Frequently Asked Questions
Which loans are eligible for skipping a payment?
You can use Skip-a-Pay to skip an upcoming Personal closed-end loan. This service is not available for a personal line of credit, Home Equity Line of Credit (HELOC), mortgage or loans under a previous payment arrangement plan. Eligible loans must be opened for at least six (6) months and all accounts – including other loans – at the credit union must be in good standing.
Is there a fee for using Skip-a-Pay?
Yes, a nonrefundable $28 processing fee is deducted for each skipped loan payment at the time of processing.
Can I reverse skipping a payment?
Unfortunately, the processing fee is nonrefundable and a skip cannot be reversed. You may choose to make a loan payment after completing a skipped payment.
What will happen to my automatic loan payment transfers?
Please ensure any scheduled automatic or recurring payments are canceled for the month you have processed a skip. Otherwise, these payments will be applied towards the balance of your loan even if you’ve elected to skip.
I have a Debt Protection plan. Do I still pay for the Debt Protection premium on a skipped loan?
Your Debt Protection premium will not be due at the time you processed the skip but will still be added to the balance of the loan.
I have Guaranteed Asset Protection (GAP) Insurance. Will I be covered during the skipped month?
Using Skip-a-Pay to defer a regular monthly payment may reduce your benefit. For more information, please review the Guaranteed Asset Protection (GAP) coverage with your provider.