Holiday Skip-A-Pay

Before applying for the Skip-A-Pay program, please carefully review the following eligibility requirements: 

To qualify for the Skip-A-Pay Program:

• Your credit union accounts must be in good standing without any negative balances.
• Your loan must be current and not in default.
• Your loan must have at least six (6) months of payment history.
• You must pay a $15 processing fee.
• You must carry proper insurance without any active CPI premiums on the loan.

The following loan types are excluded from the program:

• Credit Cards
• Lines of Credit
• Balloon Loans (including InGear)
• Home Equity Lines of Credit (HELOCs)
• Business Loans
• Mortgages
• Loans being paid through disability insurance
• Any loan for which you have skipped a payment within the last eleven (11) months

If you do not meet the above criteria and would like to communicate with a team member on other loan payment options, please contact one of our Solutions Specialists via email or by calling (850) 224-4960.

The Terms & Conditions to which you will be required to agree are as follows:

Champions First Credit Union Skip-A-Pay Terms & Conditions

I understand and agree that (a) interest shall continue to accrue on the unpaid Loan balance during any period of skipped payment at the rate stated in my Loan agreement, (b) I shall be required to make additional periodic payments until the Loan is paid in full to Credit Union, thus extending the term of the Loan and the Loan maturity date, and (c) the final Loan payment may be different due to the skipped payment. All other terms and conditions of the Loan will remain the same and regular payments will resume the month or billing cycle immediately following the skipped payment. If this Request is approved by the Credit Union, the Credit Union’s agreement to allow you to miss the above-described payment does not entitle you to any future waiver of payments. If you fail to make any required Loan payments on time, the Credit Union can declare your Loan in default and take any or all available action based on such default.

I understand and agree that a FINANCE CHARGE of $15 per Loan is required for participation. This fee shall be debited from your Credit Union account or paid in another manner before the payment can be skipped. Failure to submit the Finance Charge will result in the cancellation of this request. Your Loan and account must be current and not in default to be eligible for this offer. Eligible loans are consumer loans defined by Credit Union policy with at least six (6) months of payment history excluding real estate loans, credit card loans, business loans, any loan with a balloon payment, and any loan for which I have skipped a payment within the past eleven (11) months. Loan with an active CPI policy or an unpaid CPI policy of $500 or greater are ineligible. If I submit this request for an ineligible loan, I understand and agree that (a) this request shall not be treated as an application for credit or a request for an extension of credit for any reason under any applicable law or regulation and (b) Credit Union shall not be required to provide me with any notice of denial for any request for an ineligible loan.

If I previously elected credit life and/or disability insurance or debt cancellation, such coverage will not be extended beyond any Loan’s original maturity date. If I have purchased guarantee asset protection (GAP) on any Loan, I will be responsible for any Loan payments that exceed the original loan terms of repayment regardless of GAP.

If the Loan is normally paid by automatic transfer, I request the Credit Union advance my next scheduled automatic transfer date for the loan payment. If the Loan is normally paid by ACH, Bill Pay, or automatic transfer set up by me in online or mobile banking, I understand I am responsible of cancelling the skipped payment in a timely manner and the Credit Union has no liability for my failure to do so.

I am aware that any automatic payments I have initiated are my responsibility to pause. Any DBOs originated with the Credit Union will be stopped for the skipped monthly cycle if the form is submitted at least 7 days prior to the next automatic payment.