Possible NC State Tax Lien

[pizza1]

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@Anonymous wrote:

So after reading over some paperwork the NC Dept of Revenue sent me and it basically says that I can contact the credit bureaus to have the Certificate of Tax Liability released after the tax bill is paid. To me this sounds like what NC's verison of a tax lien is and if they issue a lien against me, I can have it removed once paid instead of having to wait 7 yrs. Does this sound correct or is there something else they can put on my credit that would stay on there for years?

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Here's the skinny....

on State Tax liens, the DOFD starts after the debt has been paid in full. So, for example, lets say they report your lien/judgement in Nov 2017,  and you work out a payment plan. Lets say you take 4 yrs to pay it off, and it becomes PIF/"released" in Nov 2021. The 7 yr rule starts ticking at Nov 2021. 

State Tax liens are the hardest to get removed off your reports, and your scores will take a dive in a major way. You will then be re-bucketed into a dirty bucket. Once its paid, the credit reports will reflect "released/paid", but it will stay on reports for 7 yrs from the date it was paid in full. Public records are scored very dofferently with FICO, and majorly. 

I would suggest you call and make payment arrangements now, and tell what you can afford to pay now, and what you can afford to pay later.  If you dont make better contact with them, they will make it easier for them, adn harder for you by garnishment, and reporting. 

If theres anyway you can get a loan to pay it off....Discover, Prosper, Sofi, etc... or put some paymetns on a CC for a bit, anything??? I would suggest doing something before it hits your reports. 

I'll use my own example too....my tax lien was filed in 2011, it  hit my reports (had no idea till I went to file BK, and my attorney saw it). I called, made arrangemts, and it was paid in Oct 2013. Ive been trying for 4 yrs to get it removed from the CRA's....no luck. It will fall off in Nov 2020. 

[JVille]

Do you have family who can help you clear this Tax bill Before the slap a lien on you and ruin your credit? The make payments to the Family Member or maybe a 401K Loan. These other options will protect your credit but you need to move fast before the State comes after you!

[Anonymous]

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@pizza1 wrote:

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@Anonymous wrote:

So after reading over some paperwork the NC Dept of Revenue sent me and it basically says that I can contact the credit bureaus to have the Certificate of Tax Liability released after the tax bill is paid. To me this sounds like what NC's verison of a tax lien is and if they issue a lien against me, I can have it removed once paid instead of having to wait 7 yrs. Does this sound correct or is there something else they can put on my credit that would stay on there for years?

---

Here's the skinny....

on State Tax liens, the DOFD starts after the debt has been paid in full. So, for example, lets say they report your lien/judgement in Nov 2017,  and you work out a payment plan. Lets say you take 4 yrs to pay it off, and it becomes PIF/"released" in Nov 2021. The 7 yr rule starts ticking at Nov 2021. 

State Tax liens are the hardest to get removed off your reports, and your scores will take a dive in a major way. You will then be re-bucketed into a dirty bucket. Once its paid, the credit reports will reflect "released/paid", but it will stay on reports for 7 yrs from the date it was paid in full. Public records are scored very dofferently with FICO, and majorly. 

I would suggest you call and make payment arrangements now, and tell what you can afford to pay now, and what you can afford to pay later.  If you dont make better contact with them, they will make it easier for them, adn harder for you by garnishment, and reporting. 

If theres anyway you can get a loan to pay it off....Discover, Prosper, Sofi, etc... or put some paymetns on a CC for a bit, anything??? I would suggest doing something before it hits your reports. 

I'll use my own example too....my tax lien was filed in 2011, it  hit my reports (had no idea till I went to file BK, and my attorney saw it). I called, made arrangemts, and it was paid in Oct 2013. Ive been trying for 4 yrs to get it removed from the CRA's....no luck. It will fall off in Nov 2020. 

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I could put some on a cc. I just don't want my cc debt to spiral out of control. I've actually spoken to them about a payment arrangement. I'm hesistant to do it because I read on their website that they can still issue a lien even if I'm on a payment arrangement. The payment arrangement would be managable but would make finances tight. So I'm thinking now is it worth doing if they could issue a lien anyway.

[jamie123]

Talk to them. Really, ask them if they will file a lien if you set up a payment plan. I think the only reason they would file a lien is if you fell behind in your payment plan. Yeah...They don't mess around!

Think about it this way...

You can go through the next couple of years with good credit on a tight budget because you are making payments on your repayment plan or you can go through the next 10 to 15 years with garnished wages and ruined really crappy credit. The choice is yours. They will get their money one way or another.