Skip-A-Pay FAQs

• What is Skip-A-Pay?
  • Skip-A-Pay is a program that extends offers to skip eligible loan payments on qualifying accounts. There is a $25 fee for each loan payment skipped. Offers can be viewed within your Online Banking account. You can choose which loan payment(s), which month to skip and which account you would like to take your fee. Your loan payment date will advance and you will continue to accrue interest.
• How do I qualify for a Skip-A-Pay?
  • • Skip-A-Pays are offered on Vehicle and Personal loans that have been opened for at least three (3) months.
    • If the Skip-A-Pay fee of $25 is not available in one of your share accounts on the same account number, you will not be eligible.
    • Offers update each time you access your Online Banking account. If your loan becomes eligible, you will see offers within Online Banking.
    • Loans must be current to qualify.
• How often can I skip a loan payment?
  • • For each eligible loan, a maximum of eight (8) Skip-A-Pay requests can be processed during the life of the loan.
    • For each eligible loan, no more than two (2) Skip-A-Pay requests will be processed during any 12 month period, with a minimum of two months between skips.
• Is there a fee for Skip-A-Pay?
  • The fee for processing the requested Skip-A-Pay is $25. The fee will be collected by debiting the selected checking or savings account.
• What if I have requested to skip a payment on a loan in which I have scheduled a payment within Online Banking?
  • If you use an Online Banking transfer to make the payment on a loan selected for Skip-A-Pay, you are responsible for suspending the Online Banking payment transfer for the month in which the payment will be skipped.
• Skip-A-Pay Terms & Conditions

  • This Skip-A-Pay request is offered by IU Credit Union on the designated qualifying loan account. By signing, I agree, the Skip-A-Pay request will be processed, subject to the following terms, conditions and limitations:

    Terms:
    • The fee for processing the requested Skip-A-Pay is $25.00. The fee will be collected by debiting the selected checking or savings account associated with the loan.
    • When the Skip-A-Pay request is processed, the next payment due date for the designated loan will be advanced by one month. The monthly loan payment amount will not change.
    • Interest on the designated loan will continue to accrue during the month for which the payment is skipped.
    • Use of the Skip-A-Pay feature will extend the loan maturity date and could increase the final loan payment amount.
    • Use of the Skip-A-Pay feature does not change or alter the existing terms of the loan agreement for the designated loan.
    • Premiums for voluntary insurance or warranty coverage, if applicable, will be assessed as disclosed in the loan agreement during the period for which the payment is skipped. Note: If you have any form of voluntary insurance in connection with the loan on which you seek to skip a payment you should ensure your election to skip does not affect your coverage (examples include but are not limited to: Credit Life and Credit Disability). Some companies that provide these insurance products limit the number of extensions on covered loans, which may include voluntary skip payments. Such products are provided by third party companies and not the Credit Union so you will need to address any questions to those companies and review your policies / contracts.
    • IU 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 below.
    Conditions/Limitations:
    • All member loans with IU Credit Union must be current to qualify for a Skip-A-Pay.
    • A loan type that qualifies for Skip-A-Pay must be open for three (3) months to be eligible.
    • For each eligible loan, a maximum of eight (8) Skip-A-Pay requests can be processed during the life of the loan.
    • For each eligible loan, no more than two (2) Skip-A-Pay requests will be processed during any 12 month period, with a minimum of two months between skips.
    • Skipped payments processed for loans with Guaranteed Asset Protection (GAP) coverage may reduce future benefits should a claim be filed.
    • If you use an Online Banking transfer to make the payment on a loan selected for Skip-A-Pay, you are responsible for suspending the Online Banking payment transfer for the month in which the payment will be skipped.