Skip-A-Payment
Twice a year, during the summer and winter holidays, SPE offers members an opportunity to skip a payment. Members can defer a monthly loan payment and extend the original loan term for a $39 fee. Please review the skip a pay form for the applicable months and the terms and conditions that apply. There are also frequently asked questions below.
- FAQ
Q: What is a Skip-a-Pay?
A: Skip-a-Pay allows you to skip a pre-determined monthly payment. One monthly payment is deferred and will extend the original term of the loan.
Q: Is there a fee for skipping a payment?
A: Yes, there is a $39 fee per loan.
Q: What do I have to do in order to participate in the Skip-a-Pay program?
A: In order to participate, complete a Skip-a-Pay Agreement. The forms are available on the website (www.spefcu.org), at the offices, and in the MemberLink newsletter.
Q: I have a co-signer/co-borrower on the loan. Do they have to sign the agreement also?
A: Yes, the borrower and all co-borrowers must sign the Skip-a-Pay loan extension agreement.
Q: Does interest still accrue on the loan during this time?
A: Yes. All other terms and provisions of the original loan agreement are unchanged and remain in full affect.
Q: Do all loan types qualify for Skip-a-Pay?
A: No. Mortgage, home equity, and VISA credit card loans are not eligible for this loan extension.
Q: Are there any other exclusions?
A: Yes, members with a 30 day delinquency within the previous 12 months, members who are due for a payment for the month prior to the beginning of the promotional period, and members who have been granted extensions due to extenuating circumstances within the previous 12 months are not eligible to participate. Members must have payments up to date and made loan payments for at least 6 months before a skip a pay may be granted. The member must also have paid the previous month's loan payment prior to the month to be skipped.
