Skip-a-Pay Program Guidelines
Skip-a-Pay with UFirst Credit Union gives you some breathing room to do more
with your money; it’s a great way to stay ahead of your finances or manage an unexpected expense. Here’s
more information about how the program works.
Everyday Rules (these rules apply all the time):
- Participants may use no more than 2 Skip-a-Pays in a 12 month period.
- Participants must complete and submit the current Skip-a-Pay form.
- A fee of $25 is assessed for each Skip-a-Pay used. $25 fee must be paid by withdrawal from your account
or a mailed check.
- Participants may use regular Skip-a-Pay 6 times over the life of the loan (and promotional Skip-a-Pay 6
times over the life of the loan).
- All accounts must be in good standing.
- For a loan to qualify, UFirst Credit Union must have the title(s) naming UCU as the lienholder and proof
of insurance for all collateralized loans.
- For credit cards or overdraft line of credit loans, the requested Skip-a-Pay must be for the payment
currently due in the month the request is made.
- If the loan is set up with recurring ACH, payroll or auto-transfer payments, participants agree to allow
UCU to suspend payment for the month of the requested skipped payment and to reinstate auto payments after
the requested Skip-a-Pay period.
- Mortgage loans, home equity loans, student loans, commercial loans, e-cash loans, high-risk auto
loans, and auto leases that originated at a dealership do not qualify for the Skip-a-Pay
- Participants must have made 12 payments on qualified loan to use Skip-a-Pay.
- To qualify for a second deferred payment, participants must have made a minimum of 6 consecutive
payments since the last skipped payment.
Promotional Rules (these apply during promotional periods):
During promotional periods, participants may skip a payment before the traditional 12 month period has
elapsed. All other rules apply.
- During promotional periods, participants must make 1 payment towards their qualified loan before using
the Skip-a-Pay program.
- Participants may use promotional Skip-a-Pay 6 times over the life of the loan.
When life throws a curveball, our UFirst Credit Union Skip-a-Pay program is here for when you really need
Disclosures: Mortgage loans, home equity loans, commercial loans, student
loans and collateralized loans for which UFirst has not received proof of insurance or the collateral’s
title naming UFirst as the only lien holder of record do not qualify for the Skip-A-Pay program. e-cash
Loans and Auto leases do not qualify for Skip-a-Pay. All accounts must be in good standing to qualify.
Promotional Skip-A-Pay skipped payments will not be authorized for the first payment due. Other Skip-A-Pay
skipped payments will not be authorized until the first 12 monthly payments on the loan have been made. If
the loan is set up with reoccurring ACH, payroll or auto transfer payments, you agree to allow UFirst to
suspend the payments for the month of the requested skipped payment, and you also agree to allow UFirst to
reinstate the payment after the requested Skip-A-Pay period. A $25 fee will be assessed for each monthly
payment which is skipped using the Skip-A-Pay program.
By utilizing Skip-A-Pay, interest will continue accruing on the unpaid
balance of your loan at the Simple Interest Rate designated in your agreement until your balance is paid
in full, and that skipping a payment will have the result of increasing the total amount of interest paid,
in which case you may be required to make a lump-sum balloon payment on your originally scheduled maturity