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Colorado Credit Union

Skip-A-Payment-2020

Skip-A-Payment
 
As we all continue to navigate through the coronavirus (COVID-19) pandemic, we are here to help. Taking care of our members is our mission at Colorado Credit Union. These times are challenging for all of us and some of our members may find themselves facing financial difficulties and uncertainty. In response to concerns for our members, we have reactivated and extended our Skip-A-Payment program that is usually offered only during the holidays. The Skip-A-Payment program allows you to defer eligible loan payments for June 2020 through July 2020 by thirty (30) or sixty (60) days.* If you have already taken advantage of our Skip-A-Payment program during March through May, you are no longer eligible. Please contact us at 303.978.2274 if you require further financial hardship assistance. 

Hand putting heart in piggy bank

Eligible Loans:

 
  • Auto loans 
  • Motorcycle, RV, Boat loans
  • Personal/Signature loans
  • Overdraft Line of Credit
  • Share and CD secured loans
  • Credit builder loans 
 
 
 
 

Piggy bank reading a calculator

Other loan relief: 

 
If you are experiencing financial difficulty due to the pandemic, we are also offering programs to help aid those with Real Estate or Credit Card loans. If this applies to you, please reach out to us, as soon as possible, at 303.978.2274 to review your current situation and allow us to extend the best possible solution to you. 
 
 
 
 
 

How it works:

  • If you have already taken advantage of our Skip-A-Payment program during March through May, you are no longer eligible. Please contact us at 303.978.2274 if you require further financial hardship assistance. 
  • You must be current on all of your loans with Colorado Credit Union.
  • Submit your completed and signed Skip-A-Payment request to defer your payment starting in June or July 2020. Your normal payment schedule will resume either thirty or sixty days following the skipped payment(s) based on the option you have selected.
  • This form must by submitted to Colorado Credit Union the day before the due date of the desired month to begin deferment. 
  • All borrowers on the loan must sign the form in order for the selected loan payment(s) to be skipped.

Skip-A-Payment request form:

I'm the only borrower on the loan

I have multiple borrowers on the loan


FREQUENTLY ASKED QUESTIONS:


Q:  If I have two loans, can I skip payments on both of them?
A: Yes, multiple loans can be skipped as long as they are eligible loans.

Q:  What loans are eligible for Skip-A-Payment?
A: Auto loans, Motorcycle, RV, Boat loans, Personal/Signature loans, Overdraft Line of Credit, Share and CD secured loans, Credit builder loans 

Q: What loans are not eligible for Skip-a-Payment?
A:  Mortgage Loans, Home Equity Loans, Home Equity Lines of Credit, and Visa® Credit Cards are not eligible for the Skip-A-Payment program.  However, if you are experiencing financial difficulty due to the pandemic, we are offering programs to help aid those with Real Estate or Credit Card loans. Please reach out to us at 303.978.2274 if this applies to you. 

Q:  What months will I be able to skip?
A:  Skip-A-Payment allows you to defer your eligible loan payment in June through July 2020 for up to sixty (60) days. 

Q:  Can I process my Skip-A-Payment request through online banking or through the Mobile App?
A:  Not at this time.
 
Q: Why does the co-borrower need to sign the form If I am the primary borrower?
A: The co-borrower must sign to acknowledge the new loan term date, as they will be held responsible if the primary borrower cannot continue with loan payments.
 
Q:  What will happen if I make payments to my loan(s) with an electronic transfer from another financial institution or an internal transfer with CCU?
A:  The CCU team will adjust the dates to prevent the transfer for the skipped month from withdrawing and the regular transfers will resume the following month on the due date. 

Q:  When will the Skip-A-Payment requests be processed?
A:  Once the signed request has been submitted back to CCU electronically through DocuSign or via one of our team members, it will be processed within 24 hours.
 
 
* Credit cards, mortgages, home equity lines of credit, and second mortgages do not qualify for Skip-A-Payment. The parties desire to modify the terms of the Retail Installment Contract, the Loan Agreement and Consumer Credit Disclosure Statement and/or the Credit line Account Advance Request and Security Agreement for the purpose of affording the Member the benefit of allowing the Member the ability to participate in the Skip-A-Payment program. In consideration of the Credit Union allowing the Member to participate in the Skip-A-Payment program and defer payments by either thirty days or sixty days based on the selections made on this form, and other good and valuable consideration, the receipt and sufficiency of which is mutually acknowledged, the Member agrees as follows (a) the Member shall be permitted co defer payment(s) selected above until the end of the loan term; (b) the payment deferral requested by the Member will result in the accrual of additional interest on the loan balance owing under the loan documents and may increase the number of months required to repay the loan balance in full. The Member agrees to take any and all actions from time to time requested by the Credit Union to extend the Credit Union's security interest in the loan collateral for the duration of any extended loan term, and preserve and protect the Credit Union's security interest in the loan collateral. This Modification Agreement is supplementary to the original loan documents. All provisions of the original loan documents, including the right to declare the principal and accrued interest due for any cause specified therein, shall remain in full force and effect, except as herein specifically modified. The provisions of the agreement shall bind the heirs, executors, administrators and personal representatives and assigns of the Member. If any provisions of this Agreement is declared unenforceable or invalid for any reason, such declaration shall have no effect on the other provisions of this Agreement, or upon the original loan documents.