Debt Negotiation Tampa
Here’s the story of a couple which shows how medical bills can severely impact a family’s finances. The crisis started when the husband needed to be hospitalized for two weeks because of an aneurysm. After the expense of the hospitalization, he needed almost 12 months to recover before he could work again. Of course, during these 12 months, the bills started to mount. Once he did recover enough to work, he was not able to find a full-time job. Additionally, not being able to drive, he was limited on what jobs he could find.
During better previous years, the couple had acquired a couple rental properties. With the down economy, one of them has not been rented. The options had run low for this couple. They even tried to get a home equity line of credit on their primary residence, but the banks refused. The wife has been holding down two jobs just to stay barely afloat. However, there is no more savings, and some of the credit card interest rates have risen. The minimum payments became no longer affordable.
But because they qualified with a bona fide hardship, and they were responsible enough to want to work themselves out of debt by setting aside some savings each month to eventually start negotiating with the creditors, they now are on track to pay off their debts in 40 months or sooner.
Original debt: $41,000
Negotiated Debt: $19,000
Time to pay off: 40 months