If you miss a payment, the following actions will occur:
- $10 LATE FEE - Assessed by MAF for each missed payment
- 30 DAYS LATER - Another attempt will be made to debit funds
- ADDITIONAL FEES - May be possible from your financial institution
Note that missing just one contribution does not necessarily impact your credit report negatively. However, if you miss two consecutive contributions, then your loan is at risk for being reported 30 days delinquent and will appear on your credit report for 2 years. After more than 90 days of not receiving a contribution, your loan is at risk of being reported as a charge-off, which means MAF considers your loan a loss. Though we won’t sell your loan to any third-party collector, this “charge-off” will appear on your credit report for 7 years.