All Knowing Board: A friend of mine owes more than he can afford on his taxes. He signed up for a monthly payment plan with the IRS, but no payments have been withdrawn from his account yet. When he logs into the IRS web site he isn't able to get any information about his payment plan. Also, when he signed up it didn't give any details about interest or penalties he may owe. It only said that he'd be charged something like $31 for each payment. So that all seems very fishy that they aren't required to give him details.
Anyway, since then, he's decided he'd be better off getting a personal loan from his bank, given those high fees alone (not to mention additional interest the IRS would likely charge). The thing is, since he can't seem to get any information on his payment plan, he obviously can't cancel it either. So he's worried that if he uses a personal loan to pay his taxes he will still get charged via the payment plan.
Any suggestions on how he should proceed?
Anyway, since then, he's decided he'd be better off getting a personal loan from his bank, given those high fees alone (not to mention additional interest the IRS would likely charge). The thing is, since he can't seem to get any information on his payment plan, he obviously can't cancel it either. So he's worried that if he uses a personal loan to pay his taxes he will still get charged via the payment plan.
Any suggestions on how he should proceed?