Agreement/Terms:
I understand that by clicking the Continue button, I am requesting to skip the monthly payment(s) on the indicated loan(s). I understand that interest will continue to accrue on the outstanding balance of my loan(s) until paid in full. I understand that I continue to be responsible for the entire outstanding principal and interest of my loan, and that I will be responsible to continue to make the monthly payments after the original maturity date until all principal and interest is paid in full. I understand that my pledge of security shall remain in effect until the loan is fully repaid. I understand that my election will extend the maturity date of my loan by one month. I also understand any pre-established automated payments will continue to be made unless I specifically contact the payment originator and request the payment be stopped or paused.
I understand that in order to be eligible to skip my payment, my loan payments must be current and on time, and I must have made at least the first three payments on a new loan. Loans that are ineligible for skip requests are credit cards, mortgage loans, home equity loans, or other lines of credit, nor to any loan where a bankruptcy, collateral release, or re-age modification has transpired. If the member has caused a loss to Frontier Credit Union on any account, the member is no longer eligible for skips.
I understand and agree that if I have any form of voluntary insurance, debt protection, or warranty coverage (examples include but are not limited to: Credit Life, Credit Disability, Guaranteed Asset Protection, Vehicle Warranty) in connection with the loan(s) on which I elect to skip a payment, such coverage will not be extended beyond the original maturity date.
Frontier Credit Union reserves the right to revoke this offer if any of my accounts are in default or if I fail to meet any other condition or criteria of this offer as specified herein. I understand that this request only applies to the indicated loan(s). I agree that if my skip payment request is approved immediately following the skip payment period, my regular monthly payments will return to their regularly scheduled due dates as specified in and pursuant to such Loan Agreement/Note. Skip payments will not be permitted on any loan more than twice in any period of twelve (12) consecutive months. All skips are subject to Frontier Credit Union approval. Additional restrictions may apply.
I acknowledge and agree that a processing fee of $30.00 per loan is due and payable each time a skip payment is permitted. I authorize the Credit Union to debit the indicated share for the associated fee(s).