The Skip a Payment program may be utilized once during any 12 month period. The Skip a Payment will allow for deferment of one month's payment on any consumer loan. Loans established as bi-weekly payments will skip two payments. Members utilizing Direct DepositOpens in New Window allocations as a means of loan payment will have allocations deposited into savings rather than applied to the loan.
All BFCU loansOpens in New Window, with the exception of First Mortgage Real Estate loans are eligible. Each qualifying loan may participate in Skip a Payment only once during a 12 month period.
A signed Skip A Payment Request Form must be completed, including all loan suffixes for which a Skip Payment is requested. The Skip a Payment fee(s) must be paid in full before the loan payment(s) may be deferred.
See Fee ScheduleOpens in New Window for current per loan Skip Payment fee amount.
Interest will continue to accrue on the loan during the waived payment period. Debt Protection premium charges, if applicable, will continue to accrue. The loan maturity date will be extended when the payment is deferred. All loan terms and conditions remain the same.