Why do I have to show proof of insurance?
TVFCU requires members to carry comprehensive and collision auto insurance, homeowner’s insurance, or flood insurance coverage protecting the credit union’s interest for the full term of the loan. When you obtain a loan, you are obligated to notify us of your coverage.
Why did my payment go up?
We have not received proof of insurance coverage on your loan, or you have provided proof of coverage but the coverage does not meet the minimum requirements for coverage (for example, for auto insurance we require a deductible of $1,000 or less and that TVFCU is listed as lienholder). In accordance with the security agreement, the credit union obtained insurance to protect the credit union’s interest in the collateral. The cost of that insurance is added to the balance of your loan, which increases your monthly payment.
I do have insurance! What can I do?
Please provide proof of your insurance by emailing your policy to [email protected]. Please be sure to include your full name in the email, but do NOT include your account numbers or social security number. We will verify the insurance documents to ensure it meets the minimum $1,000.00 deductible requirement set forth in the security agreement and that the effective date matches the missing insurance period. If the insurance is deemed to meet all requirements and dates associated with purchased policy then a refund for the cost that was assessed to your loan will be processed.
What if I don’t have insurance?
The insurance we have purchased covers the collateral for your loan only. However, state law may require different insurance, and you will likely find a less expensive option if you shop for insurance yourself. We recommend you do buy your own insurance and show us proof of coverage. If you do, we can remove any unearned premium from the insurance we have purchased and your payment will be adjusted accordingly.
My payment is due today, and I can’t pay the extra amount. What do I do?
Call our Collections Department at 423-643-3550 to let them know. We recommend you pay what you can today. You will be delinquent the additional amount, but you have 10 days before a late fee is incurred, and 30 days before it affects your credit report.
Why wasn’t I notified of this change?
We attempt to notify members of the need for Proof of Coverage in the following ways:
- Multiple letters and emails requesting proof of coverage are sent prior to placement of insurance on your loan. If insurance is placed upon not receiving proof of coverage, a subsequent notification informing you of the insurance that was added to your balance is sent.
- The addition of the insurance to your loan balance is reflected on your statement in the month the insurance is added to your loan.
I have more questions. Who at TVFCU can help me?
Our Loan Support department is ready to help with your proof of insurance! You can reach them by:
Email: [email protected] (please include your full name, but do not email account numbers or social security numbers)
Or Call: 423-634-3600 and let them know you want to provide Proof of Insurance to Loan Support.
Free Credit Report
Your credit report is key for so many things, from financing major purchases to applying for a job. Regularly checking your credit report also helps you prevent identity theft.
Did you know you that could receive a free copy of your credit report every year? Visit AnnualCreditReport.com to see if you’re eligible for a free copy of your credit report today.
Servicemembers Civil Relief Act (SCRA)
If you are listed as entitled to legal protections under the SCRA, please go to www.militaryonesource.mil/legal or call 1-800-342-9647 for more information.
Loan Payment Transfers
Give yourself one less bill to worry about. With our convenient loan payment transfer, your TVFCU loan is automatically paid on time — every time!
- Avoid late-payment penalties
- Simplify your monthly budget
- Little or no cost to you
- Safe and secure
Tennessee Valley Federal Credit Union understands that finances can be a bit tight from time to time. That’s why we offer Skip-A-Pay. Qualified members can skip one loan payment per eligible loan for a fee of $50 per loan. While interest will continue to accrue during the skip, the skipped payment is added to the end of the loan term — giving you a little reprieve from your loan payment.
As a courtesy to our members, TVFCU offers Skip-A-Pay twice a year. Here’s more information about Skip-A-Pay.
- Loan(s) must not be more than 30 days past due and must have received six consecutive monthly payments since the last extension or origination. The six payments must be the equivalent of six months of payments without any missed payments during the six months. If paying weekly or biweekly, the member must have made six months of payments, not six payments.
- All credit union accounts must be in satisfactory status (no overdrawn accounts or loans over 30 days past due).
- Real estate loans, home equity loans, POP/BuyLine of credit loans, credit cards, Freedom Funds loans, share secured loans, share certificate secured loans and commercial/business loans are not eligible..
- A $50 fee applies to each Skip-A-Pay request per loan.
By participating in TVFCU’s Skip-A-Pay program, you request that TVFCU defer your loan payment(s) as indicated. You agree and understand that:
- Interest will continue to accrue at the interest rate provided in your original loan agreement, during and after this time.
- Deferring your payment will result in your having to pay more interest than if you made your payment as originally scheduled.
- The payment deferral will extend the terms of your loan(s), and you will have to make extra payment(s) through that new term date.
- You will resume your payments the following month.
- A nonrefundable fee of $50 will be charged for this service at the time the request is submitted. Please note that this is nonrefundable.
- Skipping a payment and late payment fees may reduce the amount of a Guaranteed Asset Protection (GAP) claim. Please refer to your GAP Policy for complete information. If you elected GAP or credit, life and/or disability coverage, the coverage will not be extended beyond the original maturity date.
All deferrals are subject to TVFCU approval. Eligibility requirements associated with this offer must be met, not limited to your loan(s) being current (cannot be more than 30 days past due).
For answers to common questions about Skip-a-Pay, including eligibility requirements, view our FAQ page. If you would like additional information, please call 423-634-3600.