How to Pay Your Mounting Bills After Being Injured on the Job

If you've ever been involved in a workplace accident, you may have started to worry about the mounting medical bills. You may be worried that if the injury has caused permanent harm, you'll have not only trouble getting paid for your medical care but also financial troubles. You certainly don't want this to happen. Here are the tips.

Be Positive

Don't allow yourself to think about how the injury will affect your household finances. To avoid this problem, keep a positive attitude and tell yourself that you'll find a way of dealing with the debt if you have one. 

It's impossible to know what will happen in the future, so don't waste your time worrying about it now. If the injury does end up negatively affecting your finances, you can work on fixing it then.

Talk to Your Creditors

The easiest way to avoid having a debt collection agency hounding you about your unpaid debts is to talk to them. You can either do this over the telephone or in person. 

Tell them that you're in an accident and that you'll be paying off the debt as soon as you can. Ask if they'll give you an extension, and let them know that it's important for you not to get any more calls from them.

Deal With the Problem Once You're Better

Don't worry about your finances while you're trying to recover from your injury. You'll have plenty of time to deal with it when the time comes. 

If you've been injured on the job, make sure that you know your rights and that you know how to handle being hurt at work or having post-accident financial troubles.

Job Site Accident Lawyer

If you need help with your injury claim, call a job site accident lawyer. It's important to make sure that you have a lawyer knowledgeable about worker's compensation and is fully trained in the law.

Check out Your Options

It's worth seeing what help is available. For example, if you're unemployed, you might be eligible for Social Security Disability benefits or Unemployment Insurance Benefits if the accident has left you unable to work.

Save Your Paperwork

Make sure that you save all of the paperwork relating to any payments you make towards your debts and any medical bills or expenses that have been paid by your employer, Workers Compensation, insurance, or Social Security. 

You'll need this paperwork when you make a claim for compensation in the future.

Consider Selling Something You Own

If you can't pay back the medical bills that have been incurred because of your accident, then consider selling something that belongs to you. 

It could be an expensive piece of jewelry or a valuable antique watch. Of course, you'll want to think carefully about this. You don't want to sell something that means a lot to you just for the sake of paying off your medical debt. 

If possible, consider selling something that doesn't mean a lot to you and that you won't be upset about parting with.

Get a Cash Advance From Your Credit Card

If all else fails, take out a cash advance on your credit card. It is a quick and easy way to deal with your mounting medical bills and get your financial situation under control.

If you'd like legal help, contact a personal injury attorney. While you may not be able to afford them right now, you'll at least have some advice from a professional who's qualified in the field of law. As soon as you begin dealing with your particular case, it will be harder for you to find another lawyer.

To help make the necessary changes, you must first figure out what went wrong. Sometimes there are legal reasons why your injury was not properly addressed. 

Your employer is in charge of making sure that the issues surrounding your injury are resolved quickly. They should be offering you a solid and legitimate explanation for why they cannot compensate you for the time it took to heal.

How to Make Use of an International Debt Collection Agency For Your Unpaid Debts

When you talk about an international debt collection agency, it implies that the entire debt is beyond the place of ordinary business and jurisdiction of your original creditor. 

It is a perilous situation as collecting such debts could have severe legal repercussions for the defaulter. Every agency engaged in this service aims to ensure the recovery of any outstanding debt against you.

Benefits of hiring a debt collection agency:

• Professional approach: As there are many different rules implemented in international debt collection, the approach must differ. The professionals involved in collecting information regarding the debts in your name approach the creditors on your behalf to negotiate the repayment of the debts. This makes use of all the available resources like the internet, phone calls, and personal interviews. These resources are essential to make the collection process swift and effective.
• Experienced: Another benefit of using a debt collector for debt recovery is their knowledge and experience in their field. As a business owner, you may not have any experience or prior knowledge or even know where to start handling a due payment. Debt collection agents do. They know what to do and how to do it.
• Ability to negotiate: There are many advantages of contacting the original creditor as there may be provisions for debt recovery in different laws prevailing in different countries. This helps the international debt collection agency to take the right steps at the right time to negotiate with the creditor and get the best possible deal. Different professional bodies help in maintaining the coordination of the process.

Methods used for the collection of unpaid debts:

• The collection of unpaid debts by international debt collection is done in two ways. Firstly, they contact the original creditor by phone or fax to establish the details of your account. If the amount is still unpaid after the specified period, the recovery agents will write to the creditor and request the payment. Sometimes, you may not receive a formal letter from the creditor as the collection agents follow a pre-truce procedure.
• Secondly, there are several methods used for the collection of unpaid amounts. In the first method, the agency contacts the person directly. You have to fill up an application form with all the necessary details, such as your name, address, and telephone number. You also have to provide information about the financial status. This can be done by contacting the banks or credit unions and requesting their assistance. This method of collection has a higher success rate, as the creditors are very cooperative.
• However, if the international debt collection agency fails to receive any payments on your behalf, they may hire a collection agency with the help of a third party. These third-party collection agencies will take care of other issues, such as the verification of the details. The creditor will be informed immediately of the non-payment so that he can take legal action. Many creditors refuse to accept the collection of unpaid debts by these third party companies as they do not want to get involved in disputes with their customers. There are different collection agencies available for your assistance, depending upon the nature of your debts.

What rules are applicable for the recovery of unpaid debts?

Several rules apply for the recovery of unpaid debts. If you fail to repay your debts, the first thing that you should do is to contact your creditor and seek his help. 

You should keep in mind that different rules apply for the US recovery of debts, and the various rules apply for the UK recovery of debts. Different rules apply to private companies. 

Many companies are available for the international debt collection of debts that use their methods of recovery. Many people have experienced the use of these companies for the recovery of unpaid debts.

