IVF Medical Loans - Bad Credit?!?!?!?!

[ms_liv]

Hi!

Just wondering if anyone has info on loans available for funding cost of IVF.

DH & I have some money together but not all that's required for the up front costs for our clinic.

Unfortunately due to some circumstances about 5years ago, we have a default on our name, so traditional lending isn't really an option as we can't get approved.

We can afford the repayments of a loan or Credit Card - just thinking of taking one out to pay the costs & then pay it back with the rebate.

Be great if anyone could provide suggestions.

[nothing2lose]

There is a medical group that offers loans apparently. Not sure what thy are called. I imagine a bad credit rating will be a problem too

Banks won't lend money for ivf. At least a few on here have tried and been knocked back. Can you borrow from a friend or relative??

[ms_liv]

There is a medical group that offers loans apparently. Not sure what thy are called. I imagine a bad credit rating will be a problem too

Banks won't lend money for ivf. At least a few on here have tried and been knocked back. Can you borrow from a friend or relative??

My family aren't really in a position to loan that kind of money unfortunately. We have about $3,000 but need around $7,000. I've been told we shouldn't wait much longer so was just looking into my options.

I'm researching medical loans with bad credit, but not sure the interest i would pay having bad credit would be worth it. Maybe I just need to stick it out a few months & save the rest.

I could go to a clinic that allows you to pay the gap between the IVF & rebate but my out of pocket costs in the long run will be much more if I use another clinic.

[nothing2lose]

A couple of months waiting should be okay in normal circumstances.

Keep in mind that you can wait a month or more to get the rebate back from Medicare too.

[Marley&Me]

As a last resort could someone close to you like a family member loan the money for you? If you already have about $3k a credit card or small personal loan would do.

[Tinks]

Defaults only show on your credit file for 5 years. It might be worth getting a copy of your credit file to see if its still there. You can even take a copy if your file with you when you apply for the loan. I know finance companies such as GE will loan to people with a default but the interest rates are a bit higher.

[Lenny]

My experience is old when treatments were slighty cheaper and the cost was more straightforward.

We had zero debt. We paid for all our treatments on our credit card. We then paid our credit card off with medicare rebate money and then the balance was paid off obviously with a view to incurring as little interest as possible considering the interest rates that credit cards charge. Some retropsectively charge from the date of the purchase. Just knowing our credit card rules was important.

If you have a credit card with no money owing, and a fairly high limit, then i can't see why you couldn't use this option. Just make sure your eyes are fully open to the cost of interest. Every cent that you can save up before hand not only saves you paying interest later, but earns you interest in the mean time.

[AnyDream]

There are lending schemes for medical expenses, pretty sure GE offers one.

If you get a credit card, research your options because depending on how long you are planning to take to pay it off, they can be a bit of a trap. It's worth checking out the value of the interest free period vs how much you would save on a card with a lower interest rate. Also, some companies offer a low or no interest period to transfer your balance from an existing credit card.

Also, check out whether there are any credit societies or friendly societies offering unsecured personal loans. You might get further with a credit society than a bank.

[Mel_B1981]

I too have bad credit - and have successfully made it worse by trying to get a loan for IVF cause of course each "credit check" performed is noted on your file and reduces your credit rating even further

Every company I have tried has rejected the loan application....including all the ones who supposedly specialist in medical loans for people with poor/bad credit.

I've been thinking about trying a broker, but just not sure about using this method again - the brokerage fee on my car loan was close to $1,000! It seems like a waste of money to me, but then, it gives us the money we need to get IVF done, so I'm tempted to proceed and wear the additional cost just so we can actually do IVF.

Oh and I've been advised defaults stay on your file for 7 years not 5 years as advised in a earlier post - maybe double check this with someone before relying on either bit information???

[Krikkit]

I can't not reply. I have worked in the banking/finance industry for a long time. I was one of those lovely people who would assess and hit that "yes" you can have money button. These are my personal opinions and experiences.

STOP applying. The more you apply, the worse it looks. Each bank/lending agency has its own criteria, and majority now use a "scoring system" which is automated by details such as how long you have lived in your property, to defaults and credit infringements, and the amount of times you have applied within a period of time, how long you have been in your employment etc.. how much credit you have outstanding, how your income weighs up against the current poverty line......

Going to a broker is going to cost you money and is also going to destroy your credit file, they usually apply with whomever/whenever they want.

Applying for a unsecured personal loan will always be best, disclosing the fact you NEED the money for IVF is not something I would do - basically you are telling them you are going to get pregnant and its highly likely you would be leaving your place of employment to have a child. Renovations, holiday, etc.... are better options. A credit card is a good one too - but be aware of higher interest rates.

I have done IVF for years now and we basically use a credit card. We have recently come to the end of our money and I am not working. But we have pleaded our case to our financial officer at the fertility clinic and given our excellent history at paying they offered us the option to claim 100% medicare first and then pay of the remainder and gave us a discount too. Do not forget IVF is a big money business they have to be flexible and they DO have debt collectors so they know that they CAN send them after you if you dont pay back any moneys you owe. They may not offer it on the paperwork but a well written email can do wonders Its worth a try and its FREE - a good place to start.

Also in regards to defaults and bankruptcy they will remain on your credit file for 7yrs, but keep in mind that when signing away your life to apply for credit you also give the financier the right to maybe contact other financiers that you have applied or had credit with before and they can disclose any information they have come across or experienced with you. Including past defaults and bankruptcies that may no longer appear on your credit file

[ms_liv]

Thanks everyone - no I can not get a credit card or a personal loan, I had to enter into an agreement to pay off debt from a previous marriage where my ex took off & left me in a world of debt I had no idea of but my name was attached to it & I had to wear the cost. This means basically not able to get credit cards, loans of any sort.

My current partner's income won't be sufficient for a loan if he takes it out on his own.

Suppose the thing that sucks is that we can afford comfortably to pay the repayments with our combined wages, yet that little mark from 5 years ago says no I can't. And it's there for another 2 years. I can't borrow off family as they aren't in a position to loan us that much money - even with getting the rebates back straight away.

I think I may take up the option that Krikkit suggested. Surely if I have the money to pay the gap, then they'll allow me to do it. (I know some clinics let you do this - but mine don't offer it on paper unfortunately)

Thanks everyone for your suggestions - it's an emotional process in so many ways!

[LimeSlice]

There is a form you can fill out and have the company/person who defaulted you sign, and lodge with the court to have any defaults removed from your credit report.

It is free to lodge. Call the magistrates court in your state and ask them about it, might be something beneficial.

[ms_liv]

I too have bad credit - and have successfully made it worse by trying to get a loan for IVF cause of course each "credit check" performed is noted on your file and reduces your credit rating even further

Every company I have tried has rejected the loan application....including all the ones who supposedly specialist in medical loans for people with poor/bad credit.

I've been thinking about trying a broker, but just not sure about using this method again - the brokerage fee on my car loan was close to $1,000! It seems like a waste of money to me, but then, it gives us the money we need to get IVF done, so I'm tempted to proceed and wear the additional cost just so we can actually do IVF.

Oh and I've been advised defaults stay on your file for 7 years not 5 years as advised in a earlier post - maybe double check this with someone before relying on either bit information???

Mel_B1981

I know you;re pain & I see you also are going to Dandenong Fertility - that's where I'm headed this mont as well.
Let me know how you go there