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DENIED! - The highs and lows of KuteLuvr

About DENIED!

Previous Entry DENIED! Aug. 13th, 2007 @ 05:51 pm Next Entry
For those that haven't been following our story, I have been dealing with some pretty serious debt over the last few years... which has finally come to our pinnacle of achievement today, presenting itself in the form of a letter from American Express telling me that my account is cancelled... effective immediately.

I've been bouncing bills for a while, robbing Peter to pay Paul, and occasionally not paying Paul everything I got from Peter. It's not the best thing in the world, but it's the situation I've put myself in and I'm pretty accepting of what is inarguably my own damn fault. That being said though, my company went public in March and I get access to my stock options toward the end of September, creating a Get Out of Debt Free plan that is pretty solidly appreciated. Just one more month to go...

What sucks is that I had sincerely hoped that of all of my debt, I'd be able to keep this card... but ya know what? That's just the stuck up money-whore in me talking. I liked having a flashy silvery platinum card from Amex that made me feel like I'd been chosen for something and I was somehow better than y'all. Truth be told, while the features were pretty fabulous, I rarely used them (mostly because I couldn't afford to), it was $300 to just carry the damn thing in my pocket, and it's not even everywhere i want to be.

Yeah... I'll miss it... but this is the price I pay for a situation I've created. The trick will be to not get myself into this mess (yet) again in a year. In the long term I'm thinking I can't handle debt as well as I'd like and I'm probably better off anyway. At least there's a bright side: the IRS sent me a letter saying they got my response to the $11K they said I owed them and that they're "thinking about it". That will come out in my favor in the long term, and getting the acknowledgment is well timed, if nothing else. :)
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From:timenchanter
Date:August 14th, 2007 01:19 am (UTC)
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Seems like the gods of debt are chuckling at a lot of people right now. lol

I'm glad there's end in sight for you. :-)
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From:sierra_nevada
Date:August 14th, 2007 02:58 am (UTC)
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Beware the tax consequences of option flipping (exercise/sale). Get professional help with that.
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From:soundofthemoon
Date:August 14th, 2007 03:40 am (UTC)
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I'll second that advice about getting tax advice on the options. Also, if you ever have to choose between pissing of the IRS and the CA Franchise Tax Board, you should opt for keeping the CAFTB happy every time. The IRS will garnish your wages, but the CAFTB will take away your house, your car, your savings...

Good luck with the last month of being in debt, and your immanent exit thereof.
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From:pegasussf
Date:August 15th, 2007 04:09 am (UTC)
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Yup. Get tax advice. But if not, go for the same-day-sale rather than gamble and have to pay AMT.
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