Skip-A-Pay

By participating in Coosa Valley Credit Union's Skip-A-Pay program, you request that Coosa Valley Credit Union defer your loan payment(s) as indicated. You agree and understand that:

• Loan(s) must have originated six months prior to be eligible.
• Loan(s) must be current with no late payments within the last 12 months.
  
• Finance charges will continue to accrue at the rate of your original loan agreement.
  
• Deferring your payment will extend the term(s) of your loan(s) AND increase the finance charge.
  
• You will be required to resume your monthly payments the following month.
  
• If you elected GAP and/or Extended Warranty coverage, the coverage will not be extended beyond the original maturity date and there may be a remaining principal amount owed.
  
• All signers/co-signers of the loan(s) must agree to the terms of the Skip-A-Pay program and sign the request form.
  
• If you make your Coosa Valley Credit Union loan payment automatically from another financial institution, it is your responsibility to cancel/postpone your payments.
  

All Skip-A-Pay requests are subject to Coosa Valley Credit Union approval. Requests to skip a payment must be received at least five days prior to payment due date. Each loan may be extended one time per calendar year in addition to the extension for this program. There must be six months between each skipped payment. The processing fee is 15% of the payment amount per loan (payable by cash, check, or withdrawal from account). Excludes real estate loans, lines of credit, credit cards and business loans.