I was expecting a sizable tax return this year and had already planned out which debts I was going to pay off. I was really excited about paying off my Bank of America card because it had the highest interest rate. I called them up and came to a settlement with them for less money, which they processed would be paid by a certain date.
However, when my tax return came, it was only a couple hundred dollars because my military credit card that was in default garnished most of it to pay off that debt instead. When I call Bank of America to try and explain what had happened and that I wouldn’t be able to pay the agreed settlement, they said they couldn’t do that because the account had already been processed. If I did not pay the settlement they would put a bad mark on my credit. We eventually ended up borrowing money from my parents to take care of the settlement 🙁
Submitted by: Ben
Never trust a bank, the IRS, or anyone that handles your money other than yourself to proceed as you expect. Unless you have the money in your hand or in your bank account, never promise money to a financial institution that you are “expecting” to have. Things just don’t always go a planned, especially when you’re relying on outside sources.