Now you have a say when you want to skip-a-pay. Our Anytime Skip-a-Pay service allows you the flexibility to react to situations where you could use a bit more cash for emergencies, vacations, back-to-school costs, paying off holiday debt, or other times when you have higher-than-normal expenses.
- Your loan must be at least six months old to qualify for Skip-a-Pay.
- All request forms must be received at least ten (10) business days before payment is due, but not more than thirty (30) business days prior to the due date.
- You cannot be past due at the time the skip-a-pay request is made.
- Available for use twice per year: once in the first half-year (January – June), and again in the second half-year (July – December).
- You can skip a total of five (5) payments over the life of the loan.
- New Horizons Credit Union reserves the right to decline an Anytime Skip-a-Pay request due to poor payment performance or any other negative circumstance related to a member’s account(s).
- Credit Life, Disability, and/or GAP coverage on any given loan may not extend beyond the original maturity date.
Frequently Asked Questions:
Is there a fee?
Yes, there is a $45 fee per skip (per loan) which can be debited from your Savings or Checking Account.
What if I do not have the $45 per skipped payment available when I submit my request?
If you do not have the $45 processing fee, per skipped loan available at the time of the request, your Skipped Payment will not be processed. The processing fee must be paid before your request can be considered for approval.
How do I know if I am eligible?
Your eligible loan type (see below) must be open for at least six months and cannot be past due. If there is any circumstance within your account derogatory related to your account, it may impact eligibility.
What loans are eligible for the Skip-a-Pay Program?
Eligible Loan Types for Skip-a-Pay:
- Auto Loans
- Motorcycle Loans
- Boat Loans
- Personal Loans
- Recreational Vehicles
- Enclosed Trailers
- Farm Equipment
Ineligible Loan Types for Skip-a-Pay:
- Mortgage & Home Equity products
- Personal Lines of Credit
- Credit Cards
- Credit Rebuilder Loans
- Fresh Start Loans
- Start Me Up Loans
- Delinquent loans and accounts not in good standing
- Negative Account Balances
- Loans open less than six months
- Other conditions and restrictions may apply
How often can I skip?
New Horizons Credit Union’s Skip-a-Pay service allows you to skip-a-payment on eligible loans a maximum of two times per calendar year within a six month period of each (ex: once in the first half-year (January – June), and again in the second half-year (July – December). However, you can skip five (5) payments over the life of the loan. The skipped payment and fee are added to the balance of your loan and does not impact your credit rating.
How does skipping my payment affect my loan?
The skipped month will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months. Payment protection for Disability or Life insurance covers only the original term of your loan. Loan extensions beyond one month will not be covered. Skipping your payment can impact the total GAP insurance paid out in the event you need to file a claim for GAP coverage. All other terms remain the same.
Will my loan rate or credit score be affected?
No. Your rate will be the same as it would be if you had not skipped your payment, and your credit will not be affected.
What if my payment is made automatically from my New Horizons CU account?
We will take care of the details. You will not need to do anything.
What if my payment is automatically drafted (ACH) from my account through Bill Pay?
If your payment is automatically drafted from your New Horizons Credit Union account or if we pull your payment from another financial institution, we need a five-business day lead time to ensure the payment can be stopped.
If you use New Horizons Credit Union’s Bill Pay or Bill Pay from any other financial institution, you will need to stop and restart the payment yourself, or skip the month affected. Do not forget to turn it back on after your skip!
What if my payment is automatically drafted from another financial institution?
If your payment is automatically drafted from another financial institution, you will need to allow time for our approval so that you can contact that other financial institution.
What if I have additional questions?
Simply email our Skip-A-Pay representatives or call 251-316-3240 and ask to speak with a Skip-a-Pay Representative.
How do I proceed with a Skip-a-Pay request?
Remember, before you proceed, you will need to have the following ready for the Request Form:
* Your Member Number
* The $45 Skip-a-Pay fee in your account
* Your monthly payment amount of the loan you want to skip
Click HERE to proceed to our Skip-a-Pay Loan Request Form.
Note: If you need the assistance of a financial coach due to credit issues - whether past or present, or just need to talk to a credit expert, our partnership with GreenPath Financial Wellness offers our members access to a confidential Virtual Financial Coach.