Important Information regarding CSE’s Skip-A-Pay Program.
Please read:
View current Fee Schedule for fee information
A loan must be current and it cannot be the first payment
The interest will continue to accrue, and the skipped payment will cause the loan to extend beyond the original maturity
If the loan is insured with Credit Life and/or Disability insurance, the monthly premium for coverage will still be added to the loan on the skipped month
If loan has GAP insurance, members are allowed five skips per the life of the loan, if members exceed that, the GAP insurance may not cover the remaining balance of the loan
Members may take advantage of this offer one time during each calendar year. Members cannot have consecutive Skip-A-Pays in December and January. All parties of the original loan agreement must sign the Skip-A-Pay form
After a one-time board extension is granted, only one Skip-A-Pay can be granted after 12 consecutive full payments for the life of the loan
Loans that are not eligible and do not qualify for the Skip-A-Pay are:
Real estate, land, and HELOC loans
Delinquent loans and accounts that are not in good standing
Share accounts or share draft accounts currently in overdraft are not eligible
Loans previously approved for a workout loan are not eligible
Loans that have had a monthly extension in the calendar year are not eligible
Signed Skip-a-Pay Agreements must be received at least one day before payment is due