Medical Debt Discount Tips – Is Bankruptcy a Better Option? Certainly Not

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Negotiating a discount or a waiver with financial institutions seems like a fair thing to do. The service providers charge such high interest and other penalties and make life miserable for ordinary borrowers. Hence, ordinary borrowers never mind seeking additional discounts and bring down the profit earned by the lender. However, doing the same in case of medical institutions is not similar.

Many borrowers are hesitant to adopt such tactics with the medical service providers. There is a sense of gratitude as the hospital is the reason why the individual or any family members is still alive. Further, there is a realization that expenses incurred by the hospital have been incurred to save one’s life.

The urge to make the payment on time in a prompt manner is very high. So much so that people contemplate bankruptcy and file for chapter 7 to escape all other debts because they used all their resources and their finances to pay for their hospital bills.

Always keep in mind that bankruptcy is going to hurt the medical institution as badly as it is going to hurt others. You may have repaid your medical dues in full but that does not mean the economy does not get affected when you file for bankruptcy. Further, it is incorrect to say that medical institutions work on not for profit basis. There are many service providers who charge a lot to just because they are in a position to do so.

This is no different than the exploitation of credit card issuers they charge extremely high interest rates from their customers. If you want to overcome this problem, you should be prepared to negotiate tough with your hospitals. If you are not confident of doing so, why don’t you employee an impartial third party expert who can politely but firmly explain to the medical institution that you are not in a position to pay the bills charged.

This will help you overcome a very big problem that otherwise would have pushed you towards bankruptcy. A bankruptcy when a family member is very ill is even more harmful as compared to a bankruptcy in ordinary circumstances. Hence, just log on to the World Wide Web and get in touch with reputed service providers online. You can submit your details and the settlement companies will get in touch with you and negotiate with you to determine your expectations and your requirements.

Source by Vikram Iyer

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