Skip-a-pay Disclosure Agreement:

By executing this skip-a-payment, you certify that ALL borrowers to the applicable loan identified in this request have consented to and authorized the loan modification and you agree to hold IHCU harmless from any and all claims brought by any party challenging such consent and authorization or the validity of any voluntary loan modification.

The $35 processing fee will be automatically deducted from your IHCU account or added to your IHCU loan the day the Skip-A-Pay request is processed.  If you request that the fee be added to your loan balance, you understand and agree that your election will result in a modification of your Loan Agreement, interest will accrue on the overall loan balance (including the fee) and your election may result in a larger final payment.

You authorize IH Credit Union to modify your existing loan and extend the final loan payment. You understand and agree that: (i) interest will continue to accrue on your loan during the month you skip your payment; (ii) exercising the skip payment will extend the time it takes you to pay off the loan; and (iii) skip payments will result in your paying more total interest on your loan(s). You understand and agree that any additional payments (those beyond the original maturity) resulting from the exercise of the skip payment may not be covered by credit insurance, GAP, or other insurance or debt protection products and that it is your responsibility to verify the impact of any skipped payment on your insurance coverages.

For purposes of this offer, one monthly payment will equal four (4) weekly payments, two (2) semi-monthly payments or (2) bi-weekly payments. You are responsible for suspending any automatic or third-party payments for the month of the skip. On your next regular payment date, the regular monthly payment obligation of your loan agreement will resume.

For a loan to be eligible for a skip-a-payment, IHCU must receive this request two (2) weeks prior to the due date of the loan. You can only skip twice in one year with at least 90 days between skips and a total of 6 over the life of the loan. Your account must be in good standing, you must have made six (6) monthly payments on the loan and it must be current in order to be skipped. This offer excludes real estate loans, credit card loans, line-of-credit loans, troubled-debt restructured loans, and loans reaffirmed after bankruptcy. Rates, terms, conditions and loan eligibility may change at any time.