What should I understand about involuntary and voluntary payments for secured debt.

[Shamilly]

Georgia.
Hello,
I'm trying to figure out what I need to know about the difference with a involuntary payment, through garnished taxes, and a voluntary payment for a secured debt.
I've had this debt now for about four years and have already started to pay it back, my big question is should I go ahead and let them garnish my taxes to go towards the debt as a involuntary payment in order to get it paid off quicker, which I think in my case would be ideal or just to go ahead and go on my own pace with only voluntary payments being made to this collection.
I want to take care of this debt as quick as possible. Thank you for your opinions!!

 

[Zigner]

Georgia.
Hello,
I'm trying to figure out what I need to know about the difference with a involuntary payment, through garnished taxes, and a voluntary payment for a secured debt.
I've had this debt now for about four years and have already started to pay it back, my big question is should I go ahead and let them garnish my taxes to go towards the debt as a involuntary payment in order to get it paid off quicker, which I think in my case would be ideal or just to go ahead and go on my own pace with only voluntary payments being made to this collection.
I want to take care of this debt as quick as possible. Thank you for your opinions!!

Yours is not a legal question...

 

[Shamilly]

Yours is not a legal question...

I do understand that. I'm just seeking advice from the wise.

 

[quincy]

I do understand that. I'm just seeking advice from the wise.

The wise on this forum concentrate on answering legal questions.

 

[Zigner]

I do understand that. I'm just seeking advice from the wise.

From the notice at the bottom of every page: "The FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues." (emphasis added).

You would be better off asking these questions on a financial planning forum. Good luck to you.

 

[Shamilly]

The wise on this forum concentrate on answering legal questions.

I suppose that is true. It could have turned into a legal issue, but I put my big boy pants on and stitched them into the skin of my legs. Now I want to make sure i execute the smarter choice of my options.
Advice, I feel, is a way to inspire someone. The power to pass down information for a greater good amongst consciousness, to imprint on another's soul. The point of life is to create and inspire

 

[Shamilly]

From the notice at the bottom of every page: "The FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues." (emphasis added).

You would be better off asking these questions on a financial planning forum. Good luck to you.

Highly appreciated thank you for your time.

 

[Zigner]

I suppose that is true. It could have turned into a legal issue, but I put my big boy pants on and stitched them into the skin of my legs. Now I want to make sure i execute the smarter choice of my options.
Advice, I feel, is a way to inspire someone. The power to pass down information for a greater good amongst consciousness, to imprint on another's soul. The point of life is to create and inspire

This really isn't a discussion forum.

 

[adjusterjack]

IAdvice, I feel, is a way to inspire someone. The power to pass down information for a greater good amongst consciousness, to imprint on another's soul. The point of life is to create and inspire

That's what I do.

Here's my advice.

When you get your tax refund, deposit it in your checking account and immediately write a check to the creditor for the same amount.

That way it's not automatic and you have a choice of whether you do that or not in any given year.

Don't let anybody dip into your stuff if you can help it.

 

[Zigner]

That's what I do.

Here's my advice.

When you get your tax refund, deposit it in your checking account and immediately write a check to the creditor for the same amount.

That way it's not automatic and you have a choice of whether you do that or not in any given year.

Don't let anybody dip into your stuff if you can help it.

If the OP's got an intercept on the refund, then he's not getting a tax refund.

 

[adjusterjack]

Right.

But his question seemed to presuppose that he had some choice in the matter.

my big question is should I go ahead and let them garnish my taxes to go towards the debt as a involuntary payment in order to get it paid off quicker

Or maybe I got it wrong and he may have meant paying it off in full before the refund was intercepted.

 

[Zigner]

Right.

But his question seemed to presuppose that he had some choice in the matter.



Or maybe I got it wrong and he may have meant paying it off in full before the refund was intercepted.

I agree that the OP is mistaken about being able to choose not to have the intercept - but I chose to sidestep that question