Skip-A-Payment
Request
Need a little breathing room? With Skip-a-Pay, you can skip one monthly payment on an eligible Neighbors loan. Fill out the form to submit your request.
Skip-A-Pay Terms & Conditions:
The option to “skip-a-pay” is ONLY available for auto, recreational vehicle, and unsecured personal loans. Business, real estate, lines of credit, credit cards, savings/CD secured, and loans with an active or pending credit insurance claim are not eligible.
Eligible loans must be current and must not have had a payment extension or payment skip in the previous 12 months; loans 30+ days delinquent within the past 2 months are not eligible. At least 4 months must have passed since loan origination, with at least 4 monthly payments made.
The member’s overall relationship with the Credit Union must be in good standing to qualify.
I understand the following:
If I have created a recurring payment electronically from another financial institution, this payment will process unless I cancel or alter it.
If my loan payment is automatically deducted by Neighbors Credit Union via an internal loan payment transfer or electronically via an ACH payment originated by the Credit Union, the deduction will automatically cease for the skipped payment period and automatically resume for the following payment periods.
If I have GAP coverage, skipping a payment may affect the amount of GAP insurance claims.
I am required to make any payment(s) skipped prior to my final loan payoff, and interest will continue to accrue at the loan agreement rate, including the month(s) I have chosen to skip. This payment deferral will result in an extension of the loan maturity date and will increase the APR and finance charges originally disclosed in my loan agreement. All other terms and conditions of my loan agreement remain in full force and effect.
Submitting this request does not guarantee skip-a-pay approval; other restrictions may apply. All requests are subject to final approval.