Re: Got Cut off from QVC

NYCLatinaMe · ‎01-14-2017

@KingstonsMom wrote:
@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.

It's more a matter of knowing whether what you are stating is right or wrong, and whether you have enough information to give advice no one is asking for.

NYCLatinaMe · ‎01-14-2017

@ladyann45 wrote:
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.

@ladyann45 I don't know that your advice applies to all situations.

NYCLatinaMe · ‎01-14-2017

@Suzeecat wrote:
@Citrine1 wrote:
@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".
Exactly. It's clear that someone is experiencing cash flow problems, and the IRS forces them to pay even more $$$. If that amount couldn't be paid and had to be written off, how the heck is the person supposed to pay taxes on it?

@Suzeecat if the person has no income, they may not have "to pay even more $$$" to the IRS. I don't think there is enough information here to render an opinion.

NYCLatinaMe · ‎01-14-2017

@elated wrote:
I don't understand why you didn't contact the credit card company immediately about your job loss. I think they would have worked with you. You could have made payment arrangements much better than a settlement. It would have hurt your fico score but you still could have saved yourself from having closed your account forever.

Also, you eventually got another job and sold your home. You could have paid off your debt and been in good standing. This would have been a better avenue for your credit going forward.

Hi @elated shoulda coulda, it's tough to make decisions when one is going through a rough time.

Etoile308 · ‎01-04-2014

@NYCLatinaMe ,Why take issue with the notification that taxes may become due on the unpaid balance?I think giving the OP a heads ups that it may be a possibility would be a benefit so the potential pre planing can be made.

@Anonymous032819, you can think flying hockey pucks all you like. You don't know how others deal with their finances. I don't find writing a check in the thousands to pay off a monthy account to be out of the ordinary. To include vacations that are preplanned and presaved. You may not do it, others do. Some put every everyday expense on a credit card. Groceries, dry cleaning, gas, utilities, car repairs, on and on. Most often they do it, not just for convenience, but also for whatever benefits and perks afforded by a specific credit card. To them, and me, it makes perfect sense. It has zero to do with feeling superior or bragging. It's a simple financial lifestyle choice that works for them.

NYCLatinaMe · ‎01-14-2017

@Etoile308 the OP was not told that "taxes may become due". She was told that "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."

I took issue with that because the person that wrote it made a number of assumptions in order to render that opinion, and we don't know whether her assumptions are correct.

elated · ‎06-09-2010

@NYCLatinaMe wrote:
@elated wrote:
I don't understand why you didn't contact the credit card company immediately about your job loss. I think they would have worked with you. You could have made payment arrangements much better than a settlement. It would have hurt your fico score but you still could have saved yourself from having closed your account forever.

Also, you eventually got another job and sold your home. You could have paid off your debt and been in good standing. This would have been a better avenue for your credit going forward.

Hi @elated shoulda coulda, it's tough to make decisions when one is going through a rough time.

Why posts on a forum that you were cut off from QVC? Now, that makes no sense.

NYCLatinaMe · ‎01-14-2017

@elated wrote:
@NYCLatinaMe wrote:
@elated wrote:
I don't understand why you didn't contact the credit card company immediately about your job loss. I think they would have worked with you. You could have made payment arrangements much better than a settlement. It would have hurt your fico score but you still could have saved yourself from having closed your account forever.

Also, you eventually got another job and sold your home. You could have paid off your debt and been in good standing. This would have been a better avenue for your credit going forward.

Hi @elated shoulda coulda, it's tough to make decisions when one is going through a rough time.
Why posts on a forum that you were cut off from QVC? Now, that makes no sense.

@elated I have not been cut off from QVC. Maybe you are directing your commments to the wrong person? Frankly, not sure why you would question someone else posting when you are posting too.

elated · ‎06-09-2010

@NYCLatinaMe wrote:
@elated wrote:
@NYCLatinaMe wrote:
@elated wrote:
I don't understand why you didn't contact the credit card company immediately about your job loss. I think they would have worked with you. You could have made payment arrangements much better than a settlement. It would have hurt your fico score but you still could have saved yourself from having closed your account forever.

Also, you eventually got another job and sold your home. You could have paid off your debt and been in good standing. This would have been a better avenue for your credit going forward.

Hi @elated shoulda coulda, it's tough to make decisions when one is going through a rough time.
Why posts on a forum that you were cut off from QVC? Now, that makes no sense.

@elated I have not been cut off from QVC. Maybe you are directing your commments to the wrong person? Frankly, not sure why you would question someone else posting when you are posting too.