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Story 181 for Stupid Tax
Flooded by the Stupid Tax!
Original story submitted by Shannon Herring
on January 18, 2013
Location:Louisiana
Age: 35-44
Gender: female
on January 18, 2013
Flooded by the Stupid Tax!
In south Louisiana, flooding is a norm. We were required to have flood insurance partly since our home is a mere 2 inches below the base flood elevation and because of a revamp of the flood maps in our entire parish.
Unbeknownst to me, our mortgage company ONLY requires us to have flood coverage equal to the principle balance of our loan. Originally insured for 187K - our payoff for the mortgage is only 90K. As we griped and complained and sometimes wept over the rate hike over the 9 years we've been in our home, little did we know from our knowledge OR that offered CLEARLY by the mortgage company, we've been paying the Stupid Tax for almost 9 years.
This WILL be remedied prior to our insurance renewals this year!
Our pocketbook was perishing from lack of knowledge....
12 of 20 found this story helpful.
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Story 182 for Stupid Tax
YOU CAN'T "HELP" SOMEONE SAVE THEIR HOUSE!
Original story submitted by debtfree2012
on January 18, 2013
on January 18, 2013
YOU CAN'T "HELP" SOMEONE SAVE THEIR HOUSE!
This story is on behalf of my boyfriend. His parents divorced when he was a teenager and during the divorce settlement his mom decided to move out of his childhood home letting his dad take ownership of the home and of course the mortgage payment.
His dad has always been bad with money; taking out too much student loans, credit cards, home equity lines of credit and of course much worse, he was a gambler.
My boyfriend got a call in 2009 (we were 24 at the time) and his dad NEEDED to borrow $8,000 to catch up on the mortgage payments. His dad was retired military (pension), had a great full-time job and even a part-time job during tax season.
HOW IS HE BEHIND ON HIS MORTGAGE? In retrospect it wasn't an income/payment problem it was a priority problem.
My boyfriend wanted to help so he decided to take $8000 out on a personal loan for his dad. He asked his dad for the mortgage number and information so he can call the mortgage company and pay them directly.
His dad gave him a guilt trip saying his own son doesn't trust him and telling him he was already ashamed for asking to borrow money. So my boyfriend just handed him the $8000 check.
In 2011, a letter was posted on the garage, the house went into to foreclosure and up for auction.
We'll never know what his dad did with that $8000 and their relationship has never been the same.
31 of 31 found this story helpful.
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Story 183 for Stupid Tax
Peace of mind... Not so much!
Original story submitted by Family of Five
on January 11, 2013
Location:Dallas, TX
Age: 25-34
Gender: female
on January 11, 2013
Peace of mind... Not so much!
In 2008, my husband and I traded in our only car, his two-year-old truck and financed two used, reliable three-year-old vehicles from the dealership I worked at. Their payoff dates were in 2013. The SUV payment was $305/mo, the car was $370/mo. We rolled over a little bit from the truck into the car, but he had to commute 25 miles to work every day, so we felt it was worth the difference in gas costs. Fast forward to February 2011. We find out we are expecting twins! We decide that our used cars are getting up in miles, and we want something new, with warranties in place to protect us from mechanical failures. Also, we didn't think we could fit three carseats into the old car, so we wanted a bigger car. My husband had also been issued a company vehicle to commute with, so our SUV just sat in front of our house. The SUV was worth exactly what we owed, but we still owed about $3300 over value on the car. We decided to trade in both vehicles for a new, bigger car. The dealership I worked at gave me a huge discount on a new car that had been sitting on the lot for a few months because the color and trim level weren't very popular, so we took it... and rolled over the $3300 from the old car. To the dealership's credit, they tried to talk us out of it, but we wouldn't listen. I needed that "peace of mind" I would get with a new car, and as I put the three carseats into it I was convinced they wouldn't have fit in the old one. Then we realized way too late that the cost of childcare for three children under four was much higher than my salary, so I had to quit my job when the twins were born. Now we have a $488.17/month payment on an ugly new car that we are barely keeping up with and having to live with family. I've now gone back to work, but I pay as much in daycare as I make, although when our oldest starts kindergarten this fall that should get better. We're kicking ourselves, because if we had just sold our SUV in 2011, when it was worth as much as we owed, and kept paying our $377 payments on the other car, it would have been paid off this year. And with a little more research (too late), we found out that three carseats would have fit just fine in the old car. Peace of mind with a brand new car is NOT WORTH almost $500/month when you can't work! Stupid, stupid, stupid tax for sure!
