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New Contributor
Posts: 2
Registered: ‎08-26-2021

Due to being laid off I missed a few payments on my Qcard. They offered me a settlement to clear and close the account and I accepted it. I paid the amount and the account was closed. Now I have received a letter that my account with QVC is closed and I am not able to purchase anything regardless the method of payment. Not fussing, this is their rule. Just wanted to pass along info incase someone else was thinking about doing the same thing.

Honored Contributor
Posts: 52,080
Registered: ‎03-10-2010

@Critter Friend    It's always sad to hear of someone who has had a reversal of fortune and has fallen on hard times.  I hope things are better for you now and you've either returned to work or have found a new job.  There have been many people in your situation. 

New Mexico☀️Land Of Enchantment
Honored Contributor
Posts: 13,495
Registered: ‎03-09-2010

@Critter Friend   do check your credit ratings -  missing payments could have repercussions outside of qvc and synchrony if the missed payments showed up at the rating companies.

 I don't know whether that reporting comes from the selling company or the credit card company.  My guess is that if it was reported, it's from the credit card company.

Honored Contributor
Posts: 18,035
Registered: ‎03-09-2010

@millieshops 

 

Yes, the 'creditor' (in this case Synchrony Bank) is the one to report it the credit bureaus.

 

I know from prior issues with Synchrony Bank and a family member, they will affect your credit rating whether you agreed to a "settlement" or not.

 

They still lost money on you, they already paid QVC.

 

You never know how strong you are until being strong is the only choice you have.
Respected Contributor
Posts: 3,681
Registered: ‎06-19-2010

Re: Got Cut off from QVC

[ Edited ]

And any amount that was forgiven you will have to pay taxes on next year. If your bill was $5000 and you settled for $1000 you will owe taxes on $4000.

Trusted Contributor
Posts: 1,855
Registered: ‎05-05-2010

@Meowingkitty wrote:

And any amount that was forgiven you will have to pay taxes on next year. If your bill was $5000 and you settled for $1000 you will owe taxes on $4000.


Ouch!  Nothing like kicking someone when they're down . . .

Honored Contributor
Posts: 32,637
Registered: ‎03-10-2010

@Suzeecat wrote:

@Meowingkitty wrote:

And any amount that was forgiven you will have to pay taxes on next year. If your bill was $5000 and you settled for $1000 you will owe taxes on $4000.


Ouch!  Nothing like kicking someone when they're down . . .


A lot of people don't do this unless they receive a 1099-C from the company forgiving the debt.  Some don't know they have to claim it as income and some don't because they figure the IRS will never know if a 1099-C isn't issued.  

Honored Contributor
Posts: 18,035
Registered: ‎03-09-2010

@Suzeecat wrote:

@Meowingkitty wrote:

And any amount that was forgiven you will have to pay taxes on next year. If your bill was $5000 and you settled for $1000 you will owe taxes on $4000.


Ouch!  Nothing like kicking someone when they're down . . .


@Suzeecat 

 

It's not a matter of "kicking someone when they're down", it's a matter of being realistic about this situation.

You never know how strong you are until being strong is the only choice you have.
Respected Contributor
Posts: 4,886
Registered: ‎03-09-2010

@KingstonsMom   I don't think @Suzeecat  was referring to you when she made that comment.  I think she means the IRS is "kicking someone when they're down".

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Regular Contributor
Posts: 180
Registered: ‎05-01-2011

This is the reality of a settlement and most people don't realize that it will be charged back to them as income. I see it every year and I have to caution people to be careful with these credit card settlements because it is not in your favor. I hope it will balance out for you at tax time, also these credit card people also know that they will be posting that amount to the IRS. You may have come out better at looking at consolidationg your credit cards which may have worked out better for you.