Skip-A-Pay

MEMBER ELIGIBILITY: The member must meet the following criteria to be eligible for a skipped payment:

  1. A Loan payment may be skipped one (1) time per year (12 months) with a maximum of ten (10) times during the life of the loan.

  2. All loans with MTFCU must not be more than 30 days past due;

  3. Member must be in good standing with all deposit and investment relationships with MTFCU;

  4. The loan history must reflect at least 3 months of payments;

  5. A Skip-A-Pay cannot be used consecutively with any other loan extensions/subsequent actions;

  6. Cannot use a Skip-A-Pay if the loan is paid ahead;

  7. Joint and Co-Signed loans require the signature of both applicants.

  8. Signed and completed Skip-A-Pay forms must be submitted at least (3) business days before the desired “skipped” payment due date.

NON-ELIGIBLE LOANS: The following loans will not be eligible for the Skip A Payment program:

  1. Mortgage loans, or loans secured by real property

  2. Money layaway

  3. Yes Loan

  4. Christmas Loan

  5. Credit Cards

  6. Courtesy Pay

  7. Loans being paid via Credit Disability or cancelled via Debt Protection

FEES: The Credit Union will charge members $25 for each skipped payment