Please request 5 days before loan due date to allow for processing.
If your Skip-A-Payment is approved, there will be a $30 skip-a-pay fee to be collected at the time the skip is processed. The is a limit of 2 skips per calendar year. They cannot be consecutive.
If your Skip-A-Payment request is approved, you must personally stop any previously established scheduled or automatic payments (whether established through Lion's Share Federal Credit Union or another financial institution) and reinstate it after the payment(s) is skipped.
By submitting this request, you confirm that all borrowers on this loan have agreed to the request to skip the payment on the loan(s) as designated above. Finance charges will continue to accrue on a daily basis at the Annual Percentage Rate set for in your loan agreement, both during and after the deferral period. This means that the deferral of scheduled payment(s) will result in you paying higher total Finance Charges and possibly making a greater total number of payments, than if you made your payment as originally scheduled. This means you may have an additional payment(s) due after your loan would have originally been paid off. In all other respects, the provisions of your loan agreement remain in full force and effect. You may contact Lion's Share Federal Credit Union for exact payoff information.
You agree that you will resume making scheduled payments beginning with the payment due during the month following the deferral and will make all other scheduled payments when due thereafter. Your next monthly payment after the deferral period will include the finance charges accrued from the skipped payment. If applicable, the monthly premium for Payment Protection will still be added to the loan on the skipped payment. If your loan has GAP coverage, you understand that this deferral may adversely impact future GAP claims, and you will review your GAP contract for more information.