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Paying Medical Bills
Debt Collections
Credit Scores
Utility Bills
Miscellaneous
100
True or False. Legally, medical bills cannot be sent to collections if you fail to pay them because you cannot afford them.
False - Medical bills can and will be sent to collections!
100
True or False - Debt Collectors are allowed to call you any time of day.
False - Debt collectors are not allowed to call you before 8:00am or after 9:00pm
100

True or False - Apartment Leasing Offices usually check your credit score for eligibility to lease a unit.

True - most apartment leasing offices will consider your income, rental history, and credit score when deciding if you are eligible to rent their apartment

100
Which is generally more expensive, Heat or A/C?
Heat is generally more expensive
100

True or False. If you pay more than the minimum amount on a loan every month, it will shorten the life of the loan, and therefore decrease the amount you actually pay.

True

200
True or False - You can ask a hospital to put your bill on hold from collections.
True - You can ask a hospital to put your bill on hold from collections and your account status updated to pending until you are able to look through your itemized bill and set up a payment plan.
200
True or False - You can get debt collectors to stop calling you by sending them a letter.
True - A debt collector must cease contact with you if you send a letter requesting that the debt collector do so. If you believe that you do not owe the money, may may state this in your letter. But beware that a legitimate debt will not go away simply because the collection calls stop.
200

Which has a stronger impact on your credit score - having several credit cards or paying all your bills on time? 

Paying all your bills on time

200

What is a budget billing system? 

an optional utility payment plan that smooths out fluctuating monthly bills into a predictable, fixed amount. Instead of paying high bills in the summer (for AC) or winter (for heating), your annual estimated usage is averaged out into 12 equal monthly payments. Anyone can enroll in budget billing through ConEd.

200
True or False. Debt collectors do not have the right to garnish your bank account or wages.
False - Debt collectors CAN sue you. If they win, the judgement will state that the collector can garnish your bank account money or wages in the amount that you owe.
300

Surprisingly, medical bills DO have errors. What percentage of medical bills have errors? 

Anywhere from 50-80% of medical bills have errors. A recent analysis found that 49% of Medicare claims had errors. Medical billing advocates will tell you 80% of the claims they analyze have errors.

300

True or False - You can get a discount for paying your bill in full.

True - Often, you can negotiate and get a discount for paying your outstanding bill in full. -Likewise, debt collectors may reduce your bill due to financial hardship (depending on the type of bill). Why would they do that? Balance reduction offers are sometimes the best opportunity they have to get paid. - If you do not have the means to pay your balance in full, you can ask to be set up on an interest-free payment plan

300

Late payments negatively affect your credit score. How many years will one late payment affect your credit score? 

7 years

300

What is a typical monthly bill for internet? 

$60-80 per month

300
How long does a bankruptcy claim stay on your Credit Record? a) 1 year b) 5 years c) 10 years d 15 years
c) 10 years
400
True or False - If you choose to set up a payment plan with the hospital instead of paying a bill in full, the hospital will charge you interest.
False - Medical bills do not accumulate interest if you are on a payment plan through the hospital.
400
True or False - A bill in debt collections accumulates interest.
False - A debt collector may not demand more money from you than you actually owe
400
If you have a credit card with a 22.8% APR and you spend $50 on it, how much will you end up paying if you take 2 years to pay it off? a) $62 b) $324 c) $245 d) $153
b) $324 Equation to calculate interest is Principle x Rate x Time.........then add the original amount 50 x .228 x 24 months = 273.6 + 50 = $323.60
400

Does ConEd charge interest on payment plans for past-due balances? 

Con Edison does not charge interest on standard Payment Agreements used to pay off past-due balances. However, if your outstanding balance is not on a payment agreement, ConEd applies a late payment charge of 1.5% per month to the unpaid amount.

400
Which of the following can be garnished if you fail to pay your debt with a collections company? a) Social Security Benefits b) Supplemental Security Benefits (SSI) c) Veteran's Benefits d) Civil Service and Federal Retirement and Disability benefits e) All of the above f) None of the above
f) None of the above - all of are typically exempt from garnishment. However, federal benefits MAY be garnished under certain circumstances, including to pay delinquent taxes, alimony, child support, or student loans.
500

What can you do if you cannot afford to pay your medical bill?

If you cannot afford your medical bill, you can apply for financial assistance from the hospital, government, or charity organizations; negotiate the rate of your services; or set up a payment plan with a designated amount to pay monthly.

500

What could happen if you fail to pay a legitimate bill that is in collections?

- It will negatively affect your credit score - The collections company could sue you

500
Credit Scores range from 300-850. What is typically considered to be "good" credit?
720-750 is typically considered "good" credit. 300-580 = Very poor 580-640 = Poor 640-720 = Fair 720-750 = Good 750-850 = Excellent
500
Utilities are what type of expense? (Fixed or Variable)
Fixed, meaning they are typically around the same amount each month, and they are a regularly occurring expense.
500
True or False. Filing for bankruptcy removes all of your debt.
False - Taxes, child support, alimony, and student loans cannot be discharged in bankruptcy.