The IRS requires GuideStone to attempt a loan draft each month. However, if you are in a financial emergency and need to temporarily stop the monthly drafts for your loan repayment, you must contact your bank and request that a stop payment be placed on the draft requested by GuideStone. This will deny the draft request each month as long as the stop payment is in effect.
Once you are ready for the drafts to resume, you must contact your bank again and request that the stop payment be removed.
Important: Most banks will charge a fee of $30 or more for each monthly loan payment that is stopped. Also, please keep in mind that once you have 4 missed loan payments at the end of a quarter, you will be set to incur a "deemed distribution". This means that the unpaid balance on your loan will be treated as taxable income. Click here for more information on a "deemed distribution".