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Expert: Regan Shinski - 1/10/2011


Question
Hi,
I had an emergency appendectomy in 2002 when I was 21, and did not have insurance. Though I had lost my job for missing so much so much work, the hospital demanded my last three pay stubs and arbitrarily said I could afford to pay something like $300 a month. The bills went to collections, one for $3000 something and the other for $8000 something. I pay each of them $10 a month.My question is, is there a statute of limitations on collecting this type of debt or am I doomed to pay this measly amount forever? Is my only hope to settle with them? At $10 a month, I've barely put a dent in them, perhaps they will be willing to cancel it since they spend about $5 a month getting the bill out to me. Thanks,
Gina

Answer
Hi Gina:

Sadly, your payments have likely kept EXTENDING the statute of limitations!  This may mean it is as if you have the surgery yesterday in terms of legal obligations.  There are exceptions in some states and California, especially, has some consumer friendly statutes relating to medical bills, but I fear I am the bearer of very bad news for you on this front.

You should really consider credit repair as the best alternative.  It is highly unlikely that after this long with this many payments they are reporting the debts correctly.  This process involves using federal and state laws to catch the collection agency in violation of the laws.  These laws carry heavy penalties.  These penalties are then used to offset or settle the debt.  Sometimes the consumer even ends up with money in THEIR pockets - although your debts appear to be large enough that a fair settlement or offsetting/forgiving of the debt is a more likely option.  Please review www.ficofighter.com and contact me.  I believe because of the age and number of payments, you would likely see success with this method. Whether or not you contact us, be careful in using someone else or doing this yourself.  You can really make the situation worse for you.  But, again, I think you are a good candidate for success with this program.

Otherwise your options are to continue paying, settling, bankruptcy, or letting it go (risk for judgement and garnishment.)

Regan

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

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