Skip-a-Payment Program

UCU is pleased to be able to offer our Skip-a-Payment program once again from December 1, 2009 to January 31, 2009. This program is just one of the many benefits of having a loan with UCU and we hope it provides our members with some added financial relief during the holiday season.

Click here to download the Skip-a-Payment Authorization Form

TERMS & CONDITIONS

• UCU’s Skip-a-Payment Program (“the program”) allows its members to “skip” or “defer” one regularly scheduled monthly payment per eligible loan within the program period of December 1st, 2009 to January 31st, 2010.
• There is no fee to participate in the program.
• Existing finance charges will continue to accrue on a daily basis.

Eligible Loans:

• Eligible loan types to include auto, recreational vehicle (RV), personal RV, motorcycle, boat, share secured, signature, computer, home improvement, energy assistance and overdraft protection lines of credit.
• All outstanding (both eligible and ineligible) UCU loans must be current in order for any one loan to be eligible for the program.
• New outstanding consumer loans must have received a minimum of two payments to be eligible for the program.
• All requests must be received by UCU a minimum of five business days prior to the loan due date.

Ineligible Loans:

• Ineligible loan types include business loans, real estate secured loans (1st mortgages, home equity loans and lines of credit), student loans, single payment loans and certificate secured loans.
• Eligible loan types that have received a loan extension/restructure within the past twelve (12) months from the UCU Collections Department are ineligible for the program.
• If the original loan balance is $1,400.00 or less, then by skipping a payment the full term of the loan may not exceed 24 months. Should this condition exist the loan is ineligible for the program.

Other Considerations:

• GAP Coverage:
• Eligible loans protected with GAP coverage that participate in the program may be affected by a reduction in any future GAP claim if more than two monthly payments are skipped during the life of the loan.
• Non-Monthly Payment Schedules:
• Eligible loans with non-monthly payment schedules will receive the monthly equivalent adjustment (e.g. Weekly payment frequencies will be skipped four (4) payment cycles, bi-weekly payments will be skipped two (2) payment cycles.