reports.

Changing Accounts

According to both the Federal Trade Commission and credit bureau Experian, you can request that joint credit accounts be modified so that they are under only one person's name. You will need to contact the creditor and let it know of the divorce and to request the change in the account. The creditor may require the single party to reapply for the credit account given the change, especially for home loans. You can also request that the account is closed to avoid any problem,s such as the other party running up high balances on credit cards.

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How to Clear My Credit History

A consumer's credit history is contained in credit reports. They contain information such as payment histories, active loans and amounts due, credit scores, accounts placed in collection, judgments and bankruptcies. The credit history can only be cleared through the the passage of time or by disputing its accuracy. Negative information can remain in a consumer's credit report for as long as 10 years. Disputed information may be removed after an investigation by a credit bureau.

Instructions

Reports Are Key

1

Obtain copies of your current credit reports. Under the Fair and Accurate Transactions Act (FACTA) of 2003, consumers may receive a free copy of their reports from the major credit bureaus (Experian, Equifax and Trans Union). Call the bureaus to request your reports.

2

Look for expired information in your credit report. Certain information has a time limit that it can remain on your credit report. Civil suits and judgments older than seven years should not be reported. The same is true of accounts placed for collection and other adverse information. Chapter 11 bankruptcy cases older than 10 years should not be reported. Call the credit bureaus to report expired information and ask that they remove it.

3

Look for inaccurate information in your credit report. If you discover such information, call the credit bureaus and provide them with the details. You can also send them a dispute letter with the details. Once the credit bureaus receive the information, they will have 30 days to conduct an investigation, unless they deem the dispute frivolous. The credit bureau will contact the creditor to check the information's accuracy.

4

Insist on confirmation. If any information changes in your credit report as a result of contacting the bureaus, they are required to notify you in writing. You are also entitled to a free copy of your credit report which will provide confirmation of any changes made. This copy is in addition to any free report you initially received as a result of FACTA.

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Does Each Credit Card Account Show Up on Your Credit Report?

When you use your credit card, it has the potential to impact your credit score, as your actions with the card will show up on your credit report. When you have multiple credit card accounts, all of the information from the accounts should show up on your credit reports with each bureau.

Account Listing

Your credit report contains many different pieces of information related to your credit history. One of the sections of the credit report deals with your credit accounts. In this section, you should find all of your current credit accounts as well as credit accounts that you have had in the past. Credit card companies regularly report to the credit bureaus, so your account information should be found for each of your accounts.

Account Information

In the account section, the credit report will provide various pieces of information about each account that is listed. For example, the credit report should show the balance on your credit card account, as of the most recent update. Besides the balance on your account, it should also provide information about your total credit limit and whether you have kept up with the payments. It will list the status of your account to show whether it is delinquent or being paid on time.

Impact on Credit Score

The information in this section can impact your credit score in a few ways. For example, the amount of debt that you have in relation to the total available credit plays a role in determining your credit score. If you have a low debt balance in relation to the amount of available credit, this reflects positively on your credit score. If all of your accounts are maxed out, this will lower your credit score overall.

Length of Credit

In this section, it should also provide information about how long the account has been open. One of the most important variables that credit bureaus used when calculating your credit score is the length of your credit history. The account that you have open the longest will play the biggest factor in determining the length of your credit history. This means that if you pay off your oldest credit card account, consider keeping it open, so that the length of your credit history remains.

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What Does One Late Payment Do to Your Credit?

Sooner or later, it happens to almost everyone--a late payment. Whether the result of disorganization, financial strain or simple forgetfulness, a late payment typically elicits an additional fee from the creditor. The credit consequences, however, are far more damaging. If your creditor reports to the credit bureaus and the late payment appears on your credit report, it lowers your credit score, negatively impacting your creditworthiness.

Credit Damage

Each individual's credit report differs. Because of this, and the fact that the exact credit scoring formula is a trade secret and not public knowledge, there is no sure way to know how much your credit score will decrease before you make a late payment.

In general, the better your credit score is, the more damage it will incur when you pay a creditor late. For example, if your credit score is 680, MSN Money estimates that one late payment will cost you 60 to 80 points. If your credit score is 780, however, you can expect to lose from 90 to 110 points.

Circumstances to Consider

If you make a late payment to a creditor, such as your cellphone provider, that does not report to the credit bureaus, you have little to fear from immediate credit damage. Because the late payment won't appear on your credit report, it cannot adversely affect your scores.

