Reputable credit counselors can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Frequently Asked Questions: About Towpath CU, What is a credit union?, What does it mean to be a Member of a credit union? A payoff letter provides instructions on how to pay off a loan with a lump sum before the loan term ends. Learn how payoff letters work. I asked them to send us a letter to show that it's been paid off. The rep said they "don't do that" and the'll report it to the agencies in 30-90 days. Have questions about an account or loan at Credit Union ONE in MI? We've compiled a list of frequently asked questions for your convenience. A 10 day payoff is crucial to getting your old loans paid off during a refinance.