2024 Skip-A-Pay Program Updates
Please be aware of the following changes to our Skip-A-Pay Program Eff. 08/01/2024
Eligibility Requirements:
- There is a $30 Non-refundable processing fee for each monthly payment skipped, which may be paid by cash or funds on deposit.
- You must be an owner of the specified account to request a Skip-A-Payment. Loan(s) must be active for six (6) months.
- Member must be in good standing and the request must be within the member’s payment grace period. Skipped payment requests outside of the grace period will be denied.
- Members may request two (2) Skip-A-Payments per calendar year. No more than two (2) consecutive months skips. No more than a maximum of six (6) skipped payments over the life of the loan.
- Some loan products are not eligible for Skip-A-Payment. Please consult a representative for more information.
Important Information:
A Skip-A-Payment is a modification to your loan agreement. Any payment(s) skipped will extend the term of your loan by one month per skip and you agree to continue to make payments of the same amount until what you owe is repaid. Skipping payments will increase the amount of interest you pay over the life of the loan. Ancillary products such as life, disability or debt protection will continue to accrue. Multiple Skip-A-Payments may reduce a potential Guaranteed Asset Protection (GAP) claim, contact your provider for more details about how Skip-A-Payment may affect your coverage. You are responsible for suspending any automatic payments you may have initiated for each monthly payment you are requesting to skip. CorePlus Federal Credit Union reserves the right to deny any request to skip payments. If you are eligible and your request is approved, your request will be processed for the months you have selected to skip. If your request is not approved, you will be notified within five (5) business days of the receipt of your request.
For additional information, please contact a CorePlus Credit Union representative today at 860-886-0576 or visit us at any of our convenient locations!