Holiday Skip-a-Pay

By participating in IFCU’s Skip-A-Payment program, you request that IFCU defer your loan payments as indicated. You agree and understand that: 1) Loans must have originated at least four months prior, with 3 payments made to be eligible; 2) All co-signers of the loan must agree to the Skip-A-Pay program and sign the request; 3) If we are unable to stop your automatic payment in time, your skipped payment may be delayed until the next scheduled payment; 4) FINANCE CHARGES will continue to accrue at the rate provided in your original loan agreement, during and after this time; 5) Deferring your payment will result in your having to pay higher total FINANCE CHARGES than if you made your payment as originally scheduled; 6) The payment deferral will extend the terms of your loan(s) and you will have to make extra payment(s) after your loan(s) would otherwise be paid off; 7) You will be required to resume your payments the following month; 8) If you elected GAP, Warranty Coverage, or Life/Disability Insurance, the coverage will not be extended beyond the original maturity date. 9) All deferrals are subject to IFCU approval. 10) Your loan(s) must be current to accept this offer. Certain restrictions may apply. 11) If you are making your loan payment from another institution (ACH or Direct Deposit) then the funds we receive will be put in your savings account. 12) Available only on a loan which was not "delinquent" (past due over 30 days) in any of the past 3 months. 13) The borrower(s) must not have any overdrawn accounts, modified loans, or other loan deficiency on any open loan(s) at IFCU to participate in the program. 14) You may not have more than 2 loan extensions, 2 skip a pays or 1 of each per calendar year on any loan.
There is a $35 per loan processing fee, which will be deducted from your account (specified above). All the loans listed will be skipped for the month listed; only one month may be skipped for this promotion Skip-A-Payment Agreement: I/we, hereby request IFCU to allow me/us to skip the payment(s) on the loan account(s) listed here. I/we understand that if this request is granted, interest will continue to accrue on the balance, and that skipping this payment will require me/us to make additional payments in order to pay off the loan. All Skip-A-Payments are subject to approval and limitations do apply. For more information, please call (765) 771-8000.