Skip a Payment
Take a Break from Your Loan Payment
Life happens, and sometimes you need a little breathing room in your budget. That’s why we offer our Skip-A-Payment program. It’s a way to pause your loan payment for a month when you need it most.
How It Works
You can skip a payment on one or all of your eligible consumer loans with Chief Financial Credit Union. Here's what you need to know:
To Be Eligible:
- Your loan must be current (no more than 10 days past due when we receive your form and fee)
- Your loan must be open for at least 90 days
- You must have made 3 consecutive monthly payments
- You haven’t used Skip-A-Payment in the past 12 months (rolling)
Ineligible Loan Types:
- Real Estate Loans
- Lines of Credit
- Commercial Loans
- Credit Cards
- ODA Work Out Loans
FAQ
When you skip a payment, we extend your loan term by one month. This means your loan will take one month longer to pay off than originally planned.
Yes, interest will continue to accrue on your loan balance during the skipped month. This means you’ll pay slightly more in interest over the life of your loan.
Skipping a payment increases the total cost of your loan slightly. You’ll pay an extra month’s worth of interest, plus any fee associated with the Skip-A-Payment service.
No, you can only skip one payment per 12-month period. This helps ensure that you stay on track with your loan in the long run.
It can take up to two weeks to process your request. Be sure to submit your form well before your payment is due.
Yes, there is a processing fee for this service. The fee amount will be disclosed when you submit your Skip-A-Payment request.
You can pay the fee by credit/debit card or by check. If you use a card, please note that it may be processed as a cash advance and could result in additional fees from your card issuer.
Ready to Skip Your Payment?
If you're ready to take advantage of our Skip-A-Payment program, follow the directions below to get started:
Download and mail in the form:
- Click here to download the Skip-A-Payment application
- Complete the form and include your credit card information or a check/money order
- Mail to: 200 Diversion St. Rochester Hills, MI 48307
Remember, we're here to help you manage your finances in a way that works for you. If you have any questions about the Skip-A-Payment program or need additional support, please don't hesitate to reach out. We're always happy to chat and find solutions that fit your unique situation.