I know my story isn’t that bad compared to many of the other ones here, however, we all have to pay taxes.
“…nothing is certain in life except death and taxes”—Benjamin Franklin
About 4 years ago, I decided to renovate my home to sell. This required me to take out loans so I could attempt to do the work myself, with some help here and there. Most of the projects were not completed 100% due to lack of funds or mainly the lack of experience. I was in way over my head.
I had given up, which I honestly felt defeated when I could not accomplish what I had set out to do. The worst feeling was knowing that I needed to repay the money that I had borrowed. I was expecting a large profit from selling my house to repay those institutions, however, my income was pretty mediocre and had to find some other way to repay. I was making the minimum payments which added up and my debt to income ratio was through the roof.
I came across a debt consolidation company who would help me repay back my loans, not realizing and researching the possible repercussions of such a thing. This company bargained with my debtors (once all my accounts were in default) to lessen the amount that I owed as well as slap a fee for settling the debt for each loan that I had. At the time it was a good thing because even though I had fees attached for settling these debts, it was less than what I originally needed to repay.
I eventually was eligible for a loan to cover all of my payments to get all of my debt repaid but still owe the consolidation agency. Since I didn’t think there would be any other financial setbacks with this, I continued on with my life because things normalized. I had one large payment to one loan but was able to maintain a decent livelihood, without being destitute.
In late 2021, I received a letter from the IRS stating that because I had consolidated my debts that it was considered income and was being charged with taxes that I owed. I am making more money now, but still not enough to pay off the the amount I owe in a timely manner, and continue living. That is why I am here.
Interest accrued from 2019 (the year all my debts were settled and consolidated) and it’s been almost three years later. In total, I owe $3500 in taxes and the interest is still accruing.
If you would like to donate, I would be very grateful for your kindness, no matter how small that would be.
Thank you for reading my story.
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