hardship timeline

[robert116e]

Hi guys- While it goes against all good advice, my family has a serious health situation that will require me to take a hardship withdrawl........While I know TSP says it can take "several weeks" for the funds to come through, does anybody have any actual experience with this timeframe?..........that seems like an awfully long time. (yes, I KNOW all about the consequences of such a withdrawl, but this is a time when it needs to be done). Any experiences with the time frame on this would be appreciated!.....thanks and take care!

 

[wavecoder]

I personally don't know, but I'm sure there's people on this site that have information on that. I just wanted to say sorry about your situation and I hope you and your family pull through it ok.

 

[robert116e]

thanks Sniper- I appreciate your kind thoughts!

 

[nasa1974]

robert116e,
Sorry to hear about your situation. After I retired I took a partial withdrawal from my TSP. It took 2 weeks from the time I mailed the form to when it posted in my checking account. Hope that helps.

 

[MrBowl]

I had to do that last year to clear off debt. I think it was 1-2 weeks

 

[jonfresno]

Hi guys- While it goes against all good advice, my family has a serious health situation that will require me to take a hardship withdrawl........While I know TSP says it can take "several weeks" for the funds to come through, does anybody have any actual experience with this timeframe?..........that seems like an awfully long time. (yes, I KNOW all about the consequences of such a withdrawl, but this is a time when it needs to be done). Any experiences with the time frame on this would be appreciated!.....thanks and take care!

Don't know if you can do this, but maybe a loan instead? You can borrow 50,000.

Sorry about your situation. Best of luck.

 

[konakathy]

Aloha Robert. Sorry to hear your family is going through a health situation. FWM is right, fax the application in, it could get lost in the mail...did I really admit to that?!:blink: The turn around is much quicker if you do. I faxed an app. once on a Thursday and received the check the following Wednsday, or Thursday. My thoughts and prayers will be for you and your family. Keep the faith.

 

[robert116e]

thanks Kathy for your kind words and advice...take care!

 

[BichonFreeze]

Don't know if you can do this, but maybe a loan instead? You can borrow 50,000.

Sorry about your situation. Best of luck.

I think you can only take out a loan for the purpose of buying a house, car, boat, i.e. assets.

 

[Frixxxx]

I think you can only take out a loan for the purpose of buying a house, car, boat, i.e. assets.

No, you can take it out for personal reasons.....

If you use a loan for a house, you get more time to pay it back.