I borrowed from my 401k 2 years ago. I have been repaying this loan and still owe 2 years. I have been laid off from work and am now back to work.
I recieved a slip on how to redirect my 401k to catch it up. Someone told me that since this was my money, I really did not have an obligation to rpay the loan. My company has give us a$2.00 cut in pay. Effective in March. I could really use the 450.00 I pay each month. Question:Do I have to repay my loan. I did not sign any paper work on this loan. It is my money, and although I know it would benefit me to repay it all. I need the extra income now. I am also fighting cancer and have several medical bills.
I recieved a slip on how to redirect my 401k to catch it up. Someone told me that since this was my money, I really did not have an obligation to rpay the loan. My company has give us a$2.00 cut in pay. Effective in March. I could really use the 450.00 I pay each month. Question:Do I have to repay my loan. I did not sign any paper work on this loan. It is my money, and although I know it would benefit me to repay it all. I need the extra income now. I am also fighting cancer and have several medical bills.
