Skip-A-Pay

The Skip-A-Payment program allows you to skip one (1) monthly payment per twelve (12) month period, but no more than four (4) for the life of the loan. To be eligible for a Skip-A-Payment:

• Must have made at least twelve (12) monthly payments since loan disbursement or since the last payment skipped.
• Any accounts with a negative balance, delinquent and/or bankruptcy accounts are not eligible.
• Loans that have had an extension agreement or payment modification are not eligible.
• Loans currently being paid by Credit Disability Insurance are not eligible.
  The program does not apply to Mortgages, Home Equity Loans or Lines of Credit, Any Loan Secured by Primary Residence, Credit Cards, and/or Personal Lines of Credit.
• Other restrictions may apply.

There is a $30 fee for each loan skipped. Fee may be deducted from share account or paid via PayPal ($2 fee). Skip-A-Payment will not be processed without payment. Skip-A-Payment Form and Payment must be received five (5) days prior to payment to be skipped.

NOTE: For payments that you generate (bill payment service, initiated at another institution, etc.) you are responsible for stopping the loan payment. Automatic transfers generated by GTKYCU will be suspended for the Skip-A-Payment month.

By signing and returning this form I understand and agree to the following terms and conditions. I must pay the $30 mandatory Skip-A-Payment Fee on or before my Skip-A-Payment will be processed.  The $30 fee for processing the Skip-A-Payment is considered a Finance Charge as the overall cost of borrowing the money will increase. If the loan has GAP coverage, the coverage may not be extended beyond the original maturity date of the loan. Finance charges will continue to accrue on a daily basis at the Annual Percentage Rate set forth in the loan agreement.  The deferral of the scheduled payments will result in a higher total finance charge and extend the term of the loan.  This request will in no way change the original obligation of my Greater Kentucky Credit Union loan agreement(s) as previously disclosed to me.  Normal loan payments resume the month following the skipped payment. On the final payment due date, all outstanding principal and interest must be paid.  Member(s) must be in good standing on all accounts and loans with the credit union.  All Skip-A-Payments are subject to credit union approval. Not all loan types qualify.  GTKYCU reserves the right to deny any Skip-A-Payment Request.  I will be notified by Greater Kentucky Credit Union if I am not approved. GTKYCU will be held harmless for any consequences resulting from rejection of the Skip-A-Payment request.  All parties of the loan, including cosigners/guarantors must sign this agreement.