Thread regarding Verizon Communications Inc. layoffs

Advice if You Have 401k Loan

This might be helpful since this strike might last a while. You are allowed two 401k loans through Fidelity. If you have only one loan out and do not want to continue with the weekly payments take another loan out to cover the principle balance of the first. Pay off the first loan and it takes 30 days for payments on loan number 2 to kick in. Repeat monthly while we are strike so you do not default and you defer payments till this ends. Best of luck and may we all (EWA and union) get back to our regular jobs.

by | Post ID:
1265 views | 10 replies (last )
Comment! It's anonymous! Reply to this post anonymously by submitting the form near the bottom of the page!

10 replies (most recent on top)

I have a question if someone could answer I would appreciate that... My wife works at Verizon..

What is the rule on spousal consent when borrowing/loan from the Verizon Savings and Security Plan. taking a loan of $25,000... Is it required for the spouse to sign application, or submit a waiver, or nothing is needed from the spouse.

( from what I have read, spouse needs to sign something it has to notarized or witnessed by sponsor )

by | Post ID:

Something to remember, Fidelity will do everything possible for you not to withdraw from your 401K, best advise withdrawing from your 401K is your last option... Your borrowing your own money but, if you dont repay the loan as a agreed your balance will decrease even more to pay your taxes.,...

by | Post ID:

When left with few options, this post was very good advice. This individual (Post ID: ) obviously works at corporate. You are paying yourself back so if you default, it just devalues your account by the amount you took out. Whip dee doo. You have your home intact until you figure out where this crap hole is all going. Again, all of these things the union should be suggesting to people but nadda. These are the things that should filter down to the picket captains. Inept leadership.

I almost did the same a few years ago and as you say, when it comes to losing your home or value in your 401K which inevitably will be devalued anyway when the projected unfunded liability of this nation hits 200 Trillion by 2034 as per CBO, that money will not matter anyway.

by | Post ID:

Not aware of 6 month between loans clause. Just took one on Friday and my last was a month ago. We should all take loan out because it will tank stock price.

by | Post ID:

6 months needed between loans. 401k is not for short term use so please avoid this if at all possible.

by | Post ID:

I am convinced many posters are young people,with very little life experiences, the brain is still developing.

by | Post ID:

. Did you read my post? The only thing you are exposing yourself too is investment risk of selling and buying securities at different price levels. You might even make money on deal if you time it right. You are not increasing debt just keeping yourself more liquid when cash at hand might not be available. Explain how this is bad advice unless you are just one of those people that is arrogant due to ignorance.

by | Post ID:

Take my house, or take a 401k loan, not much of a decision. Only an idiot would not do that.

by | Post ID:

You are an idiot if you think that is good 401k advice

by | Post ID:

Excellent advice This is going to be a very long strike. I wish our union would tell us things like this.

by | Post ID:

Thanks for a civil post.

I agree, lets hope all EWA and Union are back to normal jobs soon.

by | Post ID:

Post a reply

:

Related pages


new12 ctthe layoff weatherfordcabelas in wacomylan company profilebig 5 odessa txbakersfield good samaritan hospitaloffice max and office depot mergebiogen salarycollectors warehousebp naperville jobspayless anderson camedtronic louisvillediebold incaig locations in nycapple store utc mallbank of america jobs jacksonville flhoneywell retirement planatt uverse employmentcall devrylayoff memoworking at colgate palmolivechubb security careersdirectv el segundo phone numberceo weatherfordcandywarehouse comschlumberger malaysia careersneuromodulation medtronicboeing st louisibm san jose jobsverizon fios storeskmart chula vista cafrac tech aledo txwhat is axaltahelmerich & payneepizyme comfiserv india jobsconocophillips aviationfresenius concord capioneer oil and gas jobsbroadcom nfcbon ton interview questionsmckesson.com jobsnational oilwell stock priceat&t salarymurphy oil arkansascargill topekatarget corporation in bangalorecharter communications in greenville sclockheed martin pennsylvaniaoch ziff stockhhgregg bradentoncoating excellencetimminco limitedcop conocophillipscatlin holdings ltdnalco holdingsedmc collegesintegris southwest hospitalpulte homes corporate office atlantaaker solution jobsbank of america locations north carolinajcpenney news layoffsbaker hughes corpus christisears warehouse richmond vawhat is tcs bpsjourneys gurnee millsinfinity insurance tucson azzjn etfrauxaarden mall apple storedeluxe corp jobslatshaw drillingqep denverburlington northern santa fe corpernst and young partner compensation