We understand that things happen in life, from unexpected emergencies to unpredictable expenses. That’s why we offer our Skip a Payment program for eligible loans. Skip a loan payment once in a rolling 12-month period and then get right back to paying your loan off the next month.
Certain restrictions apply:
- $25.00 minimum balance required in savings account
- Credit Union account must be in good standing
- Eligible loans include* Auto Loans, Personal Loans, Credit Cards
- Not available on First Mortgages, Second Mortgages, and Home Equity Loans
- One Skip-a-Pay is allowed per loan per year
- Low $25 fee to skip a payment
- A guide to Skip-A-Pay on the FPCCFCU mobile app can be found below.
How to Skip-A-Pay
The Skip-A-Pay feature is another added bonus to having your loans here at the Credit Union. Skip-A-Pay allows you to skip a payment when money is tight, however there may be a fee (typically $25).
Skip-A-Pay allows one payment skip in a 12-month period. This service excludes First Mortgage, Second Mortgage and Home Equity Line of Credit loans. You will still owe the payment although, it will be pushed back a month making your loan term a month longer. The convenience of this feature is great during the holidays or when an unexpected expense comes your way.
Under the My Accounts tab, click on the My Accounts drop down menu. Then, tap on the Loans which will bring you to the Loan Summary Page. This page will list the loan or loans that you have with the Credit Union.
If there is an “SP” next to the loan’s name, then it is eligible for Skip-A-Pay. To see the loan details, click on the arrow under “SP”. You will see the Skip-A-Pay button at the bottom of the Loan Details page.
Clicking this button will take you to a page that will show you a service charge of $25 for the Skip-A-Pay feature. It will tell you when your next regular payment is due. Then, you’ll be asked which account you would like the service charge taken from. You will also be shown a terms and agreement paragraph that you must agree to in order to move forward with the Skip-A-Pay.
After agreeing to this, you will see a statement that says, “Your skip payment was processed!” This page will also display when your next regular payment is due and that $25 fee was transferred out of your account to pay the service charge.