Skip-A-Pay Summer FAQs

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Who can apply for a Skip-A-Payment?
Any AODFCU member with a current loan in good standing may apply by filling out the request form that was mailed to them or completing an alternate one at any of the offices. Mortgage loans, Credit Cards, and loans newer than two (2) months may not be eligible for the skip-a-payment program. Members are not eligible to skip payments if you do not hold private insurance on any collateral used to secure your loan.
What is “good standing”?
All AODFCU member loans must be current and paid up-to-date. Members may not have any charged-off loans or shares, share account par value must be maintained equal to or greater than $25. They must have a current, valid address on file. Members may not have filed a CUNA disability claim or Restructured their Loan.
Can we skip both months’ payments?
No, you may only skip one month offered. You must select either the first month offered OR the second month offered in this Skip-A-Payment promotion.
If my loan payment is due on the last day of the month prior to the first month offered in the Skip-A-Payment, may I skip that, since I might not make the payment until 1st?
No, you may only skip a payment for the payments due in the actual months offered in the Skip-A-Payment promotion.
I’m currently late on my loans; can I skip the payments anyway?
No, all loans with AODFCU have to be up to date in order to skip a payment.
Do both applicants on the loan have to sign in order to skip?
No.
Are mortgages eligible?
No, loans secured by Real Estate (i.e. Mortgage loans, Home Improvement Loans or Home Equity Lines of Credit) are not included in this offer.
Can I skip my Credit Card payment?
Credit Cards are not included in this offer. We typically offer those annually and generally, in the month that we offer the skip, the member simply does not make the payment and the credit card automatically skips the payment.
Does it hurt my credit?
Participating in a Credit Union sponsored Skip-A-Payment program and skipping a payment does not damage your reported credit.
How does skipping my payment impact my loan and where does it go?
By skipping a payment you authorize AOD Federal Credit Union to extend your loan due date by one month and understand that this may extend the maturity date of your loan.
Why is so much more of my next month’s payment going towards interest?
Interest will continue to accrue on the unpaid balance during the month you skip your payment and when payments resume, the unpaid interest will be collected first.
How does skipping my payment impact my Payment Protection and/or GAP insurance?
Payment protection and/or GAP insurance may not apply to the extended loan term. Contact your GAP provider for additional details.
If I do one in the summer, am I still eligible for one in the winter?
Yes, but no more than two (2) payments per loan may be skipped in a calendar year. *Exception: If you do a Disaster Relief Skip-A-Payment this skip-a-payment does not count toward the maximum number of skips (2) that you are eligible for during the year.
What if I have my loan payment automatically transfers from my AOD share/share draft account; how will I be able to skip it?
Payments set to transfer from an AODFCU share or share draft account will be left in the share account instead of transferring to the loan for the month skipped and will subsequently be available for withdrawal. If you are unsure of how your payment is set up then please contact the Credit Union for that information.
What if my loan payment is automatically paid through Billpay or Payroll Deduction?
Payroll deduction or automated payments set up through a billpay system (AOD or an external billpay) will automatically come out of the members account unless they are canceled. If you are unsure of how your payment is set up then please contact the Credit Union for that information.
If I have my loan payment set to pay biweekly and there are three biweekly paydays in the month, will it skip all three of my payments?
If your payment is set to biweekly and there are three (3) paydays in that month, the skip will be for the first two paydays in the month and resume payment transfers on the third payday.
If I have applied for an extension on my loan, am I eligible to participate in Skip-A-Payment?
Yes, In accordance with the Loan Workout Policy, a loan should not be modified (an extension is a form of loan modification) more than once per calendar year and no more than twice during the term of the loan. The Skip-A-Payment program will not be included in these limits due to the member being in good standing at the time of the Skip-A-Payment eligibility.

Skip-A-Pay Summer FAQs

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