Skip-A-Pay is not valid on any Real estate Loans, Home Equity Line of Credits (HELOC’s), Credit Cards or loan accounts that are delinquent or not in good standing. Skip-A-Pay applications are subject to Credit Union approval. A $25.00 fee applies for each qualifying skip-a pay application. Approved applicants are required to sign an agreement that each Skip-A-Pay will extend the final payment/ loan term by 1 month and interest will continue to accrue on the loan during the Skip-A-Pay month. Skip-A-Pays may have an adverse impact on loans with Gap insurance and any claims paid by Gap insurance carriers.
