TSP loan stuck in limbo

[michigande]

Last month I took out a loan against my account to pay off some high interest credit card debt. Prior to that I had to enter my bank account as a financial institution and in doing so I correctly entered the routing number from a check, but when entering the account number I mistakenly included the 4 digit check number.

Days later with no money arriving, but with the loan appearing as “active” in TSP as of 9/6, I realized what had happened. I looked at my TSP financial institutions and it displayed my account ending in the 4 digits of the check, not my account’s last 4 digits. Since I apparently entered too many digits it must’ve chopped off the first 4 digits I entered and accepted the last 4 (major problem?).

My first call to them we fixed the account number and they said the money went to treasury for disbursement, therefore they could not see it. My bank said that since the account number wouldn’t match the name the money would be bounced back to where it came from. I’ve called TSP almost daily since 9/14 with zero results. Their supervisors tell me they sent high priority tickets to “operations,” but can’t even themselves talk to a person there who’s involved in getting my money back and certainly can’t put me in touch with anyone.

Recourse anyone? Somewhere at treasury to call? Thanks for reading this far!

[michigande]

I spoke to treasury just now, they sent my money back on 9/12 to TSP, but it’s obviously not in my account. Frustrating, it’s not invested AND I don’t have access to it!

[bloobs]

I spoke to treasury just now, they sent my money back on 9/12 to TSP, but it’s obviously not in my account. Frustrating, it’s not invested AND I don’t have access to it!

Hmm, yet another Accenture Federal rollout issue it seems.

[mjedlin66]

This sounds miserable. Unfortunately I don't have anything to offer but condolences.

[lydiarpach]

I can imagine how frustrating it must be to have your TSP loan caught up in limbo like this, especially when you're navigating important financial matters like a mortgage in Florida. It's never fun when your hard-earned money isn't where it's supposed to be, especially when it's not just sitting there but actively supposed to be working for you.

First off, kudos for being proactive and reaching out to Treasury. It's always a good step to try and get to the bottom of these things as soon as possible. The fact that they sent the money back to TSP on 9/12 is a good sign that it's not lost in the void, but I totally get the frustration of it not showing up in your account yet.

Sometimes these bureaucratic processes can take longer than expected, and it's definitely not fun when it directly impacts your finances. Have you tried contacting TSP directly to see if they have any updates on their end? Sometimes a gentle nudge from the customer can help move things along.

In the meantime, it might be worth exploring any potential alternatives or temporary solutions to tide you over until this gets sorted out, especially when dealing with something as significant as a Mortgage Loan in Florida. It's not ideal, but sometimes these situations require a bit of creative problem-solving.