If your creditor does report to the credit bureaus, you may still be in the clear. The credit bureaus collect your payment history in 30-day increments: for example, 30 days late, 60 days late, and so on. Even if you make your payment late, you can avert credit damage by making your payment before your creditor lists your account as 30 days delinquent.

Credit Recovery

One late payment hurts you, but your credit score recovers as soon as you resume timely payments to your creditor. Recent information carries greater weight than older data. Thus, the more time that passes, the less negative impact a single late payment has on your credit rating.

Removing Late Payments

You have the right to send your creditor a letter requesting that it erase evidence of your missed payment from your credit history, boosting your credit score. Your creditor is most likely to grant your request if this slip-up was your first, and you have proven your status as a good customer who generally pays on time. Not all creditors will modify your credit report as a gesture of goodwill, but making the request takes up little of your time and, if successful, can help you restore your good credit rating.

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Questions About Scotiabank Student Line of Credit

College is expensive, more so every year. Scotiabank has a product to help Canadian students address the costs of higher education at the undergraduate, graduate and professional student level.

Function

The Scotiabank offers a line of credit under its ScotiaLine brand. The credit line and its accompanying Visa card allow students to use up to $50,000 over a five-year period to pay for books, tuition, fees, incidentals and other expenses associated with a postsecondary education.

Features

The ScotiaLine student line of credit offers several features tailored to college students. The $50,000 lifetime limit means students can access up to $10,000 per year. Repayment of the principal amount is deferred until eight months after graduation. While in school, repayment of the interest amount is required. Since the product is a line of credit and not a traditional student loan, interest is only accrued on the funds used, not the entire amount accessible. Also, money you repay against the credit line can be accessed again like a standard credit account--unlike a loan, which would require reapplication.

Considerations

Scotiabank is a Canadian financial institution; however, it does apply interest using a prime-plus formula. As of September 2009, the rate was listed at prime plus 2.75 percent.

All undergraduate level students need a co-signer on the account to qualify (usually a parent or guardian). The co-signer has access to information regarding account usage and balance amounts. Account holders can use the Visa card like a traditional credit card account up to the annual limit. While the student is in school, payments can be made against the principal amount used. This will reduce interest payments and make final repayment of the principal easier after the grace period expires.

Eligibility for this account is restricted to Canadian citizens or permanent residents attending public, not-for-profit postsecondary institutions. (See reference 1) Some exceptions may be made for graduate students.

Potential

This product offers students an opportunity to build their credit rating with a high balance credit line. Managing this product is made easier because of its flexible repayment options and the extended grace period.

Warning

Building good credit is a key aspect of a productive financial life. If you are not able to make the regular monthly interest payments on this product, it is possible to do serious damage to your developing credit. Contact Scotiabank representatives to address any difficulties in making interest payments or repayment of principal and interest balances and protect your credit.

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How to Stop Wage Garnishment in Alabama

You should attempt to stop wage garnishment as soon as you know or believe a creditor is going to pursue garnishment. Once garnishment is enforced it is much more difficult to stop; you are better off preventing it before it begins. Once garnishment begins, the creditor is getting money and it is very unlikely he will be willing to trust you to make voluntary payments. Wage garnishment laws are established on a federal level but states can adjust garnishment laws, as long as they do not exceed the limits established by federal law. Alabama allows up to 25 percent of your wages to be garnished.

Instructions

Before Garnishment is Active

1

Contact the creditor and ask to speak to someone who can negotiate an agreement on your outstanding debt. Have the monthly payment amount you can pay or the settlement amount set before you make the call.

2

Explain your financial situation to him. Tell him you are willing to work out a monthly payment plan or a one-time settlement amount, whichever applies to your situation. Stress that you are willing and able to make the stated settlement.

3

Ask for any agreement to be sent to you in writing. Do not provide the agent with your banking information. Only agree to make payments by sending a money order or cashiers check. If you provide your banking information, you are giving him the information needed to garnish the funds inside your bank account.

After Garnishment is In Place

4

Contact an Alabama bankruptcy attorney. Almost all bankruptcy attorneys offer a free consultation. Schedule a time to meet with her and discuss your options.

5

Meet with the attorney and determine if bankruptcy is an option for you. If you decide to proceed with bankruptcy, work on providing the attorney with any information she requests. This is usually a list of all of your monthly expenses, any assets and other financial information.

6

Ask the bankruptcy attorney to file your bankruptcy petition with the Alabama bankruptcy court as soon as possible. Wage garnishment will stop once the attorney notifies the creditor that bankruptcy has been filed.

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