SuzukiSavage.com - Twisted Sister Ralley 2016

badwolf

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Re: Twisted Sister Ralley 2016
Reply #180 - 02/15/16 at 08:01:31

After they repo'ed the mh, they will sell it to get their money back. Seldom do they get it all back (including legal fees, repo costs, storage, and sales & marketing costs). So whatever they don't get back technically you still owe. When they write off the debt they 1099 you and the IRS. Then the IRS considers that taxable income. That is a big hidden cost of a bad debt, if the finance company writes it off you don't have to repay it. BUT you have to pay taxes on it as income. And it is REAL hard to get the IRS to forgive it if you have anything to your name.
Oh yea, it will screw up your credit history for a LONG time too. Sorry to bring bad news, but I'm just a messenger.

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Art Webb

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Re: Twisted Sister Ralley 2016
Reply #181 - 02/15/16 at 08:49:53

so wait, I just financed a scooter to build credit history, that was after the debt was canceled (but before I knew it was cancelled) and the taxes are gonna re ruin it?
keep in mind the repo was in the late 90s
I pretty much had figured it the way you explained it, so far as that
it wouldn't be so bad if the 16k wasn't more than my taxable income from wages, etc
if it's gonna F my credit even with the scooter purchase, maybe I should look into bankruptcy, couldn't be any worse, right?
sheesh I figured if I pay the taxes owed, even via a payment plan, it wouldn't ruin me

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verslagen1 YaBB Moderator ModSquad Offline Where there's a will, I want to be in it. Posts: 28770 L.A. California Gender:	Re: Twisted Sister Ralley 2016 Reply #182 - 02/15/16 at 09:01:47 nothing's worst for credit history than no history. and bankruptcy will do a number on it for 7 years (so I've heard) I'd keep the payments up on the scooter, you might not be able to buy another one anyway. and if it turns out the irs will settle with payments, keep them up too. and get some tax advice from a professional.
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Art Webb Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 3007 columbus, Texas Gender:	Re: Twisted Sister Ralley 2016 Reply #183 - 02/15/16 at 09:09:30 I fully intend to also intend asking the folks at the IRS
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badwolf

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Re: Twisted Sister Ralley 2016
Reply #184 - 02/15/16 at 09:11:42

If you get things straight with the IRS THAT will not hurt your credit. The bad loan will. If it was back in the 90's it may have passed out of your credit history. You can check your credit online for free to see what is on it good or bad. I tell young guys to get a store cc like Sears, then buy $60-70 of tools you will need for the rest of your life. Make the first 2 payments then on the 3rd month PAY IT ALL OFF. Keep the card clean for a while and then you have some good credit history. When trying to build up your credit score don't max out your cards or accounts. Keep them paid down or off, and make your payments when you get the bill, NOT just before it's due. Late payments and min. payments kill your score.

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old_rider

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Re: Twisted Sister Ralley 2016
Reply #185 - 02/15/16 at 12:58:00

Built credit for my wife over a five year period, she couldn't buy a car by herself because she never built a credit history before she met me.
Started with a secured card, put $300 on it, had her charge gas for her car.... first month payment.... do minimum payment, put the rest of payment in the savings account.
Second month payment pay it off... by her sixth month she got an ad for a mastercard in the mail.
Told her to do the same with it.... she did, for three months, got a visa ad in the mail.
So we charged our groceries with it.... did the same plan... charge, do minimum, put the rest of total in savings... next month, pay it off.
In five years her credit score was 802....
When you go to buy your stuff, make sure you have the money to buy it with cash.... then charge it and stick the cash in the savings.... in two months transfer the savings to checking and pay off the card in full...
Easy peasy... and you are not going to spend anymore than you normally do.
Biggest thing is... DO NOT SPEND THAT SAVINGS FOR ANYTHING! even emergencies.... thats the biggest way to go into debt.

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Art Webb

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Re: Twisted Sister Ralley 2016
Reply #186 - 02/16/16 at 07:37:38

at this point I have two credit cards, a low total (250 limit, no balance) and one through my bank (4500 limit, currently 600 available credit)
That's called revolving credit
I was rejected on the Travel Trailer purchase due to no non revolving history (nothing being paid off over time)
I have all the credit card credit I need, though I wish I wasn't so deep into the limit on the big one
I needed credit history of a paid off over time asset
the bad debt on the MH and auto repos have been hanging over my credit rating like a storm cloud for years
had I known they could screw me like this I'd have likely found $5 a month or so to show good faith, but oh well, live and learn
too bad I don't have 2400 available credit on the big card, but I don't think the IRS takes credit cards, anyway
next month my card gets hit for 400 for my scooter insurance for the year
Yay Grin

hope the car loans don't do me the same way
what's the latest a company may provide a 1099?
I'd hate to iron this out with Uncle Sam and then get another surprise

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springman Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 2194 Spring, Texas Gender:	Re: Twisted Sister Ralley 2016 Reply #187 - 02/19/16 at 11:51:01 Hey there ya'll. Just so everyone knows we have been having absolutely incredible weather in Houston over the last few weeks which means the 3 sisters area has also had great weather (cool mornings and daytime temps in the 60's to 70's). Hopefully we will have this kind of weather in April. Look forward to seeing ya'll.
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springman Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 2194 Spring, Texas Gender:	Re: Twisted Sister Ralley 2016 Reply #188 - 02/22/16 at 11:42:46 OK, so it is raining today and possibly tomorrow, but the last 2 weeks were absolutely beautiful.
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verslagen1 YaBB Moderator ModSquad Offline Where there's a will, I want to be in it. Posts: 28770 L.A. California Gender:	Re: Twisted Sister Ralley 2016 Reply #189 - 02/22/16 at 12:05:36 Here's the accuweather for march/april... next week or two we should start seeing some data.
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verslagen1 YaBB Moderator ModSquad Offline Where there's a will, I want to be in it. Posts: 28770 L.A. California Gender:	Re: Twisted Sister Ralley 2016 Reply #190 - 02/29/16 at 11:52:18 weather update
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springman Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 2194 Spring, Texas Gender:	Re: Twisted Sister Ralley 2016 Reply #191 - 02/29/16 at 14:58:26 Come on sunshine.
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Art Webb Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 3007 columbus, Texas Gender:	Re: Twisted Sister Ralley 2016 Reply #192 - 03/05/16 at 07:28:31 we did decide on the 15th correct?
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verslagen1 YaBB Moderator ModSquad Offline Where there's a will, I want to be in it. Posts: 28770 L.A. California Gender:	Re: Twisted Sister Ralley 2016 Reply #193 - 03/05/16 at 08:11:26 Art Webb wrote on 03/05/16 at 07:28:31: we did decide on the 15th correct? yes sir.
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youzguyz Serious Thumper Offline Posts: 2525 San Antonio, Texas Gender:	Re: Twisted Sister Ralley 2016 Reply #194 - 03/05/16 at 14:09:03 The wild flowers are JUST starting to come out. The routes are being pondered.
Back to top	« Last Edit: 03/14/16 at 07:01:23 by youzguyz » 2002 - Silver (Thumper) 2000 - Green (Mad Hamish) Most motorcycle problems are caused by the nut between the seat and the handlebars. Make sure yours isn't too tight or too loose. IP Logged