i know they deduct the money from your paycheck. is it posssible i can pay them the payments before the deduct. say they deduct on friday. and i pay on tuesday would it still come from my pay check?
2007-12-16 10:46:10 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
doubtful but legal if the loan documents do not specify that loan payments are to be made via payroll deduction. Generally companies do not want to accept checks for loan payments due to the logistical nightmare involved. Trying to track that would be horrendous; especially given that some would bounce!!! 99% of loan documents specify that payments are to be made via payroll deduction and about that many companies require it.
2007-12-17 01:40:34 · answer #1 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
Your wife needs to call the 401 Plan administrator IMMEDIATELY. Usually when you get fired, the loan defaults and you get a 1099-R at the end of the year for the balance. This becomes 100% income for the year *and* subject to the 10% penalty if she is under 59.5 years of age.
2016-05-24 06:22:36 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Most plans allow you to repay your loan early. You need to speak with your benefits department or the 401(k) record keeper. They will be able to provide you with details of how to pay it off.
2007-12-16 10:50:38 · answer #3 · answered by Angie 6 · 0⤊ 0⤋
only the your hr dept working with the account holder can answer this question!!!
2007-12-20 06:01:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
why would you need to do this???????
2007-12-16 11:20:41 · answer #5 · answered by Anonymous · 0⤊ 1⤋