Skip A Pay
Relax. Skip your payment!
Does your budget need a little breathing room? With the Skip Payment program from Founders Federal Credit Union, you can skip your qualified loan payment and keep the cash. Use the money you save from your loan payment deferral to pay other bills, get away for the weekend, or make a purchase you’ve been putting off.
What is skip a pay?
Our Skip Payment Program gives you the option to defer your next month's payment on an eligible loan to the end of the loan for a small fee. Each skip is $25 and the fee will be added to the loan.
Which loans can be skipped?
- Personal Loans
- Vehicle Loans
- Other Personal Property Loans
- Share Certificate Secure Loans
- Education Loans
- Watercraft Loans
- * Real Estate Loans, Credit Cards and Lines of Credit do not qualify.
When can I apply to skip My payment?
Apply now to skip your next month’s loan payment.
Each loan account will be assessed a fee of $25.00 per loan which will be added to the balance of the loan once you qualify for the skip payment. Interest and any charges for payment protection will continue to accrue for the skipped month, and the final loan payment will include such charges and therefore extend the final pay off date. Offer limited to two (2) skips per calendar year with a minimum of three (3) months of payments between skip payment requests. Secured loans are limited to six (6) skips over the life of the loan. If the loan includes Guaranteed Asset Protection (GAP), skipped payments are limited as follows: Loans originated before 11/16/2015, are limited to two (2) months over the life of the loan and loans originated on or after 11/16/2015 are limited to six (6) months over the life of the loan. Skipping a loan payment will reduce any GAP claim that is filed during the life of the loan. Refer to your GAP contract for applicable limits. This offer only applies to loans advanced (add-ons) or loans originated at least six (6) months prior to the skip pay request date. Refinances or add-ons after the skip is approved will result in the skip being disqualified. It does not apply to real estate loans, personal lines of credit, credit cards, accounts included in bankruptcy or foreclosure, single, annual, semi-annual, or quarterly payment loans, loans with extensions or alternate payments in the past six (6) months, loans with added collateral protection insurance, members who have caused losses to the credit union (loans, credit cards, shares, etc.), members who have negative share accounts, or modified loans through troubled debt restructuring. To qualify, payment(s) must be made on or before the last day of the month prior to the month in which you want to skip your payment. Members with automatic scheduled payment transfers through FFCU¹s Online Banking or through another financial institution must suspend their next scheduled payment. This offer does not guarantee eligibility. Rates, terms, conditions and loan eligibility may change at any time.
How much does it cost to skip next month's payment(s)?
It costs $25 to skip your payment per loan, and it will be added to your approved loan once you qualify for the skip.
What are the qualifications to skip my payment?
Skip payment only applies to consumer loans: personal, vehicle, other personal property, share/certificate secured, educational and watercraft loans. Real estate loans, Founders Credit Card or Lines of Credit do not qualify. The loan origination date (which includes the last advanced or add-on date) must be six months prior to the day of the skip payment request. Extensions or alternate payments within the past six months will disqualify your loan and you cannot have an active Collateral Protection Insurance policy in place. You must have no loss to the credit union (loans, credit cards, shares, etc.), no negative share accounts, or have modified loans through trouble debt restructuring. Your payment(s) must be made on or before the last day of the month prior to the month in which you want to skip your payment.
When can I apply for my skip payment?
Apply now to skip your next month's payment.
Will interest continue to accrue during the skip period?
Yes, interest will continue to accrue and payment protection premiums will continue to accrue during the skip period.
How many times can I skip my payments?
Loans are limited to two skips per calendar year. You must make 3 months of payments between skip requests. Secured loans have a maximum of six (6) skips during the life of the loan. If the loan includes Guaranteed Asset Protection (GAP), skipped payments are limited as follows: Loans originated before 11/16/2015, are limited to two (2) months over the life of the loan and loans originated on or after 11/16/2015 are limited to six (6) months over the life of the loan.
How will I know if I am approved to skip my payment?
You will receive an email letting you know if your request qualified for the skip or was denied. You must open and view the program form attached to the email to obtain our decision. If an email is not received in a few days, please check your spam or junk mail.
How can I apply?
Talk with a lender at one of our 29 branches in South Carolina and North Carolina or apply online for your loan payment deferral.
What if I have an automatic (ACH) payment?
If your payment transfers from a Founders account, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we originated the ACH, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we did not originate the ACH, contact your financial institution to suspend your payment for the skipped month.
What if I make my payment through Founders Online?
You will need to login to the system to skip (delete) this transfer and delete the recurring series. You will need to set a new transfer series to continue your payment on recurring transfer. Note: Skip (delete) this transfer will not pay the transfer, however the next transfer will pay twice.
If my request qualified, why didn’t my due date change?
If your request qualified, you must still make your payment on or before the last day of the month prior to the month in which you want to skip your payment. For example, if you are qualified to skip your October payment(s), you must make your September payment(s) on or before the last day of September.