skip a pay

*There is a $30 processing fee per loan skipped. The fee applies to one monthly payment, two consecutive bi-weekly payments or four consecutive weekly payments. Once you complete the process, you’ll receive a confirmation and your next scheduled monthly payment will be skipped. Interest will continue to accrue (at the rate provided in your original loan agreement) during the skip period and will be paid before any payments, once payments resume. Skipping a payment will result in you having to pay higher total interest than if you made your payment as originally scheduled. This payment skip will extend the term of your loan(s) and you will have to make extra payment(s) after your loan(s) would otherwise be paid off. You will be required to resume your regular monthly payments in the months following the skip. If you previously elected credit life and/or disability insurance, the insurance coverage will not be extended beyond the original maturity date. If you previously elected GAP, skipping payments may affect the GAP payout at total loss. If recent data shows that you have been delinquent for any reason, the credit union reserves the right to deny your request to Skip-A-Payment. If your request is denied, the credit union will contact you. Not available on student loans, commercial/business loans, credit cards, first mortgage loans, home equity lines of credit/everyday equity lines of credit, and personal lines of credit/flexlines. Loans must have been opened at least six (6) months prior to the date the request is received to qualify. Maximum of one skip per loan per calendar year. Additional restrictions may apply. If your loan is set up for automatic transfer from an external source or home banking, it is your responsibility to cancel the transfer and request that it is restarted after the Skip-A-Payment(s).