A Medical Debt Relief Miracle?

If you are looking for good news, do not read anything that has “personal finance” as a keyword.  Of all the terrible things happening these days, most of them are taking consumers’ financial circumstances from bad to worse.  It seems like the only people who are doing well these days are the ones who inherited millions and the ones whose efforts to make fools of themselves or, even more disturbingly, their minor children, on the Internet, happen to have attracted enough clicks that the corporate sponsors eventually came knocking.  Meanwhile, your medical bills have been piling up since things were not nearly this bad.  Medical debt has been a nationwide problem for years; the bills that you could not pay in 2018 are still following you around.  You just might get a deus ex machina where your medical debt disappears into thin air, as recently happened when a medical debt relief charity obliterated billions of dollars of medical debt in a single transaction, but it says something about our current state of affairs when billions of dollars of medical debt is only a drop in the bucket.  For advice on using your limited resources to deal with your medical debt as effectively as possible, contact a Miami debt lawyer.

Undue Medical Debt Forgives Unpaid Medical Bills for 20 Million Patients

The good news is that medical debt relief charities like Undue Medical Debt exist.  It used to be called RIP Medical Debt, and now its new name focuses on justice instead of on going the way of all flesh, but the charity’s purpose and methods are the same.  Consider that, when a patient does not pay a medical bill, the creditor sells the debt to a collection agency for pennies on the dollar.  Getting a modest sum from a collection agency is better than getting nothing from the original debtor.  The collection agency then begins bothering the debtor to pay the debt.  If the patient pays even ten percent of the face value of the debt, the collection agency makes a profit.

Since creditors are so keen to buy medical debt, Undue Medical Debt also buys the debts for a paltry sum, but instead of pursuing patients for payment, it forgives the debts, making them disappear.  Therefore, every dollar that you donate to Undue Medical Debt can forgive the entire cost of a blood test, a doctor’s office visit copay, or some other medical expense that looks small but was beyond the budget of the patient.  In a recent deal, Undue Medical Debt paid a few billion dollars to creditors and bought $30 million in medical debt.  It immediately forgave the debt, meaning that 20 million people now owe one less medical bill.  The average bill that it purchased had an outstanding balance of $1,100.

Work With a Debt Lawyer About Finding Your Way Out of Credit Card Debt

A South Florida debt lawyer can help you find the best way to settle your medical debt.  Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.

Source:

npr.org/transcripts/nx-s1-5349500#:~:text=NOAM%20LEVEY%3A%20Undue%20Medical%20Debt,old%20debts%20and%20relieve%20them.