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Loan Reference Information

[#112499] Other : The Trust Company of Tennessee (freshdesk.com) 

Requested by Stephanie Nore (snore@thetrust.com)

Participant: Brandon Byrd

Helen Ross McNabb Center Retirement Plan

Good day, Mr. Byrd is requesting a loan for $35,000 with a biweekly payment of 345.47. Looking at his account, we show that loan 1&2 were 'benefit offset of defaulted loan' on 12/31/2012. Would he still be able to request this current loan? From my understanding, if it was deemed a distribution then he wouldn't be able to. Thank you!

Answer: Robin Whiles

Fri, Sep 29 2023

His loans were actually deemed and not offset.  If he wants to obtain another loan, he would need to cure the two loans that deemed in 2012.  The loans plus back interest on the two deemed loans would total $3,144.52.  If he cures those two loans, then he would be able to take a loan in the amount of $35,000.

Defaulted Loans

Guidance coming soon.