27 of 27 found this story helpful.
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Story 184 for Stupid Tax
a new kind of bridezilla
Original story submitted by Beth
on January 10, 2013
Location:Tx
Age: 25-34
Gender: female
on January 10, 2013
a new kind of bridezilla
I had a good friend that moved in with me when i advertised for a roommate, thinking that having someone to split the bills would make my budget go further. We got along great but month after month had a new excuse of why she couldn't pay her share and i foolishly bought her excuses, i got her a phone on my plan cause she didn't have credit to get one of her own at the end had to shut her phone off after she kept running the bill up to $300, the result being my phone would get shut off also till i paid mine and her share. Also building up to this mess she was to get married, she told me her grandmother said to pick out a dress and she would pay for it. I went dress shopping with her, she found the one she wanted, it was on sale until that day only. Because she had no credit i got a davids bridal card to buy the dress, she told me she talked to her grandmother and that i would be paid for the dress when she came for the wedding. She gave me a big hug for helping her out, said i was her maid of honor. Also i put one of the other bridesmaid's dresses on the card also with the promise that i would be paid the next week for it. When the wedding day came i was devastated when i was placed at the back of the bridesmaids demoted unknowingly from maid of honor. The new maid of honor who dress i bought has never attempted to pay me. The bride kept making up excuses as to why i didn't receive money for her wedding dress. I finally confronted the grand mother and was told that she never agreed to buy a wedding dress, so i had been lied to. The card was no interest for a year. Just shy of a yr after the wedding the bride had not paid and avoided me and even acted as if she didn't owe a thing. To avoid getting hit with a years worth of interest i refinanced my truck to pay the card off. She at first avoided me but eventually disappeared completely, therefore i will never see a cent of it. Stupid tax amount approximately $1900.
16 of 17 found this story helpful.
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Story 185 for Stupid Tax
Consolidon't
Original story submitted by Erin
on January 4, 2013
Location:Nc
Age: 25-34
Gender: female
on January 4, 2013
Consolidon't
Hi, my name is Erin, and I'm stupid. So stupid, that I paid a HUGE stupid tax!! My husband and I both consolidated our student loans through nelnet prior to getting married. When I updated my surname, Nelnet began routing my student loan payments (which were on auto draft) to my husband's account. I corrected the error a few times, then got annoyed & lazy and let it go. "Eh, I'll deal with it later"....a few days became a few months. I put it off for so long that my loan went into default! It was purchased by the guarantor! At this point, I removed my head from my rear end and dealt with the situation. They were able to remove the default from my credit report....3000 dollars later, that is. And that's 3000 extra, tacked onto the principal. Lesson learned folks- you can make every payment on time and still go into default if you're lazy enough. STUPID, STUPID TAX!!! Stupid me. The next post I make will be a debt free post, mark my words!
11 of 13 found this story helpful.
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Story 186 for Stupid Tax
Fat Tax
Original story submitted by ismc
on January 4, 2013
Location:silicon valley ca
Age: 35-44
Gender: female
on January 4, 2013
Fat Tax
I am technically a healthy weight (at the top end of “normal” BMI) but not at what I would consider my ideal weight. So I have often bought clothes that are too small for me but will fit perfectly “when I get to my right weight.” Since I've been within 5 lbs of my current weight for 20 years, this is silly. My refusal to buy myself clothes in the size I actually am, not the size I wish I was means I have a bunch of nice clothes that I can’t wear and few things that I can.
Even though I know maintaining a low, stable healthy weight is one of the best ways to save money on clothes (the selection and prices are better in smaller sizes), health care, and to feel great about yourself and your life, I persist in my red wine swilling and dark chocolate eating ways.
I doubt I'm the only woman who has a closet at least half full of clothes that are the wrong size. What a waste of money on wishful thinking.
19 of 24 found this story helpful.
