Skip-A-Pay FAQ
- Will the usual holiday Skip-A-Pay still be offered?
- How does the new Skip-A-Pay Program work?
- Is there a fee for Skip-A-Pay?
- Why is there now a fee for Skip-A-Pay?
- What happens if I choose to Skip-A-Pay?
- Can I skip any type of loan payment?
- How do I request a Skip-A-Pay?
- Is there a deadline to submit a Skip-A-Pay request?
- Can I schedule a Skip-A-Pay in advance?
- Will skipping a loan payment affect my credit?
- How often may I use Skip-A-Pay?
- Why would my Skip-A-Pay request be denied?
- If I already paid to skip my loan payment and changed my mind, will the fee be refunded?
Will the usual holiday Skip-A-Pay still be offered?
No. Our previous Skip-A-Pay program is no longer in effect. It has been upgraded and improved to give our members more flexibility in choosing when they want to skip their loan payments, whether it’s December or any other month.
How does the new Skip-A-Pay Program work?
Qualifying members are allowed to skip up to two months’ worth of payments per calendar year for each eligible loan. A $30 fee will be charged for each loan that you elected to Skip-A-Pay and will automatically be deducted from your ILWU Credit Union checking or savings account. The Skip-A-Pay will not be processed if the fee(s) cannot be collected due to insufficient funds. You can choose to skip all your eligible loans at once or separately throughout the year.
Is there a fee for Skip-A-Pay?
YES. A $30.00 fee will be charged per loan each time that you skip a payment. This fee is deducted from your ILWU Credit Union checking or savings account at time of the Skip-A-Pay request.
Why is there now a fee for Skip-A-Pay?
Previously, ILWU Credit Union offered Skip-A-Pay at no cost for one month during the holidays, but since we expanded and upgraded the Skip-A-Pay Program to allow separate loans to be skipped any TWO (2) months of the year, the fee is necessary to help cover the costs of program administration. Like before, Skip-A-Pay continues to be an optional program. As a not-for-profit financial institution, any extra income the credit union makes is returned to members in the form of lower loan rates, higher dividends, or lower cost services.
What happens if I choose to Skip-A-Pay?
If you choose to skip a loan payment, your “next due” date will be advanced one month forward and you authorize ILWU Credit Union to extend the loan maturity date. Interest and Credit Life/Disability Insurance premiums will continue to accrue during the period when no payment is made.
Can I skip any type of loan payment?
No. You can only skip a loan payment on Auto and Signature Loans. Mortgage loans, Home Equity Loans and Lines of Credit (HELOC), Personal Lines of Credit and Credit Cards are not eligible for Skip-A-Pay.
How do I request a Skip-A-Pay?
You can request a Skip-A-Pay on your loan(s) in a branch, online, or over the phone. All requests must be received at least one week (7 days) before payment is due but no more than 30 calendar days prior to the due date. You’ll need to select which loan(s) you would like to skip and select which account to withdraw the fee.
Is there a deadline to submit a Skip-A-Pay request?
Yes. You must submit your Skip-A-Pay Request at least one week (7 days) prior to the first loan payment due date of the month you wish to skip.
Can I schedule a Skip-A-Pay in advance?
No. We are only able to setup a Skip-A-Pay for the next month’s payment due.
Will skipping a loan payment affect my credit?
No. Since this is a program offered by the credit union, it will not have any negative effects on your credit. However, it does extend the loan’s term and interest continues to accrue.
How often may I use Skip-A-Pay?
You are now able to skip up to two months of loan payments per year on eligible loans, but no more than 6 per the life of the loan.
Why would my Skip-A-Pay request be denied?
In order to qualify for the Skip-A-Pay Program the following conditions must be met:
- Account must be in good standing
- No loan delinquency during previous month and loan status reflects “current” when Skip-A-Pay request is received and processed.
- Your account balance must have sufficient funds available to pay the $30 Skip-A-Pay processing fee for each loan payment being skipped on the day that your Skip-A-Pay request is received.
- Valid for Auto and Signature Loans only. Not valid for Real Estate Loans, Lines of Credit or Visa payments
- Request must be received 7 days prior to the first loan payment due date of the month you wish to skip
- Loans under payment arrangement plans such as workout loans or 13-week plans are not eligible
- Loan must be at least 60 days old to be eligible
- Must have paid a minimum of 1 months payments or the equivalent of 1 months payment
- Skip-A-Pay is not valid for loans that are having payments made by CUNA Credit Life and Disability
- You cannot skip loan payments for more than two consecutive months
- You cannot skip more than 6 months of loan payments per life of the loan.
If I already paid to skip my loan payment and changed my mind, will the fee be refunded?
No. The $30 processing fee per loan payment you paid is non-refundable. Your payment will still skip as requested unless you have had a late payment or become disqualified by another means after you paid your fee.