When dealing with any kind of debt, you have to know your priority. Unsecured debts like medical bills, for example, have a longer allowance so the creditor usually doesn’t ask you to start paying until a months. In contrast, your mortgage loan needs to be settled every month or else you find yourself on the streets as the creditor moves to foreclose on your house. So from the time you get the bill, you have at the very least three months to secure a medical loan to pay for your hospitalization expenses.
The three month window doesn’t mean however that you ignore the hospital when they drop in or make a call to remind you of your obligations. The last thing you should do is to sweep the problem under the carpet, so to speak. Even if you think you won’t run away from your medical bills, it’s tantamount to nothing if the creditor remains in the dark about your plans. Your debts will still going to be “charged off” and sent to a third party collector. (The “term charged off” means your debts are written off the hospital’s books because it has given up on your capacity or intention to settle your balance.)
Don’t be afraid to negotiate for a longer payment term or a discounted bill. You have no idea how your hospital’s billing department will welcome your resolve to pay your medical bills.
Now if your medical bills are sent to the collection agencies or accounts receivable management companies, you have every right to request them to stop asking you for money. They also have every legal right to bring you to court where they can garnish whatever is left of your salary after taxes. The other alternative is to negotiate with the third party collector, which surprisingly could be a very easy process. You can even ask for referrals from the collection agency of a reputable company that offers medical loan for very low interest rates and affordable monthly payment term.
The important thing is to tell the original creditor or the collection agencies of your plan on how to settle your medical bills, and for how long. If indeed you plan to avail of a medical loan, update them of the developments every now and then.