This Skip‐A‐Payment Agreement amends your Loan Agreement/Promissory Note and Disclosures with Greater Kentucky Credit Union. The Skip‐APay program allows you to skip two (2) monthly payments per loan per twelve (12) month period but no more than 4 for the life of the loan. You must make at least 6 payments between skips. In order to process your Skip‐A‐Payment in a timely manner please contact us as soon as you know you wish to skip your loan payment. Your regular payment schedule will resume the month following the approved skipped month. For payments you generate (for example, payment you set up with a bill payment service, payment initiated at another financial institution, etc.) you are responsible for stopping the loan payment for the month you were approved to skip. Any automatic transfers generated by GTKYCU will be suspended for the Skip‐A‐Payment month.
I request to skip the next month’s payment on the loan(s) described below and agree to pay the processing fee. I agree to extend the original terms of my loan with GTKY CU by one month, and I understand that interest will continue to accrue during the deferred payment period. I understand if I elected GAP coverage on my loan, the coverage may not be extended beyond the original maturity date of the loan. I will be notified if for any reason GTKY CU will not honor my request and will hold GTKY CU harmless for any consequences resulting from rejection of my request.
I understand the following conditions will exclude my loan from the Skip‐A‐Payment promotion: Prior or current delinquency, loans that have had an extension or payment modification within the last 6 months. This offer does not apply to Mortgages, leases, credit cards, home equity loans, line of credit loans, and loans that are currently being paid by credit disability insurance. Loans must show at least 6 months of payments to be considered for the Skip‐A‐Payment offer. My signature acknowledges acceptance and understanding of all rules related to Skip‐A‐Payment.