All requests to skip a payment must be approved by the loan department. By signing, you agree to amend the terms of your original agreement and to repay the entire unpaid balance and accrued interest.
a. Interest continues to accrue on the unpaid balance.
b. The next regular payment is due after skipping one payment.
c. Skipping a monthly payment may result in extending the original term greater than one month
d. Skipped payments processed for loans with Guaranteed Asset Protection (GAP) coverage may reduce future benefits should a claim be filed.
e. A late payment fee and a skip-a-payment fee cannot be applied in the same month
f. Natco Credit Union reserves the right to revoke or suspend the processing of this request if, prior to processing, the designated loan or related share accounts fail to meet the specified conditions or limitations of its Skip A Pay Policy.
To be eligible, all credit union accounts must be in good standing. Loans with a non-monthly payment frequency will be calculated to skip approximately 28 days.