Skip-A-Payment Plan
What Is the Skip-A-Payment Plan?
The Skip-A-Payment Plan is a special loan option that permits you to defer your regular
loan payment twice per calendar year and instead, pay a skip processing fee. The
Skip-A-Payment Plan is available on eligible loans with balances of $3,000 and greater,
and with an Annual Percentage Rate of 11.00% or lower at the time of the deferral. The
plan is not available for certain types of credit union loans. See next page for more details.
Who Can Participate in the Skip-A-Payment Plan?
Any member whose Reliant loan qualifies for the plan may apply for Skip-A-Payment
participation. All your loans and Visa credit card payments must be current. Reliant
has the right to deny your participation request in the plan based on reason(s) stated to
you. You can apply, using the attached form, after you have completed the first six
payments on a qualified loan.
How Often Can I Use the Skip-A-Payment Option?
The Skip-A-Payment Plan is available up to two times per calendar year. See next page
for more details.
Will I Incur Additional Interest Charges by Choosing this Option?
Yes. Reliant charges interest at a daily periodic rate on the unpaid principal balance as
stated on your loan contract. The longer the loan is outstanding, the more interest you will
have to pay. The total FINANCE CHARGE that you pay on your loan will be greater than
what was stated on your loan contract since you have elected to defer your loan payment.
How Do I Apply for the Skip-A-Payment Plan Option?
Complete the attached authorization form and return it to any Reliant oce. Make certain
that you read the plan details carefully. You must apply each time that you want to defer a
loan payment. It is not automatic. Separate forms are required for each loan payment you
wish to defer.
Is There Anything Else I Should Know About the Skip-A-Payment Plan?
If you elected to have credit disability or life insurance coverage on your loan and then
elect to defer payments using the Skip-A-Payment Plan, your coverage will not cover
the entire term of the loan. For example, a 36-month loan with two Skip-A-Payment
periods becomes a 38-month loan. Your credit insurance coverage is only for the
original 36-month loan term.
10 Benton Place 800-724-9282
Sodus, NY 14551 reliantcu.com
10-23
Name Date
Home # Cell # Email
Account # Loan #
Payment month and year to be skipped (1 skip per form): /
(You may defer your regularly scheduled loan payment twice per calendar year.)
My Current Loan Balance is Skip-Processing Fee
$0.00 - $2,999.99 Does not qualify
$3,000.00 – $4,999.99 $15
$5,000.00 – $7,499.99 $25
$7,500.00 – $9,999.99 $40
$10,000.00 – $14,999.99 $55
$15,000.00 – $19,999.99 $75
$20,000.00 and greater $100
Take my skip-processing fee from my account #
(Skip-processing fee is due at the time of application.)
I hereby request to defer principal and interest payments on my loan identified above.
If I have authorized Reliant Community Federal Credit Union to debit monthly payments from an external account (“ACH Debit”)
to this Reliant loan, I request this ACH Debit to be temporarily stopped for the month I am requesting the Skip-A-Payment and
resumed for the next regular payment. If I have set up scheduled recurring transfers or ACH Debits through online banking,
I understand that I am responsible for suspending those payments for the month I am requesting the Skip-A-Payment.
I acknowledge that I have read and fully understand all the provisions for the Skip-A-Payment Plan.
Borrower’s Signature
Co-borrower’s Signature
Skip-A-Payment Plan Application Form
Savings
Checking
Other
Reliant’s Skip-A-Payment Plan allows you to defer your regular loan payment twice per calendar year. Your next
regular payment will be due as scheduled. To take advantage, review the plan below to see if your loan qualifies.
If it does, simply complete the short request form and return it to any Reliant branch.
If you defer a payment, the total FINANCE CHARGE that you pay on your loan will be greater than what was
stated on your loan contract. This and any other previous or future deferments will extend the term of your
loan. If you elect to have the credit disability or life insurance coverage on the loan and then elect to defer
payments using the Skip-A-Payment Plan, your coverage will not cover the entire term of the loan.
Qualifying Loans:
• Balance of $3,000 or more
• Annual Percentage Rate of 11.00% or lower
• Term of 120 months or less
• 6 or more loan payments have been made
• Skipped no more than two consecutive
payments
Skip-Processing Fee:
The fee will be charged based on your loan balance as outlined below. You may choose to have your
skip-processing fee deducted from a Reliant account, or enclose the fee when you return your request form.
10-23
Loans Not Eligible for Skip-A-Payment Plan:
• Any loan that does not meet the qualification criteria at left
• Members who have any loan with Reliant that is more
than 45 days past due
• The following loan types are ineligible, regardless of
whether they meet the qualification criteria at left:
-First mortgage loans, home equity loans/lines, loans
secured by collateral mortgages on real estate
-Visa credit cards and overdraft lines of credit
-Certificate secured loans
-Business loans
-Student loans
**Submit (Submit only) completed form to Core and create appropriate Opportunity**
Please note: If you defer a payment, the total finance
charge that you pay on your loan will be greater than
what was stated on your loan contract. This and
any other previous or future deferments will extend
the term of your loan. If you elect to have GAP and/
or Credit Disability or Life Insurance coverage on
the loan and then elect to defer payments using the
Skip-A-Payment Plan, your coverage will not cover
the entire term of the loan.
