– The $25.00 fee charged for processing the loan payment deferral will not reduce the loan balance and must be available in the share account selected in the payment deferral process and cannot be added to the balance of the loan.
– All terms and conditions will remain the same and interest will continue to accrue. The final payment of the loan may be different because of the loan deferral. The maturity date of the loan will be extended by one month per deferral.
– All mortgage loans are not eligible for payment deferral.
– Fresh Start loans are not eligible for payment deferral.
– If more than one owner is on the loan agreement, you agree to inform other owners of the deferred payment.
– If a Guaranteed Asset Protection (GAP) policy is carried on a loan and the vehicle is involved in an accident and is deemed a total loss, the GAP policy may not pay the entire remaining balance because of the loan payment deferral.
– Loans listed as INELIGIBLE on NetTeller may be eligible for a payment deferral. Contact the Member Service or Loan department at 601.977.8300 to inquire about deferring a payment on those loan types. A fee of $35.00 will be charged for all payment deferrals processed by our Member Service or Loan departments.
– If your payment is scheduled to be payroll deducted, you must contact the Member Service department at 601-977-8300 or email info@magfedcu.org within 72 hours prior to the payroll posting to make sure the payment does not post.
-MFCU Skip-A-Pay allows members to skip one month (30 days) on the qualifying loan(s). This could result in a change in the regularly scheduled due date.
