Skip A Payment Agreement

If you have some form of voluntary insurance or loan guarantee for which you want to skip a payment, make sure that your choice to jump does not affect your insurance coverage (examples are, but are not limited to: Credit Life, Credit Disability, GAP and/or vehicle warranty in relation to your loan – not the manufacturer or other warranty). Some companies that offer these insurances or guarantees limit the number of credit renewals covered, including voluntary payments. These products are provided by third parties and not by the Credit Union, so you will have to ask all the questions to these companies and check the policies/contracts they have issued to you. I would like to skip my SRP Federal Credit Union (SRP FCU) loan payment for the eligible loan I chose. I am aware that a $25 tax is charged to my current account or savings account by Pay-A-Pay processed. I understand, by superseding a loan, it will extend the term of my selected loan by 30 days and interest will continue to be incurred, and the final payment of the loan may vary due to the jump payment. All other terms of the loan remain the same and regular payments will resume the month or the settlement cycle immediately after the jump payment. I recognize that this requirement does not change my legal obligation to the FCU PRS; That my loan agreement provide for regular monthly payments and that the FCU PRS simply allows me, informally, to defer payment. I understand, if I do not conduct this transaction 7 business days before the due date of the monthly payment that I wish to skip, my normal credit payment may still be due on the due date or if a transfer is subordinated, my regular payment will be made on the scheduled date of the transfer. If this is the case and there are no funds available to supplement my credit payment, there may be a late fee, as described in my loan agreement. I understand, if the credit payment is provided for automatic transfer, SRP FCU will advance my next automatic transfer date scheduled for payment of the loan. I understand that a „Skip-A-Pay“ can be processed on credits paid through ACH, bill pay or automatic transfers that I have set up in the online or mobile bank; However, SRP FCU is not liable if the payment is not cancelled in time by me. SRP FCU reserves the right to revoke this offer if one of my accounts is late or if I do not meet other conditions or criteria of this offer, as stated here.

I understand that this Skip A Pay request can only be used for the loan I have chosen during this process, and only a jumped payment per 12-month rolling period for the life of my selected loan up to a maximum of 6 will be allowed. This offer applies only to credits with 5 months of payment history, with an ongoing due date of no more than 10 days and a late payment of no more than 31 days for each loan borrowed. Mortgages (including mortgages), credit cards, lines of credit, commercial loans, 12-month loans, deposit credits and all loans with monthly payments of less than $50 are not eligible for this offer.