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How to Pay Your Medical Bills Before Your Settlement Goes Through

If you have been the victim of an accident and have reached an out-of-court settlement with your attorney’s help, you are probably relieved to put the legal process behind you. However, waiting to receive your settlement funds can take weeks, depending on the complexity of the case and how busy the disbursement process is. Meanwhile, your medical bills and other bills are stacking up and awaiting the long-expected payments. Instead of stalling by explaining, yet again, that the payments will be made as soon as you receive your settlement, here are a few ideas for paying on your medical expenses until your settlement proceeds come through.

Make Partial Payments

Many creditors, medical providers included, will accept partial payments on overdue bills if patients cannot afford to pay the entire balance. If the account has not been turned over to a debt collector, the medical office might not include an interest charge or penalty fee. Small monthly payments as agreed by the providers will keep your credit rating in good standing until the settlement money arrives.

Apply for a Legal Settlement Loan

Several companies these days offer fast settlement loans to help people balance their bills before they get their settlements. They work with you to provide the sums needed to cover current medical expenses until your case is finalized with the settlement payout. Settlement loan terms are generally fair and convenient to help you maintain good credit until you can pay off the outstanding balances in full. Repayment can be arranged to fit your financial situation as needed.

Use Low-Interest Credit

You may be eligible for a new, low-interest or zero percent interest credit card that provides a certain amount of credit at no or low interest for an extended period of time, usually six months to eighteen months. If that option is unavailable, you can also use a current credit card with low interest to make partial payments or pay off entire balances on your medical bills until the settlement funds can be applied to pay off your credit card balance.

Borrow from Savings and Investments

Another source of temporary income might be a savings account, retirement fund, or investment account from which you can withdraw funds now to bring medical expenses up to date. Then when your settlement check comes, you can repay the account from which you borrowed, along with any interest, to get your accounts to where they were.

Don’t jeopardize your credit rating while waiting for settlement funds. Pay your medical expenses by using one of these options to protect your credit standing.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.
Tim Esterdahl

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