Breaking any law could be dangerous:

One of the most important things to remember is to make sure that you are not breaking any international laws. Several laws are applied for the prevention of the exploitation of others' intellectual property. 

You need to take advantage of all the resources available to you. If you are not aware of any laws that apply to your intellectual property's protection, you should get in touch with a professional who can guide you in this regard. 

You should remember that even if you are not taking steps towards getting your debts settled, you should not encourage any more action towards your unpaid debts.

Know Your Basics about Working with a Debt Collection Agency

Once you have made up your mind that you will avail a collection agency service, to settle your accounts and close the books of old debtors you need to know how to work with them.

Your first step will be to list the accounts that are to be recovered in the debt collection agency’s form manually or load it electronically on their set format. Try to provide as much accurate data as possible to improve the amount recovered.

The minimum data that are required to be supplied to your debt collection agency are:

• The accurate name, address and telephone number of the debtors
• The name of the debtors’ closest family- in most cases, the spouses.
• The information about any mail that has been neglected and/or returned.
• The occupation of the debtors and their spouse and their job phone number.
• Any referring names of family, friend, neighbors of the debtors.
• A brief about any disputes, written or verbal
• The date of last payment, if any, the order date and the due date of payment.
• Additional contact numbers -mobile phones, fax, etc.
• Any other known names of the debtors -nicknames and aliases.

All the information is supposed to be with you, when your customer signed for a credit application.

Any specific notes that you have kept regarding any of the errant customers should also be supplied.

The debt collection agencies need you to cooperate on this matter, for making their task and your recovery easier. Most of these agencies have the knowledge and skill to get you favorable results. Getting them aware about the nature of your business and its dealing is also essential.

Some of the collection agency services are specialized. They only deal with business that is governed by certain laws of the state. If your business or service falls under these categories, it is essential that you find a debt collection agency, which is specialized in the particular field.

Do not allocate a single account to multiple agencies. If you decide to change your debt collection agency make sure that they do not have any of your account lying with them. Since the payment of these agencies is made after your debts have been recovered do not expect very quick results.

How do the debt collection agencies get paid:

Some of these agencies charge a monthly fee, while some charge per call. But most of the agencies charge commission on the basis of the amount recovered. This commission varies upon the “collectible” factor of the debt. If an account is 60 days old and the debtor is easily traceable, it is likely that the debt can be recovered easily. 

In such cases generally 25% of the amount is charged as commission. Accounts that are smaller in amount, but are aged more than a year, are likely to be charged more. If there is a steady flow of accounts every month the debt collectors charge a flat rate of 18% on all recovered amounts.

Some of these agencies also offer additional services at a flat rate that does not depend apart from deb. You need to ask each agency you contact about any such additional service that they provide.

There are multiple debt collection agencies working all over the U.S. Check their websites and the tally with the type of collection agency services that you are looking for. You will find a perfect agency that is best suited for your purpose and your business.

About Author: Rob Sanders, the owner of an audit firm discusses the best ways to work with a debt collection agency. He clears some of the doubts regarding their payment structure for debt recovery and other collection agency services. 

Will You Be My Co-Pilot? 5 Important Things to Know Before Co-Signing on a Loan

When a loan applicant lacks the sufficient financial backing and creditworthiness to qualify for a loan on their own, a bank or lending institution may recommend that they find a strong co-borrower to back their loan. This may commonly occur if an individual has an insufficient credit history, poor credit or lack of assets or income to qualify fully. A relative or close friend may have recently asked you to be a co-signer on a loan that they are having difficulty being approved for on their own. While you may be inclined to sign on the loan simply to help someone you care about out, it is important to understand how this will impact your life and finances. Consider the following before agreeing to co-sign on a loan: 

Responsibility for the Debt

When you co-sign on the loan, it is important to note that you are equally responsible for the debt as the primary borrower. This means that if the primary borrower is not able to make the payments as agreed, due to job loss or another issue, you will be responsible for the debt. You essentially will be taking on this debt just as if you are the primary borrower or applicant on the loan request.

The Impact on Your Credit Scores

According to the professionals at Power Finance Texas in Houston who specialize in payday loans, any loan that you co-sign on likely will show up on your credit report and will impact your credit scores. Factors related to new credit inquiries, unseasoned accounts, the amount of debt owed to creditors and even late payments for this account all have the ability to negatively influence your credit scores.

Consider Why the Person Did Not Qualify on Their Own

Because you will be financially responsible for the debt and because it can impact your finances and credit scores, it is important to have a full understanding about why the person did not qualify for the loan on their own. If the person did not qualify, the bank essentially is stating that the person lacks the creditworthiness to qualify on their own, and this may be a warning to you. For example, if the individual has a history of being irresponsible with finances, you may think again about co-signing. On the other hand, if the person has been responsible but simply fell on hard times, due to job loss or illness for example, you may be more inclined to help out.

Your Ability to Qualify for Financing in the Future

Even if you want to help out a friend or family member, it is important that you think about your own finances and goals. Your credit scores and debt-to-income ratio will be impacted by the debt that you take on. In some cases, this additional debt may make it harder for you to qualify for a loan in the near future. If you have plans to apply for a car loan, a home mortgage or another type of loan, you may think carefully about how this new debt will impact your plans.

Being Targeted by Debt Collectors

In the event the primary borrower defaults on the loan, keep in mind that debt collectors may target both you and the primary borrower. This means that you may receive collections calls and letters until the loan is returned to good standing or paid off. Furthermore, collections on this account may impact your credit rating.

There are instances when co-signing on a loan is the right thing to do. You may feel comfortable with the risks and financial impact to you with co-signing, and it may not impact your future goals and plans. However, it is important that you fully understand the impact of co-signing and to ensure that the risk to you and your plans is minimal before you take on this additional financial responsibility.