1) This form must be completed in its entirety by all signers on the applicable loan(s).
2) The deferred loan payments must have at least six (6) months of payment history.
3) All payment deferrals are subject to approval criteria established by COR-FED. All of the member’s loan(s) must be current (have no amounts past due). The member must have no work-out loans, or charge-offs on any of their COR-FED loans. Other restrictions may apply.
4) For each applicable loan, you may only skip one (1) loan payment every four (4) consecutive months, with a maximum of (ten) 10 skip-a-pays throughout the life of the loan.
5) FINANCE CHARGES will continue to accrue at the rate provided for in your original loan disclosures and agreements. Deferring a payment will result in higher total finance charges than the original payment schedule.
6) This payment deferral will extend the term of your loan(s) and you must make an extra payment(s) after your loan(s) would otherwise be paid off.
7) The following consumer loans are included in this program: Vehicle (all types) Loans and Signature Loans.
8) If you previously elected credit life/ disability insurance, the insurance coverage will not extend beyond the original maturity date.
9) Payments made through ACH transfer from another institution will be deposited into your primary savings account and available for withdrawal.
10) Negotiations for possible financial assistance do not constitute a waiver of or defense to Corrections Federal Credit Union’s right to commence or continue any adverse action.
11) This application is subject to approval.
12) The following loan types are not included/ not eligible for this program: PayDay Advance Loans, Work-Out Loans, Green Wednesday Loans, Christmas/ Holiday Loans.
13) The fee for this skip-a-pay program is $40 per each applicable loan. The fee will automatically be deducted from the Share Account (savings or checking) as designated on the application. As an alternative, you may have the fee added to the loan (this option will further extend the term of your loan(s) and you must make extra payment(s) after your loan(s) would otherwise be paid off).
