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Asked 11/6/2010

Can 401k loan payments increasd without my consent.

I have had a 401 k loan and it will be paid off in less than 12 months. the loan was a 5 year loan and all of a sudden they started taking 60 more dollars a month extra from my check. I have not missed a payment in this loan, Can they do this without my consent.

 
 
 
 
 
Answers

Answer 1/2 - Submitted 11/6/2010

Check your documents I do not believe they can take the extra money but you never know due to the fine print.

 
 

Answer 2/2 - Submitted 11/6/2010

No. the deduction should be the same and as the agreement when you have the loan. Is your payroll period changed? for example for bi-weekly to semi-monthly? If not, you can contact the 401K vendor. They should have the answer.

 
 
 
 
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