How Skip-a-Pay Works
Skip-A-Payment1 lets you skip one qualified loan payments each year as long as:
- Your loan is current—not more than 25 days past due, or paid ahead more than 40 days.
- You’ve made at least four payments before seeking to Skip-A-Payment.
Just be sure if you want to take advantage of Skip-A-Pay, you let us know three business days ahead of payment date; federal holidays don’t count as business days. If you have your payment set up with another financial institution on automatic payment or through an online Bill Pay service, you have to reschedule the payment with that financial institution or through your Bill Pay service as well.
There is a $15 fee (per loan payment skipped) for payments under $150, and a $25 fee (per loan payment skipped) for payments over $150. Interest will continue to accrue during the skipped period.
Platinum and Platinum Rewards Mastercards, Home Equity Loans, Personal Lines of Credit, and loans included in a Bankruptcy (unless the debt has been reaffirmed) are not eligible for Skip-a-Payment.
Members with NSF/Overdraft with over 20 days due or overdraft balance over $800 do not qualify. Members cannot have any charge-offs with the credit union. Members are only allowed one Skip-A-Payment every twelve months per loan. Members must provide a valid mailing address. Certain restrictions apply.
**Due to the extenuating circumstances surrounding the COVID-19 pandemic, CUTX will be allowing exceptions to this program on a case by case basis. To find out if you are eligible, please call our member services team at 972-263-9497. For assistance with a mortgage loan, please contact Colonial Savings at 800-937-6303 or 800-937-6002.
2 Easy Ways to Request Your Skip-a-Pay
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1. All signers on the account must agree. We accept payments at any time, however, extra payments will not change the due date of the next scheduled loan payment. Interest will accrue during the skip pay period and when payments resume, unpaid interest will be collected first. In all other respects, the provisions of the original agreement remain in full form and effect. This may/will affect Credit Life and Disability Insurance GAP or Mechanical Breakdown Insurance (MBI) coverage on your loan. Please refer to your contract.