How would I go about defaulting on a 401K loan which the payment automatically comes out of my paycheck. My paycheck is barely anything since I have the loans
coming out of it to pay of my 401K. If I can't find a way out of this, I am going to loose my house. I'm already 2 months behind on my mortgage. They
are taking almost $500 a week out of my paycheck, leaving me with hardly anything to pay bills.
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How to default on a 401K loan which the payment automatically comes out of your paycheck?
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 red |
How to default on a 401K loan which the payment automatically comes out of your paycheck? |
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Posts: 1 (06/09/09 06:02:51) |
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ralexander |
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Posts: 85 (06/09/09 06:26:02) |
As long as you're employed, they are required to take it out of your paycheck. You can quit, though, and try to get re-hired.
Can I ask...why would you take a loan out that you can't afford, while you have a house payment that you can't afford?
R. Alexander
lowcost401k.com |
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red |
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Posts: 2 (07/01/09 10:04:41) |
Sometimes in life things take an unexpected turn....
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fender5150 |
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Posts: 146 (07/07/09 12:56:29) Contributing Member |
ralexander wrote:What Would Dave Ramsey Do? I think it's going to take some work to get out of this situation: -Get your budget down to bare bones. Sell all boats, motorcycles, RVs, golf clubs, etc. Get rid of cable TV., club memberships, etc. -Make sure you always keep $1,000 in the bank as a minimum balance, This eliminates overdraft charges (and any other bank charges that might be applicable). -For other cash saving ideas, check out www.savingwithoutsacrifice.com -If this doesn't provide the cash-flow needed to make your minimum debt payments, then get a part time job. Then: -Attack your debt one loan at a time: Pay off the debt with the highest interest rate as soon as possible, then move to the next loan. Then: Never go into debt again. |
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