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Story 187 for Stupid Tax
stupid things I financed
Original story submitted by DeeE
on December 28, 2012
on December 28, 2012
stupid things I financed
I charged Postage to mail out bills, one of them my credit card payment
8 of 17 found this story helpful.
4.0 out of 5
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Story 188 for Stupid Tax
Audi Payments While Riding in a Ford...
Original story submitted by nancy
on December 28, 2012
Location:Atlanta, GA
Age: 25-34
Gender: female
on December 28, 2012
Audi Payments While Riding in a Ford...
Once upon a time in 2008, there was a girl named "Nancy". She was fresh out of college, employed full-time (though not in her field) and she had a boyfriend (a minor detail). Like most college grads, she was starting out in life and things only look up. However, no recent college grad will appreciate the highs of life without a sweet ride. "Nancy" talked to a family friend about purchasing a vehicle. The family friend pointed her in the direction of an auto broker by the name of Evil-Steal-Yo-Money-Man (yes, that's his real name). Evil-Steal-Yo-Money-Man talked sweet deals to "Nancy", so sweet that she believed everything Evil-Steal-Yo-Money-Man said. You see, "Nancy" had good credit in 2008, a good paying job (although not in her field) and a boyfriend (a minor detail). The car Evil-Steal-Yo-Money-Man brought “Nancy” was a 2006 Ford Focus, $275 a month. Wow what a deal! Then things went sour, “Nancy” had already signed the papers with the $275 a month car note, but the Wells Fargo finance department dropped her from the lease due to insufficient credit history a month later. What, how could this be? It didn’t make sense to “Nancy” but Evil-Steal-Yo-Money-Man said for her to trust him and keep the car because he would secure her an auto loan. 1 month turned into 3 months and still no car payment or no car loan. “Nancy” thought this was how it was supposed to be. By the time Evil-Steal-Yo-Money-Man secured a loan for “Nancy”, she needed a co-signer and the car payments jumped from $275 to $374.47, with an interest rate of 24.99! Evil-Steal-Yo-Money-Man told her because she didn’t have enough credit history, she was going to lose her down payment ($1,000) that she paid towards the car if she didn’t sign the new agreement. “Nancy” told her sister, Sweet-Big-Sis who then told “Nancy” to run and never look back. “Nancy” told Sweet-Big-Sis she will be able to pay the note because her job was $40,000+ a year. Sweet-Big-Sis said ok, just pay it off. ..”Nancy” was in the clear and her dreams of having a sweet ride were no longer threatened. Evil-Steal-Yo-Money-Man told “Nancy” to go ahead and get the car, then in 6 months, you can refinance and pay it off quicker! So “Nancy” went against her gut, and trusted Evil-Steal-Yo-Money-Man yet again, and even talked Sweet-Big-Sis into being a co-signer! Evil-Steal-Yo-Money-Man got us both locked into a very high auto loan. As soon as the auto finance papers were dry with “Nancy” and Sweet-Big-Sis’ signatures, Evil-Steal-Yo-Money-Man was GHOST! He disappeared. It was as if he never existed….and if he did exist, it was only for a day (which was long enough to shackle us in debt). “Nancy” went around town and learned from other people that Evil-Steal-Yo-Money-Man did the same thing to at least 3 other women!!! At least “Nancy’s” ride came from a dealership and was in great running condition, she thought. “Nancy” filed a consumer report w/ BBB and the Attorney General but to no avail. Everyone said the same thing, “Just hurry up and pay it off!!” “Nancy” started looking for a way to get out of the loan, and every car salesman said NO! “Nancy” even went to a credit union and a bank but was turned away for an auto refinance loan due to her not-so-great credit “Nancy” was hurt, Sweet-Big-Sis was mad and Evil-Steal-Yo-Money-Man was still M.I.A. “Nancy” lost her $40,000+ job and realized how expensive a her sweet ride was….it was as if she is paying for an Audi, but riding a Ford! Just horrible!!!! Fast forward to today; “Nancy” is still paying the car note. In fact, she is saving to pay it off, while making the payments on time. But the tab on this stupid tax bill is hefty!!! (You do the math on a car note of $374.47 at 24.99%. That could have paid for her college degree). A lesson learned the stupid way is still a lesson learned. Take it from “Nancy”.
