Diamond Credit Union Skip-A-Payment Terms and Conditions
By completing a Skip-A-Payment you are requesting Diamond Credit Union (“Credit Union”) to advance the loan due date equal to one month’s payment. You understand that the current balance of the loan is extended by the amount of the payment skipped and that interest will continue to accrue on your loan balance throughout the deferred payment period, which may further extend the term of your loan. If there is more than one borrower on a loan, only one borrower is required to authorize a Skip-A-Payment request.
There is a processing fee of $30 per Skip-A-Payment request per loan. In order to request a Skip-A-Payment, all Credit Union accounts (deposit and loans) must be in good standing and requests must be submitted at least five business days prior to next loan due date.
There is a limit of one Skip-A-Payment per loan per calendar year and real estate secured loans are limited to three Skip-A-Payments per life of loan. The following loans are ineligible for Skip-A-Payments: loans which are currently delinquent, loans which have been consummated within the past 120 days, Credit Cards, Mortgage Loans not serviced by the Credit Union, Fresh Start Loans, Negative Share Refi Loans, Interest Only Home Equity Lines of Credit, Commercial and Business Loans, Share Certificate (CD) Secured Loans, Credit Solutions Workout and Modified Loans, and Real Estate Loans Located in a Special Flood Hazard Area.
Most payments and loan terms are advanced automatically, however certain adjustments are made manually and changes may take time to be reflected properly. If you have recurring automatic transfers from other financial institutions for your loan payment(s), it is your responsibility to stop and restart the transfer. Skipping your payment on an auto loan with GAP Insurance may affect the coverage calculation in the event of a total loss.
Certain additional restrictions may apply and the Credit Union reserves the right to deny any Skip-A-Payment request.