Skip-a-Payment

Skip-a-Payment


Need a break from your next loan payment?
At Heritage Valley we offer the convenience and the year round ability to skip a loan payment up to two times per year. So skip your eligible HV loan payment when you need the extra cash the most!

When you Skip a Payment:
  • All skipped payments are added to the end of the loan term and interest continues to accrue during the skip period.

  • There is a $35 fee per loan skipped which is due at time of submisson.

  • You must wait 90 days before you can skip a payment on the same loan again.
Ready to Skip?
To request a Skip-a-Payment on your loan(s), simply submit our quick and secure online form!

Skip-a-Pay Form 


FAQs
 

What is the Skip a Payment program?

Heritage Valley's (HV's) Skip a Payment program allows you to skip up to two monthly payments each calendar year on Non-Real Estate loans. The skipped payments are then added to the end of your loan term.

What if my loan is not paid monthly, such as weekly, bi-weekly, semi-monthly?

If your loan payment is due monthly, one payment will be skipped.

If your loan payment is due bi-weekly or semi-monthly, two payments will be skipped.

If your loan payment is due weekly, four payments will be skipped.

Which loan types can I skip a payment on?

Closed End loans (such as: Signature, Auto, Boat, RV, and Motorcycle loans) may be skipped twice per calendar year. Closed-End Real Estate loans (such as: HV First and Second Mortgages are also eligible to be skipped once per calendar year) Mortgages underwritten by CU Member's Mortgage are not eligible for this program.

How long does my loan have to be open before I can skip a payment?

All loan types must be open more than 180 days. Loans open less than six months old are not eligible for the Skip a Payment program.

What loans are NOT eligible for skip a payment?

Open-end loans, such as Home Equity Lines of Credit (HELOCs), Credit Cards, and Personal Lines of Credit are not eligible for the Skip a Payment program.

Am I eligible?

To be eligible, your loan must be open 180 days and in good standing. That means your loans must be current, which includes no 30 day late payments on the loan in the last 12 months, and all payments must have been made within the calendar year in which you are requesting your skip. You may not be eligible for other reasons, such as an overdrawn HV share account or having another account or loan that is not in good standing.

Is there a fee?

Yes, there is a $35 fee per skip per loan.

How does it affect my loan?

The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months. Skipping a loan under HV's program will not impact your credit rating.

What if I have automatic (ACH) payments?

If you have automatic payments from a HV account we'll arrange your skip for the payment periods you selected. Please have your skip request to us 15 business days prior to your payment date. This gives us time to modify your ACH for the month you've requested your skip.

What if I pay my loan through online Bill Pay?

Bill Pay is different than automatic (ACH) payments. If you use HV's Bill Pay or Bill Pay from any financial institution, you'll need to log into Bill Pay to stop and restart the payment yourself. Please don't forget to turn it back on after your skipped payment takes place!

How often can I skip?

As long as you continue to be eligible, you may skip any eligible Non-Real Estate loan twice in one calendar year. Real Estate Secured Loans are once per calendar year. However, the skips on any single loan must occur at least 90 days apart.

Can I skip any time?

Yes! You can skip any time, but remember that you can only skip the same eligible Non-Real Estate loan a maximum of two times per 12-month period (once for Real Estate secured loans), and you must wait at least ninety days between skips.