20 of 23 found this story helpful.
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Story 189 for Stupid Tax
The Ultimate Stupid Tax--A Marriage Destroyed
Original story submitted by Shelly
on December 25, 2012
Location:Nebraska
Age: 45-55
Gender: female
on December 25, 2012
The Ultimate Stupid Tax--A Marriage Destroyed
I keep looking back at the last 23+ years to see how I could have predicted this, how I could have prevented it, or how I could have changed it, but I cannot see a good answer.
I married my husband in 1989. At the time I didn't realize what a control freak his father was. Maybe my first hint should have been when, a few weeks before the wedding, he told me that he didn't think we should get married.
At first we had no debt. Within a few years, though, my husb began to take out loans to support/enlarge his livestock business. My parents had always been very conservative with money and I was reluctant to go into debt, but husb and his father--a banker--insisted it was better to use "other people's money" to build a business. Trouble is, the loans never got completely paid off, just carried over and even increased year to year. Little by little things got worse and worse.
When I look back at the overdraft fees, late fees, interest being paid on loans...it makes me sick to think of the money lost for no reason other than not being accountable. I pointed these numbers out to husb and his dad...and they had no reaction. I cannot comprehend how this didn't get thru to them.
Gradually my husb involved me less and less in his business--although he always expected me to sign loan papers, bullying me into it several times--once in front of my parents when they were visiting--and I didn't want to cause a fuss so did it. He did NOT like to hear any of my suggestions about improving the business, things that weren't working, etc. I tried to be a partner by organizing his office (he's terrible at organization, keeping track of expenses, etc., etc., etc.) giving suggestions for how to do things better or differently, and so on. I truly wanted to be his partner, wanted him to be a success.
Within the last few years I realized that his true business partner was his father and both of them were willing to do anything to continue on the spiral of increasing debt without a real plan as to how to get out of it. They were willing to lie, manipulate, bully, etc. his mom and I, bankers, bank board members, friends, neighbors, businesses, to continue this.
And we allowed them to. I did not know WHAT to do...I was an at-home mom and didn't want to give that up. From their past patterns I knew that any money I brought into the household would be expected to go to household expenses--not that that was wrong, of course, but my doing that would only allow husb. and father-in-law to continue to throw away more and more and more money on the business. Anything I'd make would be a tiny drop in the bucket and would be taking me away from my kids. Husb was not reliable to do anything for or with anyone but himself.
I desperately wanted to change the situation but saw no way to. He'd cashed in his retirement, gotten me thrown off the bank board of directors (my being there brought in a small amount of cash and provided our insurance); we had no savings, crushing debt...but I was not willing to leave or divorce without a Biblical reason--I really wanted to make it work, somehow.
Well, God didn't see it that way. This summer I found out that he had a girlfriend, and he did not want to break it off with her or make any effort to make our marriage work. After much prayer and talking with my pastor I realized that he'd also abandoned me and our marriage long ago. I had Biblical reasons to leave, and, as my pastor pointed out, he needed to be held accountable for his behaviors. So I moved out.
Looking back I'm not sure where I went wrong...and what I could/should have done differently. Perhaps held him accountable years ago when "money" things started to go bad...refused to sign more loans (although even after I refused to sign any more his dad did). They were willing to go to any extent to continue to fund their "business", up to and including lying, manipulating, etc.
I don't know exactly what my advice is...I guess to realize that marriage should be a partnership and hold that person accountable, even when it's difficult.
51 of 56 found this story helpful.
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Story 190 for Stupid Tax
Cell Phone
Original story submitted by Bill
on December 4, 2012
Location:Los Angeles, CA
Age: over 55
Gender: male
on December 4, 2012
Cell Phone
I was told by the Verizon salesman that I had to take the 10.00 data plan for my "Smart" phone. I told him at that time I didn't need it, didn't want it and asked why it was mandatory. Again I was told it was a "Smart" phone and if I wanted the phone the dta plan was mandatory. 2 years later, I find out that my phone is not a "Smart" phone and I did not need the data plan. Don't know if I'm more mad at myself or at the saleman for lying to me.
40 of 46 found this story helpful.
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