Does Navy Federal Offer Skip a Payment?
When faced with financial difficulties, managing loan payments can become a daunting task. Navy Federal, one of the largest credit unions in the United States, provides several options to help its members navigate these challenges. Skip a payment, a popular option among financial institutions, is a way for members to temporarily halt payments on their loans or credit cards. In this article, we’ll dive into whether Navy Federal offers this option and what alternatives it provides.
What is Skip a Payment?
Skip a payment is a temporary deferment of loan or credit card payments, usually allowed during times of financial hardship, such as job loss, medical emergencies, or car repairs. This option typically permits members to pause or delay payments for a set period, usually ranging from one to six months.
Does Navy Federal Offer Skip a Payment?
According to Navy Federal’s Loan and Credit Terms and Conditions, the credit union does not explicitly mention skip a payment as an available option. However, it does offer other ways to manage payments and ease financial burdens.
Navy Federal’s Payment Options
If you’re experiencing difficulties in making payments, Navy Federal offers several alternatives:
• Deferred Payment: Members can apply for a Deferred Payment, which allows them to delay payments for up to 60 days without penalty or interest. However, this option may affect your credit score and interest charges may still apply.
• Payment Deferral Program: Navy Federal has a Payment Deferral Program that can defer payments for up to six months. This program may require a one-time deferral fee and interest charges will continue to accrue.
• Forbearance: In certain cases, Navy Federal may consider a Forbearance agreement, which suspends or reduces payments for a set period. However, this option may only be available for a specific reason, such as financial hardship or military deployment.
How to Apply for Alternative Payment Options
If you’re struggling to make payments, you can reach out to Navy Federal’s customer service department to explore your options. To initiate the process:
- Log in to your Online Banking account or visit a Branch Location.
- Contact Navy Federal’s Member Services at 1-888-842-6328 (toll-free) or 1-703-706-2000 (international).
- Provide the required information, such as account number, loan information, and reason for request.
- Review and accept any terms and conditions before finalizing the arrangement.
Additional Tips and Considerations
When considering Navy Federal’s payment options:
- Review and Understand Terms: Carefully review the terms and conditions of your chosen option, as penalties, fees, or interest charges may still apply.
- Maintain Communications: Keep open communication with Navy Federal to avoid misunderstandings and ensure timely resumption of payments after the deferment period.
- Prioritize High-Interest Debts: Prioritize paying off high-interest debts, such as credit cards, while temporarily delaying payments on other accounts.
Conclusion
While Navy Federal may not explicitly offer Skip a Payment, the credit union provides alternative solutions to help members manage their payments during times of financial strain. By exploring the Deferred Payment, Payment Deferral Program, or Forbearance options, Navy Federal members can temporarily suspend payments and avoid further financial hardship. Remember to review terms, maintain open communication, and prioritize high-interest debts to ensure a smoother payment process.
