Solutions for Paying Off Debt and Fixing Credit After an Accident

November 3, 2017 at 2:25 PM Leave a comment

Being involved in a car accident is not only scary but life-altering. Even if your life is spared and your injuries are treatable, getting back to normal can take time and a lot of money along the way. Often those who suffer from significant damage because of a car accident go on to deal with a ton of financial problems. Medical bills piling up, bills going unpaid due to lost wages, and even the ability to pay for daily necessities are all financial struggles that can come from being involved in an accident. Below, are a few solutions for recovering financially.

Obtain an Attorney

If you haven’t done so already, you should look into obtaining an auto accident attorney. Though you may be thinking this is the exact opposite of saving money to get out of debt, it can actually help you get more money. Bachus & Schanker LLC a car accident attorney in Colorado points out that medical bills and other expenses can cause a burden on sufferers. Depending on your circumstances, you may be able to get compensated for lost wages and medical expenses related to the accident.

Create a Budget

While recovering from your auto accident injuries you’ll be on a tight budget. Even if you’re eligible for disability, this income won’t be as much as you were making when you were fully employed. In order to make those dollars stretch further, it is necessary to create a budget. Eliminating all expenses that are necessities and finding ways to cut back on needed expenses will help your money to last longer until you’re able to return to work. Create a budget based on when you receive benefits so if you get paid weekly, create a weekly budget for easier money management.

Set Up Arrangements

Those annoying collection calls you keep receiving from medical bill companies and other service providers you haven’t paid timely aren’t going to stop unless you’re able to start making payments. Even if you’re not able to afford the full past due amount, many companies will understand your circumstances and offer you an opportunity to set up an arrangement that is within your budget. This will prevent your credit from being ruined further while you secure funds to pay down the balances.

Think of a Side Hustle

If you’re unable to return to full-time work due to your injuries, there are things you may be able to do on the side to bring in additional income. Look into side hustles that you can do despite your injuries. Whether it’s working from home as a customer service rep or answering surveys online for cash you can bring in additional funds to help pay down those high bills.

Look for Help

A lot of hospitals and medical facilities understand how expensive their services can be. As a result, they often offer options for patients to repay what is owed. This might include signing up for services like Charity care where all or a portion of your medical costs are covered by the program based on your income. Other options might include financing or set up monthly payments to satisfy the bill.

Always Pay Something

The worst thing you could do to your credit is mess it up by falling too far behind on your payments. You can prevent medical bills from being turned over to collections and delinquent accounts from being reported by making an effort to pay something. Whether you only have $5 additional dollars to put towards the bill or $50, the effort you put forth can keep accounts in a positive standing.

Not too many people realize what it really takes to recover from an accident. Some think about the difficulties of recovering from the physical injuries, others worry about how to repair their cars and the damage. While those things are to be of concern, a lack of finances is often one of the biggest things to overcome. By remembering the above-mentioned tips, you’ll not only be able to pay down those medical bills, but you’ll clean up your credit and be able to save money towards building a new life for yourself.

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