You didn't mention if the Hosp has a payment plan, make monthly payments till you can access your 401k. If not, let it go to collections.......then you can bargain for a final payment.
As for your credit rating........it will drop till you pay, then bounce back up. I'm in a similar situation & make $100 a month payments directly to my Hosp Acct.
This is not true........it takes on a life of its own because it worked for a few people. They COULD send it to collections if you nickel & dime them !!
Make payments every month............at the end of that 12 mo, if they see that you have made good faith payments & it's more than half paid off.......they " MAY" let you continue. Do not miss a payment & make a significant payment.......Do Not nickel & dime your acct !!! If not, then let the balance go to collections & negotiate a cheaper buy-out on your balance. Either way, you can work it out.
My Hosp lets me make a payment with no time requirement. I will make a larger extra payment as I have a check coming. I plan to have mine paid off in about 8 more months.
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u/Away-Record7066 11d ago
You didn't mention if the Hosp has a payment plan, make monthly payments till you can access your 401k. If not, let it go to collections.......then you can bargain for a final payment.
As for your credit rating........it will drop till you pay, then bounce back up. I'm in a similar situation & make $100 a month payments directly to my Hosp Acct.