Legal Question in Investment Law in Virginia

401K Loan Changed after 2 1/2 Years

I borrowed against my Fidelity 401K account to make a down payment on our house 2 1/2 years ago. I signed an agreement to pay it back within 15 years. A month ago, I received a letter saying that they had made a mistake, and that I had to pay it back within 10 years. Since we had a signed agreement to pay back the loan within 15 years, can Fidelity do this?

Asked on 10/03/05, 2:07 pm

1 Answer from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law
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Re: 401K Loan Changed after 2 1/2 Years

If the written agreement which you signed says 15 years, then it's 15 years, unless you now wish to agree to alter this material term of the contract and make the term of the loan 10 years.

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Answered on 10/03/05, 2:35 pm

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