At RVA-FPCU we understand that there are times when members may need to skip their loan payments. To help during these times, the RVA-FPCU offers a Skip-a-Payment program to qualified members. Below are details about this program. Refer to the Application for specific disclosures and restrictions.
Skip-A-Payment Program Details
Must pay a $25 fee per loan for each monthly payment skipped (Due at the time of application. If application is denied, then the member will be refunded).
A full monthly payment is skipped (which means two bi-weekly payments if on payroll deduction).
Member must make 6 consecutive payments before, they are eligible to skip a payment. Example: If a member skips a loan payment in January, they will not be eligible again until September.
Interest continues to accrue on your loan and the time it takes to repay your loan will be extended by the skipped period.
A completed Application signed by all borrowers is required.
Not offered for Home Equity Loans or credit card products.
No borrower can be delinquent on any loan or debt owed to RVA-FPCU.