Skip a Payment for the Holidays
What would you do with the cash from your skipped loan payment?
We know how much of a difference having extra cash in your checking account can make, especially during the holiday season. Our Holiday Skip program lets you skip your loan payment in November or December. All proceeds from the $25 Holiday Skip fee go towards our Season of Giving campaign, which helps deserving families during the holiday season. Here's how you can check to see if your loan qualifies for a Holiday Skip.
- Login to Online or Mobile Banking using the mobile app or by selecting Login in the top right corner of the page.
- Select Skip a Pay from the Transactions tab in the Menu
- If your loan appears from the list of options, it is eligible.
- Select the loan you would like to skip.
- Confirm your new due dates
- Select the account you would like to pay the $25 skip fee from
- Agree to the Terms and Conditions.
- Click Finish.
If the loan you would like to skip is not showing up from the list of available options in the skip menu, there could be a couple of reasons for this. Contact a member service representative via Video Banking, going to a branch, or calling us at 208-746-8900, and we'll be able to help you.
The service is subject to final approval of P1FCU. By authorizing P1FCU to extend your final loan payment by one month, assuming you make all future payments as required. This offer does not apply to any real estate loan, business loan, or lease. This offer will not be honored if you have any account at P1FCU in a delinquent status, if you have an outstanding collection debt, have caused the credit union a loss, have already skipped 2 payments in the last 12 months, had reduced payments in the last 12 months, have made a workout adjustment to your original loan agreement, or have not fulfilled all requirements of your original loan agreement. Loan must be opened a minimum of 180 days with at least 6 payments applied before it is eligible for a holiday skip.
What loans are eligible for a Holiday Skip?
Signature loans, auto loans, boat, RV and personal property loans are eligible for the Holiday Skip program as long as the payment amount is not less than or equal to $25.00. Home Equity, Mortgages, and Business Loans are not eligible.
Under what circumstances would a Holiday Skip request be denied?
The service is subject to the final approval of P1FCU. This offer does not apply to any real estate loan, business loan, or lease. This offer will not be honored if you have any account at P1FCU in a delinquent status, if you have an outstanding collection debt, have caused the credit union a loss, have already skipped 2 payments in the last 12 months, had reduced payments in the last 12 months, have made a workout adjustment to your original loan agreement, or have not fulfilled all requirements of your original loan agreement. The loan must be opened a minimum of 180 days with at least 6 payments applied before it is eligible for a skip.
What is the fee for a Holiday Skip?
There is a $25.00 fee for each skipped payment. The funds will need to be in a P1FCU account to be collected at the time the skip is processed. Proceeds from this skip will be donated to our Season of Giving campaign, which helps deserving families during the holiday season.
How does skipping a payment affect my loan?
Skipping a payment advances your next due date to the following month. Finance charges will continue to accrue on a daily basis at the Annual Percentage Rate (APR) set forth in the loan agreement, both during and after the deferral period. This means it will result in higher total finance charges and possibly a higher total number of payments, than if made as originally scheduled. Therefore extra payment(s) may have to be made after the loan would otherwise have been paid off.
Can I do a Holiday Skip on more than one loan?
Yes, you may. You can use a Holiday Skip on any loan that is eligible for a skip.
What if I make a payment through payroll deduction or ACH initiated by P1FCU?
If your loan payment is made via payroll deduction, the total monthly payment will not be applied to your loan for the month you elected to skip. If your payment is made via Electronic Funds Transfer from another financial institution initiated by P1FCU*, the request must be received at least five (5) business days before your payment is due.
*If you have a scheduled payment set up through online banking or from another financial institution or bill payment program, this payment will process unless canceled by you.