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401k loan default question
Posted on 12/21/13 at 8:15 am
Posted on 12/21/13 at 8:15 am
I took out a small 401k loan through my company's plan which was not a big deal, when it was with wells fargo. Well the company got bought out and the new company switched our 401k's and loan balances to ibenefitcenter. These people have been complete assholes to deal with. They did not send out re payment books, only notices that loan payments were late. Well they told me they could put me on autopay, and I assumed that they did. Only I noticed the payments haven't been taken out of my account the past couple of months.
So I go check the account and it says my loan has been defaulted. WTF! What are the rules, can I bring it back current before 1/1 and not default on it? It's not a lot of money, but still, I don't want to pay the penalty and taxes. Can someone chime in on the rules to bring it current? I sent them a note stating that I will sue them for the penalty and taxes if they don't bring me back current and I plan to get them on the phone first thing Monday morning.
TIA for responses
So I go check the account and it says my loan has been defaulted. WTF! What are the rules, can I bring it back current before 1/1 and not default on it? It's not a lot of money, but still, I don't want to pay the penalty and taxes. Can someone chime in on the rules to bring it current? I sent them a note stating that I will sue them for the penalty and taxes if they don't bring me back current and I plan to get them on the phone first thing Monday morning.
TIA for responses
This post was edited on 12/21/13 at 8:16 am
3
Posted on 12/21/13 at 10:45 am to dillpickleLSU
quote:
Well they told me they could put me on autopay, and I assumed that they did.
You do realize that you don't just get "put on autopay", correct? You have to fill out forms to do things like that. The responsibility is on YOU, not on them.
Hope you get everything straightened out.
Posted on 12/21/13 at 1:06 pm to dillpickleLSU
Was it an actual loan default? If they switched plans after the buyout, it's possible that they're considering it a deemed distribution since it wasn't paid off before the original plan was closed.
Posted on 12/21/13 at 7:39 pm to dillpickleLSU
This is why I sit down and look where every dollar is going/went once a month.
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