Skip-A-Payment

By participating in the Skip-A-Payment program, you understand and agree that there is a fee of 15% of regular payment rounded up to the nearest whole dollar for each payment that is skipped. The fee can be deducted from a Lowland Credit Union account or can be mailed to the address below. If the loan requested has been delinquent for any reason, the Credit Union reserves the right to deny your application to Skip-A-Payment. The Skip-A-Payment option in no way alters the terms and conditions of the original loan contract as previously disclosed. Interest at the agreed rate will continue to accrue on the unpaid balance of the loan. Offer applies only to consumer installment loans and does not apply to mortgage secured or revolving loans. Skip-A-Payment is only available after borrower has made a minimum of six consecutive payments on the loan(s). To qualify for subsequent Skip-A-Payments, borrower must have made a minimum of 6 consecutive payments since the last skipped payments since the last skipped payment for a maximum of 8 times over the life of the loan. Borrowers may participant in the Skip-a-Payment program If the loan(s) are covered by a GAP, Waiver Agreement, any Skip-A-Payment may have an adverse effect on how a GAP claim is paid. Refer to your GAP Wavier Agreement for skipped payment limitations. ALL Borrowers must sign for the application to be accepted. By signing below, you authorize Lowland Credit Union to extend your final payment by one month on each loan designated above. Interest will continue to accrue on your loan(s) during the month that you skip your payment.