Ugh.
At the beginning of October of last year, I took out a loan against my 401k. I’ve done this many times before and love the way it works. I pay myself the interest and the payments come right out of my paycheck every two weeks. Unfortunately, this loan didn’t work out too well. After about 5 months of them not taking payments out of my check, I called them. The lady on the phone said she didn’t know what the problem was but that she had fixed it. However, since I hadn’t made any payments, the load would have to be reamortized and my bi-weekly payments went up a bit. Whatever. I didn’t care.
Now, it’s been about 5 more months, and they just started taking payments out 2 checks ago. I would really care except that I got a letter this weekend saying that if I didn’t pay the remaining balance by 9/20/2003, I would default on the loan. So, I called them today. Again, they told me that they didn’t know why it happened and that it had happened to other people as well. However, since the loan had been reamortized already, he wasn’t sure if it could be done again or not. He said he’d check into it and call me back within 48 hours. I asked him if there was a way I could have made a payment during those weeks that the payment was going through. He told me that my plan does not accept a partial payment and, therefore, the only way is to have payroll deduction. So, really, there was nothing I could do except wait for them to take it out.
If they can’t reamortize it, I’m going to have to repay about $2000 by 9/20/2003. Thanks assholes.
I don’t even know how to begin complaining or fighting.