If you pay something on a debt, shouldn't it count?

Question

Re: doctor bills, debts, etc. If you pay even $5 a week, month, etc. shouldn't that count that you are trying to pay? Maybe times are rough and one can pay more later, but shouldn't even something be a good faith promise that one is trying?

Answer 1

They didn't give you the money or medical care $5 at a time, did they?

Answer 2

in situations such as medical most of the time a creditor can not get a judgement against you if you make regular payments of even a $1 per month however you must be paying at least the interest amounts on other debts to stay out of collections. many times the debt isn't even valid anymore and they use scare tactics to collect. Here are some links that may help with your situation

http://www.ftc.gov/bcp/edu/pubs/consumer...

http://www.ftc.gov/bcp/edu/pubs/consumer...

http://www.creditinfocenter.com/creditre...

http://www.creditinfocenter.com/rebuild/...

Hope this helps.

Answer 3

Yes, but you have to talk to

the creditor, or person you

owe.

Explain you're in

financial difficulty, and

would like a payment

plan.  Then you can tell

him/her what you can afford

to pay.  

Answer 4

Unfortunately that isn't how things work because lets say for example you owe a $5,000 debt and you're paying only $5 a week or $5 a month. At this rate, it would never be paid off in your lifetime.

The minimum payment set up by the debtor is usually sent in a way so that paying off your debt (assuming you no longer accrue debt other than interest and paying on time, to avoid interest increasing) will help you pay it off in a timely fashion.

There are some things you just can't barter for and some debt you should never have gotten into if you can't handle the payments. I know there are exceptions such as medical issues that obviously need attention but whatever the reason, it's not going to look good or matter.

Think of it the other way around. Would you want someone who owes you $5,000 to make $5/week or $5/month payment for extended periods of time until they can pay you back (knowing that in most cases interest is going to be more than what they're paying you) and the debt will just get bigger and bigger? Even without interest in the equation, I'm sure you wouldn't be happy either.

Answer 5

If you were the one that was owed the money, how would you feel if it was being paid back $5/week?