Frequently Asked Questions
What should I consider before making a request?
- All accounts must be current and at least 12 months of good payment history is required to be eligible.
- If you added any insurance products to your loan, the terms of coverage will not be extended to your new maturity date. Please note that a deferred payment may impact Guaranteed Asset Protection (GAP) claims on vehicle loans.
- It is important for you to understand that Skip-A-Pay will increase your finance charge and the number of payments required to pay off the loan. Your final payment may also change.
- If eligible for the Skip-A-Pay, a copy of your request will be sent to you via DocuSign. If ineligible for the request, you may receive a call from our Member Solutions Department to further assist you, otherwise you will receive an email notification providing a contact number if further assistance is needed.
The Access Code to view the documents: the First Five Digits of your Social Security Number.
- If your payment is set up as Bill Pay or other online payment source – YOU must stop the payment from recurring for the payment skipped.
- Due to the high volume of requests, please allow up to 2 weeks for us to process the Skip-A-Pay.
Will my credit be affected?
For approved Skip-A-Pay requests, we will not report a member as past-due to the consumer reporting agencies.
To submit a request, select the Loan Type of “Skip A Pay”.
If you have questions about your TCU accounts, please call us at (800) 877-8328 Monday through Friday, during normal business hours.
Members can skip loan payments on installment loans or line of credit up to twice per rolling 12-months, per loan. Credit Cards can skip only one payment per rolling 12-month period. A fee of $40 may be assessed for each approved Skip-A-Pay request processed via the online channel. Those requests processed in the branch or by the Member Service Center may be assessed a processing fee of $50.00. The fee may be paid by transfer from your checking, savings or money market account or it can be added to the balance of the loan. Loans with co-borrowers can only be processed upon receipt of a signed authorization by all parties to the loan. Mortgages, Home equity loans, and home equity lines of credit, are ineligible for Skip-a-Pay. All accounts must be current and at least 12 months of good payment history is required to be eligible. Other restrictions may apply. The interest on the loan continues to accrue, and all other terms and provisions remain unchanged. Your deferred payment(s) plus any additional accrued interest will be paid at the end of your loan.
Skipping payments will increase the finance charges and extend the terms of the loan. Should the length of the loan exceed the maximum term allowed for Guaranteed Asset Protection and you incur a claim, only a portion of the Gap will be cancelled.
In agreeing to this extension the Credit Union is not waiving any rights under the loan agreement. The original loan payment schedule will be restored at the Credit Union’s option in the event that the borrower fails to make any payment as scheduled, the loan can be accelerated and the entire unpaid balance plus accrued interest, charges and costs will be immediately due. Except for the change in the payment schedule and increase in finance charges, the terms of the loan agreement are unchanged.