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Can escrow be used to pay a personal loan

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Can escrow be used to pay a personal loan

That comes to 150 in taxes, plus another 100 for the penalty. A payday loan, by contrast, would cost only 150 in interest. The big difference is that with an IRA withdrawal, you dont have to pay the money back.

With a payday loan, you have to come up with 1,150 to pay the loan back by your next payday. With a withdrawal, by contrast, you can just pay the 250 in taxes and penalties and have 750 left to pay your bills.

You lose the money from your retirement savings, but at least you dont get stuck in a cycle of debt. Borrow From Your 401k. Borrowing from your retirement plan is different from making a withdrawal.

Can escrow be used to pay a personal loan

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Can escrow be used to pay a personal loan

This debt is the result of co-signing a loan for my sister in 2004 when I was still working. I was laid off in 2006. I was already having health problems before this so I had to retire and go on full disability. My sister was also laid off leaving me with the debt. Since I have been paying Sallie Mae has agreed to accept 6,000. 00 to buy my name off the account. I did this on the first week of December 2014. I was promised a statement letter saying that I was released from the debt but it is the end of January 2015 and have not yet received it.

I have called three times, most recently on the 20th of January.

Can escrow be used to pay a personal loan