i have several 3 401k loans and 1 personal loan al

i have several 3 401k loans and 1 personal loan along with several creditors / medical bills i'm paying. I'm only behind on 2, but am trying to get out from under all of these. what would be the best and most effective way?

2 Answers

You can negotiate with the hospital regarding the medical bill payments. You may also consolidate your personal loans and other unsecured debts through debt consolidation program. This will help you repalce all your multiple bills with a low single monthly payment.


HI Susie,

As far as your 401k loans are concerned, you will have to work with your employer to set up a repayment plan in order to get rid of the debt. Generally, your wages will be garnished by your employer to automatically repay the loan in regular installments directly off your paycheck. As far as your personal loan is concerned, you will have to negotiate for a payment plan to pay off the debt in an affordable manner with the lender.

Take care.

As I'm not a lawyer, I believe that "A lean compromise is better than a fat lawsuit". :)

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