Skip a Loan Payment Questions | Potlatch No 1 Financial Credit Union

What is Skip a Payment and Holiday Skip?

Skip a payment gives qualified borrowers an opportunity to skip their monthly payment for a $25 monthly fee. Borrowers are able to use up to six skips over the life of their loan. Interest still accrues during the time that the payment is skipped.

Holiday Skip is Skip a Payment that happens during November and December. The $25 monthly fee is donated to our Season of Giving campaign, which helps deserving families during the holiday season.

Which loans are eligible for Skip a Payment / Holiday Skip?

Here is the list of loans that are eligible for the Skip-A-Payment Program:

Signature Personal Loans
Auto Loans
Boat, RV, and Personal Property Loans

Note: The loan payment amount must be greater than $25.00.

Home Equity, Mortgages, and Business Loans are not eligible for this program.

To qualify for a skip payment, your loan must have been open for at least 180 days, and you must have made at least 6 payments. Loans are only eligible for six skips over the life of the loan.

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.

How do I skip my loan payment?

Members can skip up to two payments per year on qualified loans. Follow the steps below to get started in Online or Mobile Banking:

Log in to Online Banking
Select Transactions
Click on the Skip A Payment
Select which loan to skip from the list of eligible loans
Verify current and advanced due dates and select Continue
Select the account from which to deduct the $25.00 fee from the drop-down menu
Agree to the Terms and Conditions
Click Finish

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 daily at the Annual Percentage Rate (APR) outlined 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.

What happens to my automatic payments when I use a holiday skip or skip payment?

If your payments are set up through P1FCU:

Payroll Allocation: Our system will automatically adjust the next payment on the loan to the next month. If your payroll allocation is set up through your employer, you will need to contact your employer to skip your next payment.
Periodic Payment: You will need to contact us to cancel the next occurrence. Periodic payments are transfers between your P1FCU accounts that we've set up for you.
ACH Payment: The next ACH Origination date will be advanced to the next month. However, for this to happen, holiday skip payment requests need to be processed 5-business days before your next payment is going to be pulled out. ACH Payments are automatic payments that P1FCU pulls out of your account at another financial institution, and we have set them up for you.
Online Banking: You will need to cancel the next payment in the series within the Activity Center in your Online Banking. You'll find the Activity Center under the Transactions tab. Select the Recurring tab in the Activity Center to manage your recurring payments.

If your payments are set up through another financial institution, you will need to contact the other financial institution that is originating the payment and have them change the next send date.

Under what circumstances, would a Holiday Skip or Skip Payment 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 for the following scenarios:

If you have an 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
Have not fulfilled all requirements of your original loan agreement

The loan must also be open a minimum of 180 days with at least 6 payments applied before it is eligible for a skip.