In a bind & really bummed out

[hizzaah]

@Anonymous wrote:

hizzaah, yes I use Mint. It is a great app, but I must admit it was kind of depressing when I first starting using it bc it really opened my eyes to how bad my situation is.

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I know that feeling from when I first set up Mint. I also hate that I have to look at my $60k in student loan debt every time I open it lol.

Take a look at my questions from page 4. Have you considered seeing if your gf could qualify for any BT or loan options using your income? Of course, it seems that asking you parents for the loan would be the quickest way out of this though.

[Anonymous]

brclark82, thanks for the well wishes. I'm sure my dad will be fine with it. It is my mom I am worried about....she always overreacts and freaks out about everything!

[IWOL]

OP......are you sure your 401k only allows one loan at a time. I know with mine which is managed by ADP/Charles Schwabb I can have up to 3 loans at a time.

also I belieive the max amount you can borrow from a 401k is 50k max at one time no matter what the balance is. It's up to 50% of the balance but with a max of 50k.

[Anonymous]

All 401k companies are different and it can be up to both the company and the sponsor. Mine is Fidelity can I can only have one loan out at a time with 50%, no cap.

OP - Even if you can borrow that 9k for about a month, you should be fine. Once the loan is paid off there may be a small window that you can't request a loan in (maybe 5-7 days) and then you should be good to go. Give that 9k right back to the owner.

Keep us updated on your progress please! Glad you are very level headed!

[Anonymous]

Hi OP! Im so sorry to hear about this situation. Im not sure if you resolved this already or not. I was able to take out a 7k loan with my credit union and my credit isnt nearly as good as yours or your score. If your parents werent able to help out Im sure a credit union would. Good luck!!

[northface28]

My opinion on all this is very strong, im sure itll violate the TOS if I posted them, so ill shut up. Ill just say good luck.

[Anonymous]

Excuse my ignorance but what is a "BT"? I have seen several people mention this but I'm not familiar with the acronymn. 

[Anonymous]

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@Anonymous wrote:

Excuse my ignorance but what is a "BT"? I have seen several people mention this but I'm not familiar with the acronymn. 

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Balance Transfer 

[tonyjones]

I don't see how you can have $500K in your 401k......... sounds kind of fishy here.

Even if you started at the age of 18 and put the max limit the IRS let you put in every year with annual rate of return of 8%, you would still only be at $350K.

and the max loan you can take against your 401k is $50K.

[Anonymous]

well... you are in deep doo doo here, I know you don't want to ask your parents for help with money, which i totally understand but in this case I think you do need to ask them.

With your income, you'd be able to pay back your parents faster, because you won't have to pay for high interest to credit card companies like you're doing right now.

I know your girlfriend can't work due to medical reason, but is there anything she can do at home that she can contribute? like making stuff and sell it on etsy or anything, I think every little bit will help in this situation.

Dang, you're a great guy for doing this for your girlfriend, and she better stay with you and get married, live happily ever after (without any future debt).