Skip-a-Pay Request

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Now Take a Holiday
From Your Loan Payment

Skip Up to 2 Loan Payments

We know the holidays come with their share of financial stress. That is why we are offering our valued members of Credit Union 1, the opportunity to skip-a-payment(s) on your consumer loan(s) this post-holiday season. When you need a little extra cash in your pocket, skipping a loan payment can help to pay off this year’s holiday debt.

Choose to skip:

  • January's payment ($59 Processing Fee per approved loan)
  • February's payment ($59 Processing Fee per approved loan)
  • Both January & February payments ($118 Processing Fee per approved loan)

Credit Union 1’s Skip-a-Pay Program allows you to skip up to 2 monthly payments in a 12-month period on certain loans. If you choose to skip a payment, your current due date will be advanced one month forward. Interest will continue to accrue on your loan during the skipped payment period. All terms and conditions will remain the same and you will resume your next regular payment.

Click Below to Request to Skip-a-Payment(s) Now!

If you are a Single Borrower Use This Form
Request
If you are a Borrower & Co-Borrower Use This Form
Request

 

NOTE:  Skip-a-Payment requests will only
be accepted from 01.01.2022 – 02.28.2022

 

FAQ

Skip-a-Payment Program Questions

What loans are eligible for skips?

Consumer loans originated before 01.01.2021 are eligible to skip-a-payment(s).

Loans not eligible for this offer include: delinquent loans, Real Estate, Commercial/Business, Share/Certificate Secured, Credit Saver, Credit Cards, Overdraft protection Loan, Balloon-Payment Loans, or any loan originated on/or after 01.01.2021.

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Am I eligible to skip my payment(s)?

Your account(s) and loan(s) must all be in good standing to qualify to Skip-a-Payment.

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Is there a fee to skip my payment(s)?

Yes.

  • January’s payment ($59 Processing Fee per approved loan)
  • February’s payment ($59 Processing Fee per approved loan)
  • Both January & February payments ($118 Processing Fee per approved loan)

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How does participating in the Skip-a-Pay program affect my loan?

The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months.

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Can I participate in the Skip-a-Pay program if I have automatic payments?

If you have loan payments made through payroll deduction or direct deposit, the payment will be deposited into your share account.

If you have a Scheduled Disbursement set to transfer from a share account to the loan, you do not need to do anything. The next posting date will be advanced.

If you have an external transfer setup to come from another financial institution, then you have to reach out to your external financial institution and pause that payment.

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The Skip-a-Payment application is subject to approval and some restrictions apply. Your accounts and loans must all be in good standing to qualify.

Loans not eligible for this offer include delinquent loans, Real Estate, Commercial/Business, Share/Certificate Secured, Credit Saver, Credit Cards, Overdraft Protection Loan, Balloon-Payment Loans or any loan originated on or after 01.01.2021. Skip-a-Payment Application & Agreement will ONLY be accepted from 01.01.2022 through 02.28.2022 and must be filled out completely. Illegible vouchers will not be processed. Please allow 5-7 days for processing. You are still required to make your monthly payment(s) until your Skip-a-Payment Application & Agreement is processed and approved. Submission of this form does not relieve your monthly payment obligation(s). Payments already posted to your loan(s) will not be reversed. If payment is made through payroll deduction or direct deposit, the payment will be deposited to your share account. When payment is skipped, finance charges continue to accrue on the unpaid balance and the maturity date of the loan is extended. Once payments resume, a larger portion of your payment(s) will go towards interest. If GAP Coverage was elected on your auto loan, please refer to your GAP addendum for specifics regarding coverage of skipped payments. Skip-a-Payments may or may not be covered with your insurance carrier. Multiple skips may reduce potential GAP claim or credit insurance benefits. If you have GAP, only twelve (12) payments may be skipped per loan contract. Your regular payment schedule will resume immediately after the payment date of the payment(s) you have been approved to skip and your next regular payment will be due as scheduled. If approved, you may be asked to sign a subsequent action form and you agree to do so. If the above requested Skip-a-Payment(s) are not approved, Credit Union 1 will notify you within approximately 5-7 business days.

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