Only (3) Skip Payments are allowed over the life of the loan and skipping more than (2) consecutive months is not allowed.
I/We understand interest will continue to accrue. I/We will continue to make the monthly payment after the original maturity date (payment slides to the end of the loan) until all principal and interest is paid in full and our pledge of security shall remain in effect until the loan is fully repaid. I/We understand that our next regular payment will be due on the scheduled payment due date following the month we elect to skip a payment.
Applies only to eligible loans (All Real Estate and Visa Credit Card loans are not eligible). Your skipped payment will be added to the end of your loan term, and normal interest charges will continue to accumulate and may extend maturity. Skipping a payment may reduce the amount of a Guaranteed Asset Protection (GAP) claim. Please refer to your GAP Policy for complete information. If you selected GAP, the coverage will not be extended beyond the original maturity date.
Depending on the way you normally make your payments, there are some forms of automated payments that Winthrop Area FCU cannot “skip” for the month on your behalf. With these types of payments, once you have submitted your Skip-a-Payment, you will need to cancel that payment for the month and then reinstate it for the following months. If you have any questions about this program, please call our Loan Department at 1-800-511-1120.
All deferrals are subject to Winthrop Area Federal Credit Union approval. Other restrictions may apply.
You are about to leave the Winthrop Area Federal Credit Union’s website.