Take a Break from your Payment
Take a break from the payment on your qualified nw+ loan. Members in good standing who have completed at least 6 payments can apply to advance their loan payment date by one month, with the NW Plus CU Skip-A-Pay program. Handy for holidays, vacations, and any 'life happens' moments- nw+ wants to give you the flexibility you need from our lending products.
How it works
Apply to skip a payment with this form. When you skip a payment on your qualified loan, your current due date will be advanced one month forward, just as if you had paid your monthly payment. Interest will continue to accrue on your loan during the skipped payment period and your loan maturity date will extend an additional month to account for the skipped payment month. All terms and conditions will remain the same and you'll resume your next regular payment on its regularly scheduled date!
Submitting your request
Submit your request at least one week before your payment is due:
Email completed application to [email protected]
Print completed application, and mail to:
NW Plus Credit Union
Attn: Skip Pay Dept
2821 Hewitt Ave
Everett, WA 98201
Or drop your completed application off at any of our 6 branch locations!
Eligibility
- You must be in good standing (not delinquent or have a negative balance) on any accounts, including those you may be a co-signer on. Any currently delinquent loan or a loan which has been previously delinquent may be ineligible.
- The loan must be current or in a grace period. This includes any you may be a co-signer on.
- You must have completed six (6) payments on the loan prior to the skipped payment.
- Loan balance must be greater than $500
- Loan has not been skipped more than 7 times during life of loan
- Loan has not yet been skipped this calendar year
- Other restrictions may apply
Qualified Loan Skip-A-Pay Loan Types
- New or used auto loans
- Motorcycle/ATV/personal watercraft loans
- Recreational Vehicles
- Signature loans
The following nw+ loan types are not eligible for the Skip-A-Pay program: lines of credit, Visa credit cards, OD repayments loans, Home Improvement loans and real estate loans.
Is there a Fee?
Once approved and processed, a $40 processing fee will be deducted from your primary nw+|cu savings account. It is up to you to ensure the fee is available at the time of processing or the Skip-A-Pay will be rejected and it will be up to you to contact the CU for any follow up.
How will I know my application has been approved?
You'll receive confirmation via email, which will include your next payment due date. We also recommend that you check your loan account online or via your monthly statement to ensure your new Skip-A-Pay due date is correct.
Important notes
- If your loan payment is set up via transfer within your NW Plus Online Banking or by you from another financial institution (ex: re-occurring bill pay), it is your responsibility to pause or reschedule payments. We are unable to reverse any payment you have set up that was not stopped for the chosen month. If you're unsure of how your payment is set up, contact us at: 425.297.1000.
- If your loan payment is made via Direct Deposit or Payroll Deduction, the payment will be credited to your savings account as it is received.
- Each member is allowed to skip a monthly payment one time per year per eligible loan; maximum 7 times during the life of a loan.
- Please allow a minimum of one week for us to process your request.
- If you have GAP on your loan, participating in Skip-A-Pay could have an adverse effect on your benefits if a claim is filed.