GFA Federal Credit Union

Skip-a-Pay

 

Skip-A-Payment

Feeling stressed over those bills that keep piling up? Skip your consumer loan payment for a small fee* and take a little weight off your shoulders! 

Here is how it works...

Sometimes you need a break from payments, so GFA gives members the opportunity to skip a loan payment. For a $35 processing fee, those who qualify can skip one month's loan payment.* This offer is good on consumer loans only.

How do you participate?

Complete the Skip-a-Payment form below and enroll no later than the due date required.

*A $35 processing fee will be requested. Loans must be current, if you have successfully made 6 consecutive payments. The principle and interest payment is deferred until the loan is paid off or until the maturity is reached. The skip payment extends the maturity date (term) of your loan by one month. Your next loan payment will be due one month after the deferred payment due date. Except as changed by the note payment skip deferral and term extension, all terms, provisions and conditions of said note shall remain in full force and effect. Failure by the Debtor to make any payment, or comply with any other provisions of this Agreement or of said note as changed here, shall constitute as a breach of condition for which the unpaid balance of the note debt shall, at the option of GFA Federal Credit Union or its assigns become due and payable immediately, and may be enforced or recovered together with the interest and other lawful charges as provided by law.

This authorization form is to be used for each payment deferral and term extension request on an eligible GFA loan. Complete the form below and submit to GFA.
First Name
Last Name
Last 4 digits of SSN
Phone Number
Email
LOAN COLLATERAL INFORMATION
Skip my next monthly payment on the following loan:
Last 4 digits of loan account #
Payment Due Date
Monthly Payment
Loan Type
PROCESSING FEE
I agree to pay the $35.00 processing fee:
From my GFA Checking/Savings Account
Last 4 digits of Account Number
TERMS AND CONDITIONS: Types of loans eligible for this Skip-a-Payment offer include: Auto, Motorcycle, Recreational Vehicle, and Shares Pledged Loans. A $35 processing fee will be requested. Loans must be current. You have successfully made 6 consecutive payments. The principle and interest payment is deferred until the loan is paid off or until the maturity is reached. The skip payment extends the maturity date (term) of your loan by one month. Your next loan payment will be due one month after the deferred payment due date. Except as changed by the note payment skip deferral and term extension, all terms, provisions and conditions of said note shall remain in full force and effect. Failure by the Debtor to make any payment, or comply with any other provisions of this Agreement or of said note as changed here, shall constitute as a breach of condition for which the unpaid balance of the note debt shall, at the option of GFA Federal Credit Union or its assigns become due and payable immediately, and may be enforced or recovered together with the interest and other lawful charges as provided by law.
 
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229 Parker St, Gardner, Massachusetts 01440 US
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