Holiday SKIP-A-PAY

Take advantage of our Skip-A-Payment offer to skip one monthly payment when you need it most. Select the month you wish to defer your payment, November or December 2017, and we’ll add it to the end of the loan without impacting your credit rating. We make it easy!

To apply, simply complete the information requested and mail, fax, email or bring to any of our offices along with your check for the skip fee(s). Please don’t send cash. If you prefer to have the fees deducted from your Chattanooga Federal Employees Credit Union checking or savings account, check the appropriate box. Real estate loans are not eligible.

THIS ADDENDUM AMENDS YOUR LOAN DISCLOSURE STATEMENT AND AGREEMENT REGARDING YOUR LOAN PAYMENT.  BY PROCEEDING, YOU UNDERSTAND THAT YOU ARE REQUESTING TO ADVANCE THE DUE DATE ON YOUR LOAN, WHICH IS SUBJECT TO CREDIT UNION APPROVAL.  IF YOUR REQUEST IS APPROVED, YOU AGREE TO PAY A SKIP PAYMENT PROCESSING FEE OF $30.00 PER LOAN.  THE FEE MAY BE PAID BY A DEDUCTION FROM YOUR CHATTANOOGA FEDERAL ECU ACCOUNT OR VIA ACH DEBIT FROM ANOTHER INSTITUTION.  YOU UNDERSTAND THAT INTEREST WILL CONTINUE TO ACCRUE ON YOUR ENTIRE LOAN BALANCE, INCLUDING THE AMOUNT OF THE SKIPPED PAYMENT, AND THAT SKIPPING THIS PAYMENT MEANS IT WILL TAKE LONGER TO PAY OFF YOUR LOAN.  ALL LOAN PAYMENTS MUST BE CURRENT TO QUALIFY AND THE MEMBERSHIP IN GOOD STANDING.  THE LOAN MUST NOT HAVE HAD A SKIP OR EXTENSION IN THE PREVIOUS 10 MONTHS.  ALL OTHER PAYMENT TERMS OF YOUR LOAN DISCLOSURE STATEMENT AND AGREEMENT WILL REMAIN IN FULL FORCE AND EFFECT.  OFFER EXCLUDES ALL REAL ESTATE LOANS AND CREDIT CARDS.  YOU MAY NOT SKIP A PAYMENT IF THE SKIP PAYMENT WILL CAUSE NEGATIVE AMORTIZATION ON YOUR LOAN.  PAYROLL DEDUCTION WILL NOT BE INTERRUPTED; THE FUNDS WILL REMAIN IN YOUR ACCOUNT FOR WITHDRAWAL.  BY PROCEEDING, YOU AUTHORIZE THE CREDIT UNION TO REVIEW YOUR REQUEST ONLY.  IF APPROVED, ALL SIGNERS ON THE LOAN WILL COMPLETE THE NECESSARY PAPERWORK TO COMPLETE THE SKIP-A-PAY REQUEST.