TSP Loan Request: DISAPPROVED?!?!!??!

[Eagle_Addict]

I sent in a TSP loan request last week via Fax (my wife had to sign) for $8150 out of MY ACCOUNT that I would pay back to MYSELF via payroll Deductions, and in looking at the TSP website, I have been 'DISAPPROVED' and a letter stating why is being mailed to me.....WTF, am I not borrowing my own money to pay back to myself?? Am I not allowed a personal loan even though I have an outstanding mortgage loan?? The amount I am allowed to borrow (according to the website) is higher than the amount requested, my balance is near $300K, so why in the world would I be DISAPPROVED????

I am currently on the 'restricted trade list' with mail in only priveleges, why would this make a difference???

Anybody else ever get disapproved, or am another first on the TSP board?!?!?!?!

Thanks, EA

 

[FUTURESTRADER]

I sent in a TSP loan request last week via Fax (my wife had to sign) for $8150 out of MY ACCOUNT that I would pay back to MYSELF via payroll Deductions, and in looking at the TSP website, I have been 'DISAPPROVED' and a letter stating why is being mailed to me.....WTF, am I not borrowing my own money to pay back to myself?? Am I not allowed a personal loan even though I have an outstanding mortgage loan?? The amount I am allowed to borrow (according to the website) is higher than the amount requested, my balance is near $300K, so why in the world would I be DISAPPROVED????

I am currently on the 'restricted trade list' with mail in only priveleges, why would this make a difference???

Anybody else ever get disapproved, or am another first on the TSP board?!?!?!?!

Thanks, EA

first I've heard of that. Please call TSP and let us know.

 

[FundSurfer]

Did you notice the following statement on the loan status page? Could they have recieved your application twice?

Only one loan request will be processed at a time. Therefore, if you have made multiple requests, you may see a message below indicating that your request has been rejected. However, the message may not accurately reflect the status of your original request, which may still be in process. For additional information, call the TSP Service Office.

 

[Show-me]

I believe you are only allowed one loan at a time.

 

[Show-me]

I stand corrected, by myself.

How many loans can I have at one time?
You may have one general purpose loan and one residential loan from your civilian TSP account at any one time.

 

[Eagle_Addict]

I believe you are only allowed one loan at a time.

No, I believe you are allowed one REAL ESTATE loan and one PERSONAL loan at a time.....I had done the RE loan 4 years ago (borrowd $50K, now owe $38K on it).....This is a first, so I will check to see if there was a 'duplication' (Do you think if they got a fax twice with the same info they are too stupid to shred one of them?!?!?!)...

Thanks, EA

 

[Silverbird]

No, I believe you are allowed one REAL ESTATE loan and one PERSONAL loan at a time.....I had done the RE loan 4 years ago (borrowd $50K, now owe $38K on it).....This is a first, so I will check to see if there was a 'duplication' (Do you think if they got a fax twice with the same info they are too stupid to shred one of them?!?!?!)...

Thanks, EA

Uh oh.....If I'm reading this kooky document right, you can't borrow more than "50K - [minus] your highest outstanding loan balance, if any, over the last 12 months"
Here's the link for the Loan information pdf http://www.tsp.gov/forms/tspbk04.pdf, Look on page 3, Maximum Loan Amount, test (3)

 

[Eagle_Addict]

Ok, Mystery Solved....

I called the TSP Service Center and was told that I had the wrong date on my forms, I had somehow marked as August (08) instead of March (03)....OK, so I will re-submit via FAX and verify dates........Seems it was my mistake, eh?

EA

 

[DCguy]

So, you can only borrow $50k or 50% of total balance and can only borrow 1x in 12 months?.. that sux

 

[Silverbird]

So, you can only borrow $50k or 50% of total balance and can only borrow 1x in 12 months?.. that sux

Well, except you can do one residential loan and one personal loan (so that's 2x if you are borrowing to buy a house) but otherwise you are right.