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Important Information

Please read this important information.

For each eligible loan, you may skip one payment. First mortgage loans, home equity loans, home equity lines of credit, commercial and business loans, and loans where fewer than three payments have been made are NOT eligible for the Skip-A-Payment Program. If approved, your regular monthly payments will resume immediately following the month you indicate on the request form. Loan(s) must be current at time of Skip-A-Payment. By signing the official Skip-A-Payment request form, you authorize Sandia Area

Federal Credit Union to do the following, depending on the type(s) of loan payments you request to skip. Skipping payments can affect payment protection and GAP coverage. See your agreement for details.

Vehicle and Consumer Loans: Sandia Area will add the $30 processing charge (per loan) to your principal loan balance and advance your loan due date by one month. This may extend the maturity date of your loan. The $30 processing fee will be added to each loan you choose to Skip-A-Payment on, and when payments resume, the unpaid interest will be collected first.

Credit Cards, signature loans or personal lines of credit: Sandia Area will withdraw $30 from either your Sandia Area savings or checking, or if you prefer, you can include a check in the amount of $30, which must be received prior to the Skip-a-Payment occurring.

You also acknowledge that this request does not change your legal obligation to the Credit Union, that your agreement with the Credit Union provides for regular monthly payments and the Credit Union is merely informally permitting you to defer payment for the month indicated. Interest will continue to accrue on the unpaid balances during the month you skip your payment. The processing fee is non-refundable and constitutes a Skip-A-Payment request. Payments made through payroll deductions or direct deposit will be deposited into your primary account during the month you choose to Skip-A-Payment and will be subsequently available for withdrawal. For automatic loan payment deductions, this Skip-A-Payment will affect one month of deductions. If you have a recurring Bill Payment set to pay your loan, you must stop that with your Bill Pay provider. The effect of this $30 processing fee will be to increase the Annual Percentage Rate (APR) and finance charges on the balance of your loan. The effective Annual Percentage Rate (APR) and the corresponding finance charge will be disclosed on your periodic statement.

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