It’s easy to feel stretched after the holidays when the bills for all the parties, travel and gift giving come due. Give your wallet more breathing room by skipping your next loan payment. As a valued member with accounts in good standing, you can request deferment of your next payment until the following month. Eligible consumer loan types include personal and vehicle (see list below).
How to request Skip-a-Pay for your next payment
To request your payment deferral, log in to your online account in NetBranch and submit a Skip-a-Pay request form. You can also visit any branch or call the Contact Center at 800.336.6309 for assistance. There is a $30 fee per loan, per request. The fee will be added to the loan balance. Deferring your loan payment will result in an extension of the original term and interest will continue to accrue at the rate disclosed in your original loan agreement.
How much does it cost to skip next month's payment(s)?
It costs $30 to skip your payment per loan, and it will be added to your approved loan once you qualify for the skip.
What are the qualifications to skip my payment?
Skip payment only applies to closed end consumer loans: personal, vehicle, and other secured loans. Real estate loans, Greenville Federal Credit Cards or Lines of Credit do not qualify. The loan origination date (which includes the last advanced or add-on date) must be six months prior to the day of the skip payment request. Extensions or alternate payments within the past six months will disqualify your loan. You must have no loss to the credit union (loans, credit cards, shares, etc.), no negative share accounts, or have modified loans through trouble debt restructuring. Your payment(s) must be made on or before the last day of the month prior to the month in which you want to skip your payment.
When can I apply for my skip payment?
You need to apply at least 7 business days prior to your next due date.
Will interest continue to accrue during the skip period?
Yes, interest will continue to accrue and payment protection premiums will continue to accrue during the skip period.
How many times can I skip my payments?
Loans are limited to two skips per calendar year. You must make 2 months of payments between skip requests. Secured loans have a maximum of five (5) skips during the life of the loan. If the loan includes Guaranteed Asset Protection (GAP), skipped payments are limited as follows: Loans originated before 12/15/2018, are limited to two (2) skips over the life of the loan and loans originated on or after 12/15/2018 are limited to five (5) skips over the life of the loan.
How will I know if I am eligible to skip my payment?
Eligibility includes the following:
- All credit union accounts, relationships, and history are up to date and in good standing
- All borrowers/co-borrowers/guarantors must sign the request and acknowledgement
- Loan not eligible if less than six months old
- Request must be received before a loan payment is past its due date
- Two consecutive months cannot be skipped
- Decision to approve request rests solely with credit union
What if I have an automatic (ACH) payment?
If your payment transfers from a credit union account, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we originated the ACH, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we did not originate the ACH, contact your financial institution to suspend your payment for the skipped month.
What if I make my payment through Netbranch Automatic Transfer?
Your NetBranch automatic transfer will suspend for the skipped month.