Using 401 to pay-off cards.

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

dendeedid

Joined: 12 Dec 2006
dendeedid's page
Posts: 1

57 Magic Points

Subject: Using 401 to pay-off cards.

Tue Dec 12, 2006 3:08 pm

I have withdrawn $$ from my 401K to pay-off 2 credit cards. What percentage should I offer them to wipe out my debt?

Alex

Joined: 29 Jun 2006
Alex's page
Posts: 12

768 Magic Points

Tue Dec 12, 2006 6:13 pm

Hi Dendee,

First you will need to pay off the principal amount but after a good negotiation you can get a waiver of about 40 to 60 % from your other charges and interest payments.

Other thing is that you should have looked at some other option to get the money instead of withdrawing from your 401k account as it not advisable to withdraw out of the 401k retirement account.

Alex

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.