Skip Payments Sample Clauses
The Skip Payments clause allows a borrower to temporarily defer one or more scheduled loan payments without being considered in default. Typically, this provision outlines the conditions under which payments can be skipped, such as a maximum number of skips per year or specific qualifying events like financial hardship. Its core practical function is to provide flexibility for borrowers facing short-term financial difficulties, helping them avoid penalties or negative credit impacts while maintaining the overall structure of the loan agreement.
Skip Payments. We may allow you to skip a payment during certain Billing Cycles (a “payment holiday”). If you accept a payment holiday, we will continue to apply Interest Charges but will not impose a Late Payment Fee. All credit terms and provisions contained in this Agreement (including Minimum Payment Due and any applicable Late Payment Fee) will apply for the Billing Cycle following a payment holiday.
Skip Payments. At the Credit Union’s sole and exclusive option, and on terms disclosed to you by the Credit Union from time to time, the Credit Union may allow you to “skip” payments, which means you may be given permission to not make one or more periodic or scheduled payments without incurring any late charges for such payment(s). You understand if you accept any such skip payment offer, interest charges will continue to accrue on the outstanding balance(s) in your Account during the period covered by the “skipped” payment. You further understand and agree accepting a skip payment offer will not extend the term of any credit insurance you may have obtained in connection with your Account. Statements: The Credit Union will send you a periodic statement for each billing cycle at the end of which your Account has a debit or credit balance or on which a finance charge has been imposed. The statement cycle is monthly, but in any event, you will be sent a statement at least quarterly. We are not obligated to send you a statement if we believe your Account is uncollectible, or if we have started collection proceedings against you because you are in default. A statement sent to any one of you will be considered notice to all of you. Your statement will be considered a correct statement of your Account unless you notify us within sixty (60) days of the statement date that you dispute the statement and you establish a billing error pursuant to the federal Fair Credit Billing Act.