• Report: #370792

Complaint Review: Household Finance Corporation II

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  • Submitted: Mon, September 08, 2008
  • Updated: Mon, September 08, 2008

  • Reported By:Lawton Oklahoma
Household Finance Corporation II
PO Box 9618 Virginia Beach, Virginia U.S.A.

Household Finance Corporation II Household Finance Corp made my life hell, ripped me off and a year later, still suffering Virginia Beach Virginia

*Consumer Comment: Actually...

*Consumer Comment: Actually...

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Years ago while in the DC area I took a personal loan from Household Finance Corporation. The loan was only 3200. I did perfect with payments for a long time, then when I moved to Oklahoma I was struggling making ends meet because my husband would not help take care of the home and I could not do it all so of course I foreclosed. I begged them to help me, I begged them to lower payments, I even made partial payments, but they told me they would not accept them if they were not whole. They called, harrassed and everything. I ignored them.

Finally they sued me, I got a judgement in the mail saying they would deal with me for 5,000.00 and avoid going to court so my husband took money out of his investments to pay it. They then told me they would not do the 5,000 and would only accept 6,500 as a total payment which was all kinds of interest and penalties, but we did pay it. We paid it in full and they had the nerve to send me a letter saying they sent the IRS a notice that they charged off 976.00 of this debt and said it was my extra income. OMG, how insane was that. We did not know they could get away with this, this is criminal.

The lawyer who represented them told us not to worry and that they do this to protect themselves. Now, I get a letter from the IRS saying I owe them money from my 2006 tax year because of them stating they did a charged off debt. I understand I did not pay, I was struggling, I was in a bad way. I had to actually leave my husband because he would not help me, and out of guilt, he paid off this bill for me. They were the ones who settled with us for a lousy 6500 and okay so they ended up losing out on 976.00. That was so dirty on their part. These are horrid and wretched people. I begged them to help me lower the payment so I could stay in good standing and they said no and did not care what my issues were.

I got saved, that is when I knew I had to fix my finances and by the grace of God, I did do it and to have them pull something so criminal like that. On top of that, beyond my control these same creatins are financing my car. The dealership chose them, I did not, how ironic is that. These people call and harrass and threaten and do all kinds of mess but do NOT want to help people out. I wish I would have never walked into their office, now I have to pay the IRS money because of them fraudulently stating I had extra income of 976.00 but they were the ones who settled. Stop them already.

Shannon
Lawton, Oklahoma
U.S.A.

This report was posted on Ripoff Report on 09/08/2008 08:51 AM and is a permanent record located here: http://www.ripoffreport.com/r/Household-Finance-Corporation-II/Virginia-Beach-Virginia-23450/Household-Finance-Corporation-II-Household-Finance-Corp-made-my-life-hell-ripped-me-off-a-370792. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Actually...

AUTHOR: Awfully - (U.S.A.)

I took this information from site:
http://www.querycat.com/faq/3035bacb5ecbb64cbee936baf39ee956

It states:
Debt settlement may have tax consequences, but usually will not. A creditor can give you a 1099 for amounts of debt forgiven, but the IRS takes the position that this is not taxable income if the debtor is insolvent at the time of the settlement. This basically means that you had more debt than assets. If you are not insolvent, this may not be a good program for you because you could have a tax liability. Please consult a tax advisor regarding this issue.
If your creditor settles your debt for more than $600 less than what you owed, the savings may be reported by your creditor to the IRS as Discharge of Indebtedness Income. You understand that Progressive Debt Relief assusmes that you enrolled in its Debt Settlement Plan because you are insolvent, having financial difficulties with your unsecured debts, and/or have used a Debt Settlement Plan to avoid filing for bankruptcy.
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#2 Consumer Comment

Actually...

AUTHOR: Awfully - (U.S.A.)

They did not report you extra income as fraud. It was your extra income. If they had made you pay your bill in full you wouldn't have had that extra $976.00. You would have paid it to them. Therefore, it was extra income for you, therefore, taxable. Every creditor that settles any account has to report it on their taxes, therefore, the IRS expects you to report it as income on yours since you didn't have to spend it. It is required by law. This is not a legit rip off. You did this to yourself.
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