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You contact your mortgage lender to ask about a forbearance. After looking at your individual case, your lender grants a 6-month forbearance and allows you to make smaller mortgage payments during this time.
Deferments do not hurt your credit score. Unlike simply missing a payment or paying it late, a deferred payment counts as \u201cpaid according to agreement,\u201d since you arranged it with your lender ahead of time. That's especially important if you're already in the kind of emergency that would call for a deferment.
Skipping or deferring a loan payment means that your lender has authorized you to skip a payment on that loan or credit card. The lender might also allow for reduced payments for some specified period of time. Not all lenders allow payment deferrals.
When you skip a payment, the interest continues accruing, meaning you'll owe more the next month even if you haven't made new purchases with your card. \u201cIf you take a month off, all you've done is tread water,\u201d McBride said.
Under a car loan deferment, the lender agrees to let you pay a lower payment or no payment at all for a month\u2014or two, or three, but probably not much longer than that\u2014with the expectation that you'll be able to resume your regular payment schedule after the deferment ends.
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When you skip a payment, the interest continues accruing, meaning you'll owe more the next month even if you haven't made new purchases with your card. \u201cIf you take a month off, all you've done is tread water,\u201d McBride said.
Patriot Federal Credit Union is a not-for-profit financial cooperative owned and operated by members like you.
You can set up automatic ACH transfer/payments from another financial institution through Patriot's member service by calling 888-777-9982 or visiting a branch, or through the other institution's customer service. Pay over the phone, by calling 888-777-9982.

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