To be eligible for Skip-A-Pay your loan must meet the following guidelines:
- The loan must have been open for at least six months.
- The loan cannot be more than 10 days past due at the time the skip-a-pay request is made.
- Payments cannot be skipped in consecutive months and cannot be skipped more than twice in any twelve-month period. Please note: once two skips have been used in a twelve-month time period, you must wait a full twelve months before being eligible to reapply.
- Mortgages, home-equity loans, and VISA® credit cards (including share-secured credit cards) are not eligible.
- Seattle Credit Union reserves the right to decline a Skip-A-Pay request due to poor payment performance or any other circumstance we deem derogatory related to a member’s account(s).
- Interest continues to accrue on skipped payments based on the outstanding principal balance. This may result in a reduction in the amount of principal paid by subsequent payments.
- Any credit life, disability, debt protection, and/or GAP coverage on a given loan may not extend beyond the original maturity date.