Skip-A-Pay Terms And Conditions
I would like to skip my SRP Federal Credit Union (SRP FCU) loan payment for the qualified loan that I have selected. I am aware that a $25 fee will be assessed to my checking or savings account for each Skip-A-Pay processed. I understand by skipping a loan payment it will extend the term of my selected loan 30 days, interest will continue to accrue, and the final loan payment may be different due to the skipped payment. All other terms and conditions of the loan will remain the same and regular payments will resume the month or billing cycle immediately following the skipped payment. I acknowledge that this request does not change my legal obligation with SRP FCU, my loan agreement provides for regular monthly payments, and that SRP FCU is merely informally permitting me to defer a payment. I understand if I do not perform this transaction seven business days before the due date of the monthly payment I would like to skip, my normal loan payment may still be due on the due date or, if subject to transfer, my regular payment will be made on the scheduled transfer date. Should this occur and funds are not available to complete my loan payment, I may be subject to late fees as outlined in my loan agreement.
I understand if the skipped loan payment is scheduled for automatic transfer, SRP FCU will advance my next scheduled automatic transfer date for the loan payment. I understand a Skip-A-Pay can be processed on loans paid via ACH, Bill Pay, or automatic transfers set up by me in online or mobile banking. However, SRP FCU is not responsible if the payment is not canceled in a timely manner by me. SRP FCU reserves the right to revoke this offer if any of my accounts are in default or if I fail to meet any other conditions or criteria of this offer as specified herein. I understand this Skip-A-Pay request can only be used for the loan I have selected during this process and only one skipped payment each rolling 12-month period for the life of my selected loan up to a maximum of 6 will be allowed. This offer is only valid for loans with five months of payment history, with a current payment no more than ten days delinquent, and no late payment more than 31 days past due for each loan skipped.
Mortgage loans (including home equity loans), credit cards, lines of credit, business loans, 12-month loans, single payment loans, and all loans with monthly payments less than $50 are not eligible for this offer.
If you have any form of voluntary insurance or warranty coverage in connection with the loan on which you seek to skip a payment, you should ensure your election to skip does not affect your coverage (examples include but are not limited to Credit Life, Credit Disability, GAP, and Vehicle Warranty in connection with your loan – not manufacturer or other warranty). Some companies that provide these insurance or warranty services limit the number of extensions on covered loans, which may include voluntarily skipped payments. Such products are provided by third-party companies and not the Credit Union, so you will need to address any questions to those companies and review the policies and contracts they issued.