How Do I Settle My Bills? (Hour 2)
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How can I navigate getting my bills out of collections?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studios, it's the Ramsey Show, where debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. We help people build wealth. do work that they love, and create actual amazing relationships. George Campbell, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. Kathy is in Reno starting off this hour. Hi, Kathy, how are you?
Hi, good, how are you?
Better than we deserve. What's up?
Yes, I had a hospital bill that has gone into collections recently, Uh, it's at, uh, just over a thousand dollars, but it has interest. So it's really $1,100. Um, I have made them offers, which they have rejected. My last offer was $500 and now they're saying they will not, uh, take any offers or negotiations only paid in full.
What should I consider when selling a house to my children?
So I just need help navigating this, and also I want to know if it's legal for them to charge interest on medical debt.
Sure. It's perfectly legal. Okay. Why do you not have $1,000?
A lot of reasons.
What would it take for you to get $1,000 in the next 30 days? What would you have to do?
I really am not sure. My situation is a little different. Are you working currently? Sort of. I am a missionary.
You're a what? Say again.
Is it wise to pull from my IRA to pay off a house?
A missionary.
Okay. All right. So is income provided to you through donors, the ministry?
Yes.
Okay.
So how much do you make in a month?
About $2,000. Okay.
And so you're trying to provide housing and eat and do your mission work?
Mm-hmm. Yes.
Okay.
Okay. Do I don't know.
What are the best practices for opening an IRA?
I mean, there's a lot of different things that take the form of mission. Okay. And so I don't know what constrictions there are on your time, constraints there are on your time. But if there's any way you could work three nights a week, you can find a thousand dollars pretty quick and make this problem go away. Okay. Mm-hmm. Yes. Okay. And not to minimize the pain that you're feeling or the stress or the frustration you're feeling with this, but sitting back here, I mean, do you have a car?
No. Okay. Not that size, no.
What do you mean? Did you say not that size?
No, we have one, but we borrow it.
When should I plan to get a new vehicle?
It's not our car.
Okay. Okay. Are you allowed to use it to, say, deliver food?
Yes.
So you could work with the car three nights a week doing Uber Eats as an example?
Sure, yes.
Okay. How many nights could you do that? Six, seven?
Maybe two.
Two, okay. All right. And as many hours as you can possibly work on those two nights, the more the better. And the quicker you do get rid of this, the quicker you don't have to do that anymore.
How do I roll a 401(k) into a Roth IRA?
Agreed?
Yes, yes.
Yeah. And so, yeah, what type of mission organization are you with?
Well, I don't really want to say too much, but we're worldwide. And we do... Pretty much everything under the sun. Okay. But mostly humanitarian.
Okay. That's fine. That's fine. I'm just trying to figure out what the – I mean, we've worked with a lot of evangelical Christian situations. LDS does a two-year plan.
You know, there's all kinds of – Christian.
When is the right time to quit my job?
I'm sorry? Yeah, Christian.
Okay.
It's a Christian organization.
Okay. All right. I mean, like Youth with a Mission, we've done a lot of stuff with those folks, and those are usually shorter stints. Young Life, a lot of those folks work on support. So we've interacted with a whole bunch of people in your situation. That's why I'm trying to figure out a way to be helpful here. Oh, yeah. Again, the bad news is the – that you've got all this mess and this pressure and these people are calling and they're nasty when they call and they make you feel like a dog and you're not. You're just a person with a medical bill. Whoop-dee-doop-dee, okay?
What steps should I take to manage my financial future effectively?
But the faster you can scrape together $1,000 working like a crazy person, the faster this goes away, and I would want you to do that in two or three weeks. What do you think, George?
Yeah. Kathy, do you have any other debt?
No.
This is it, the $1,000?
Yes.
And how much money do you have in the bank?
Right now, nothing.
Zero dollars.
Yes. Okay. And what happened? What was the medical event?
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Chapters
8 chapters
1
How can I navigate getting my bills out of collections?
0:31–1:42
2
What should I consider when selling a house to my children?
1:42–2:29
3
Is it wise to pull from my IRA to pay off a house?
2:29–3:04
4
What are the best practices for opening an IRA?
3:04–4:12
5
When should I plan to get a new vehicle?
4:12–4:45
6
How do I roll a 401(k) into a Roth IRA?
4:45–5:21
7
When is the right time to quit my job?
5:21–5:59
8
What steps should I take to manage my financial future effectively?
5:59–39:31