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.
- A full monthly payment is skipped (which means two bi-weekly payments if on payroll deduction).
- Can only skip a payment once per loan in a six-month time period.
- 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 over $35,000 or credit card products.
- No borrower can be delinquent on any loan or debt owed to us.