Stay Ahead of Financial Challenges with CTECU’s Skip Payment Program 

We understand that life can be unpredictable, and sometimes you need a little extra help. That's why we're proud to offer our Skip Payment Program as a convenient way to manage your finances. 

Download Skip Payment Form

 

Benefits of using our Skip Payment Program include: 

• Flexibility: The Skip Payment Program allows you to skip a payment on your loan when you need it the most. This could be due to a temporary decrease in income, unexpected expenses, or other reasons. 
• Convenience: The process to skip a payment is quick and easy. Simply call our member services team or log into your online banking account to request a skip payment. 
• Financial Relief: Skipping a payment can provide temporary relief for your monthly budget and help you avoid late fees or potential damage to your credit score. 
• Cost-Effective: Our Skip Payment Program is a cost-effective option compared to other forms of credit. There is a small fee to participate, but it is often lower than the cost of late fees or overdraft charges. 

We believe that our Skip Payment Program can make a big difference in the lives of our members. Whether you need help with a one-time expense or are facing a longer-term financial challenge, we're here to support you. 

So, if you're a member of Calcasieu Teachers and Employees Credit Union and need a little extra help, consider using our Skip Payment Program. Contact us today to learn more or to request a skip payment. 

 

By participating in Calcasieu Teachers & Employees Credit Union’s Skip Payment Program, you request that the Credit Union defer your loan payments as indicated. You agree and understand that: 

• you may skip up to one (1) payment per qualified loan during an eligible period;  

• a Skip Payment fee of $25 per loan will be deducted from your Credit Union Savings or Checking account at the time the request is processed;  

• finance charges will continue to accrue at the rate provided in your original loan agreement, during and after this time;  

• deferring your payment will result in you having to pay higher total finance charges than if you made your payment as originally scheduled;  

• the payment deferral will extend the term(s) of your loan(s) and you will have to make extra payment(s) after your loan(s) would otherwise be paid off;  

• you will be required to resume your payments the following month. Automatic transfer/Payroll Deduction records to a Credit Union Deposit or Loan will NOT be skipped automatically. Contact the Credit Union if you wish to skip the payment;  

• if you elected Guaranteed Asset Protection (GAP) or Mechanical Repair Protection, the coverage will not be extended beyond the original maturity date;  

• if you elected Credit Insurance or Debt Protection, the monthly premium will continue to be added to the loan during and after the month of the skipped payment;  

• certain restrictions may apply; excludes all real estate loans, second chance loans, any loan deemed as loan specials (12-7-12, vacation, etc...), any loan under a workout plan, and any courtesy pay repayment plan;  

• the skip payment application must be received no later than one (1) business day before the loan payment is due;  

• all deferrals are subject to Calcasieu Teachers & Employees Credit Union approval. Your loan(s) must be current or not more than the grace period of 10 days delinquent and must have a minimum of 6 months in between each approved skip payment;  

• Limit of 2 skip payments in a single calendar year or 10 skip payments in the life of the loan.