Between the financial demands of the back-to-school season, the quickly approaching holiday season, and the rising costs of bills and groceries, many families are feeling financially stressed. It’s times like these where options like Skip-a-Pay might be the right option for you. We asked our Puyallup South Hill Branch Manager, Maeghan Souza to tell us more about how Skip-a-Pay works and its benefits. Here’s what she shared:
Q: What is Skip-a-Pay?
A: Skip-a-Pay is a benefit we offer our members to help alleviate financial stress that may occasionally arise in life. Our Skip-a-Pay program allows you to delay your eligible loan payment for any reason. You can skip each eligible loan’s payment once every six months.
Q: When do you recommend Skip-a-Pay?
A: Skip-a-pay is such a great option when life happens. Sometimes things come up and money can be tight. That is when Skip-a-Pay can be a saving grace! It allows you to “skip” this month’s payment so you can take care of unexpected needs. There are so many scenarios where this can be beneficial. This can be helpful for someone that has recently changed jobs and is getting used to a new pay-check cycle, someone who has had some unforeseen medical needs, or someone moving which always leads to additional costs.
Q: How will my loan be affected by using Skip-a-Pay?
A: Once Skip-a-Pay is processed your loan due date will automatically forward to the next due date. Keep in mind that interest will continue accruing, even during the skipped payment and know that skipping a payment may extend the term of your loan.
Q: How many times can I use Skip-a-Pay?
A: Not counting your first initial payment, Skip-A-Pay can be used after 6 consecutive payments have been made, so once every 6 months.
Q: Does this affect my credit?
A: No! This is a great benefit and does not negatively impact your credit in any way.
Q: Is there a fee to use Skip-a-Pay?
A: Yes, there is a $35 fee to process your Skip-a-Pay. However, a portion of the skip fee will benefit local charities.
Q: Is there anything else I should know?
A: There are a few things to remember. One thing to keep in mind is if you are using this for an auto loan that has GAP coverage, if there was an accident and a GAP claim payout, it would not cover the payment that was “skipped.” Also, if you have automatic payment set-up for the loan payment being skipped, you must update your scheduled payment as well. And lastly, Skip-a-Pay is not eligible on Commercial Loans or Mortgage Loans.
To learn more about Skip-a-Pay, visit https://www.kitsapcu.org/personal/skipapay/ or give us call or visit a branch to be connected with someone from our team.
