Skip a Payment Form


LOAN SKIP A PAYMENT MEMBER DISCLOSURE

A Fee of $30 will be assessed per loan per skip a payment. This must be paid before the application can be processed and can be deducted from any credit union account. Fee does not apply towards principle or interest. Interest continues to accrue during the time when payments are not made. Skipping a payment will extend the payoff period of your loan, GAP coverage may not cover payments that were skipped in the event of a total loss situation. Payroll deduction payments will be redirected to the savings account for the payments that are being skipped. By submitting this request, you are agreeing to the terms of this agreement. You will be notified if your application is denied. You also agree to notify us of any changes to your name, address, phone number or employment. You authorize the credit union to obtain credit reports in connection with this request.

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$30.00 FEE FOR ALL SKIP A PAYMENTS TO BE PAID BEFORE PAYMENT IS SKIPPED LOAN MUST BE CURRENT OR IN GRACE PERIOD LIMIT OF 1 SKIP A PAYMENT PER 6 MONTH PERIOD (1 Jan-June, 1 July-Dec) NEW LOANS MUST HAVE 6 MONTHS OF ON TIME PAYMENTS BEFORE FIRST SKIP A PAYMENT IS ALLOWED LOANS WITH FORCE PLACED INSURANCE IN THE LAST 12 MONTHS ARE NOT ELIGIBLE NOT AVAILABLE ON VISA, MORTGAGES OR HOME EQUITY LOANS LOANS

A FEE OF $30 WILL BE ASSESSED PER LOAN PER SKIP A PAYMENT. THIS MUST BE PAID BEFORE THE APPLICATION CAN BE PROCESSED AND CAN BE DEDUCTED FROM ANY CREDIT UNION ACCOUNT. FEE DOES NOT APPLY TOWARDS PRINCIPLE OR INTEREST. INTEREST CONTINUES TO ACCRUE DURING THE TIME WHEN PAYMENTS ARE NOT MADE. SKIPPING A PAYMENT WILL EXTEND THE PAYOFF PERIOD OF YOUR LOAN. GAP COVERAGE MAY NOT COVER PAYMENTS THAT WERE SKIPPED IN THE EVENT OF A TOTAL LOSS SITUATION. PAYROLL DEDUCTION PAYMENTS WILL BE REDIRECTED TO THE SAVINGS ACCOUNT FOR THE PAYMENTS THAT ARE BEING SKIPPED. BY SUBMITTING THIS REQUEST, YOU ARE AGREEING TO THE TERMS OF THIS AGREEMENT. YOU WILL BE NOTIFIED IF YOUR APPLICATION IS DENIED. YOU ALSO AGREE TO NOTIFY US OF ANY CHANGES TO YOUR NAME, ADDRESS, PHONE NUMBER OR EMPLOYMENT. YOU AUTHORIZE THE CREDIT UNION TO OBTAIN CREDIT REPORTS IN CONNECTION WITH THIS REQUEST.