Conditions of Skip-A-Payment Agreement
All accounts and loans with NSFCU must be in good standing and current. A $35 processing fee will be deducted from the member's account. The loan must have received a minimum of 3 payments prior to the request. Interest will accrue on all affected loans and may cause the maturity date to be extended. Loans are eligible for the Skip-A-Payment benefit twice per year (once ever six months). Request must be received and fee collected prior to the due date of the loan you wish to skip.
Loans NOT eligible for Skip-A-Payment: Single Pay (Balloon) Loans, Bankruptcy/Delinquent/TDR Loans, Loans paid by an insurance claim or collections, Loan Specials
One request per loan may be completed. Skipping the loan payment will not affect the payment record because the payment skipped will be added to the end of the loan. Interest will continue to be calculated on the total outstanding balance of the loan. Deferment of payment will extend the life of the loan and may cause an increase in the final payment amount. The first payment after the skipped period may be all or in part applied to interest that has accrued on the eligible loan.