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Skip a payment
Skip Payment Agreement: I/we, hereby request Walled Lake Schools Federal Credit Union to allow me/us to skip the payment(s) on the loan account(s) listed here, due on the month I/we have indicated. I/we understand that if this request is granted, interest will continue to accrue on the balance, and that skipping this payment will require me/us to make additional payments in order to pay off the loan(s).

Is there a Cosigner on the loan/s requesting a Skip-A-Payment?
Please deduct the $20 processing fee from my:
Indicate the month you would like to skip:
Please skip the following loan payment/s

 
On this Skip-A-Payment request form, we have included the following statement: “The undersigned borrower and co-borrower/guarantor (if applicable) hereby makes a request to extend the original repayment terms of the loan(s) referenced here by one month. This extension in no way otherwise alters the original terms and conditions of the loan contract. Interest will continue to accrue on the unpaid balance of the loan at the agreed rate.” (All parties who originally signed the loan application must also sign the Skip-A-Payment request form.) 
Date:
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Date:
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Terms and Conditions
  • Only loans with at least six consecutive payments are eligible.
  • Skip-a-payment loans must be in good standing and not have been late within the last twelve months.
  • Interest will continue to accrue during the month of the skipped payment.
  • Skipping a payment will result in higher total finance charges than originally disclosed on your loans. You may contact a credit union loan officer for information on projected remaining interest due and APR.
  • Skip-a-payment will extend the maturity date beyond the original term of your loan.
  • If you elected GAP coverage, the coverage will not be extended beyond the original maturity date.
  • All skip-a-payment requests are subject to Walled Lake Schools Federal Credit Union approval.
  • Excludes all WLSFCU real estate secured loans, LOC loans, WLSFCU VISA credit cards and loans that have been granted a prior extension to relieve delinquency.
  • Member and Cosigner (if applicable) agree to Terms and Conditions and all borrowers MUST sign this form.  
I/we agree:
Security Code:

 

 

Walled Lake School FCU NMLS #404967
Tana Howard NMLS #1810994
Lee Bailey NMLS #856008