Skip-A-Payment

Skip-A-Payment

Dubois-Pike Federal Credit Union offers a Skip-A-Payment program to members in good standing which allows members to skip one (1) loan payment within a calendar year when certain conditions are met.

  • A member must be in good standing on all current credit obligations with Dubois-Pike Federal Credit Union at the time a loan payment is skipped.
  • A signed Skip-A-Payment Request Form must be received by the Credit Union prior to the due date of the payment to be skipped.
  • The Skip-A-Payment Request Form must be signed by all borrowers on the original loan note.
  • A processing fee of $25.00 per loan will be added to the loan balance.
  • A late charge will not be assessed for any approved skipped payment.
  • Only loans that have been paid as agreed per the loan disclosure for at least 6 months are eligible for the Skip-A-Payment Program.
  • Real estate and open-end credit accounts (such as credit cards or lines of credit) are not eligible for this program.
  • If applicable, the terms of your GAP coverage on auto loans will be affected if you skip any payments during the term of your loan. See GAP waiver included in your closing package for coverage exclusions.
  • Skipping a payment will extend the loan term that was originally disclosed on loan documents.
  • Interest will continue to accrue during the period when no payment is made, which may change the total amount and schedule of your repayment.

All Skip-A-Payment requests are subject to Credit Union approval.