The Skip-A-Payment program allows you to skip one (1) monthly payment per twelve (12) month period, but no more than four (4) for the life of the loan. To be eligible for a Skip-A-Payment:
Must have made at least twelve (12) monthly payments since loan disbursement or since the last payment skipped.
Any accounts with a negative balance, delinquent and/or bankruptcy accounts are not eligible.
Loans that have had an extension agreement or payment modification are not eligible.
Loans currently being paid by Credit Disability Insurance are not eligible.
The program does not apply to Mortgages, Home Equity Loans or Lines of Credit, Any Loan Secured by Primary Residence, Credit Cards, and/or Personal Lines of Credit.
Other restrictions may apply.
There is a $30 fee for each loan skipped. Fee may be deducted from share account or mailed in with form. Skip-A-Payment will not be processed without payment. Skip-A-Payment Form and Payment must be received five (5) days prior to payment to be skipped.
NOTE: For payments that you generate (bill payment service, initiated at another institution, etc.) you are responsible for stopping the loan payment. Automatic transfers generated by GTKYCU will be suspended for the Skip-A-Payment month.