Skip A Pay FAQs
How much does it cost to skip next month's payment(s)?
It costs $25 to skip your payment per loan, and it will be added to your approved loan once you qualify for the skip.
What are the qualifications to skip my payment?
Skip payment only applies to consumer loans: personal, vehicle, other personal property, share/certificate secured and watercraft
loans. Real estate loans, educational loans, 7th Trust Bank Credit Cards or Lines of Credit do not qualify. The loan origination date (which includes the last advanced or add-on date) must be
six months prior to the day of the skip payment request. Extensions or alternate payments within the past six months will disqualify your loan and you cannot have an active Collateral Protection
Insurance policy in place. You must have no loss to the credit union (loans, credit cards, shares, etc.), no negative share accounts, or have modified loans through trouble debt restructuring.
Your payment(s) must be made on or before the last day of the month prior to the month in which you want to skip your payment.
When can I apply for my skip payment?
Apply now to skip your next month's payment.
Will interest continue to accrue during the skip period?
Yes, interest will continue to accrue and payment protection premiums will continue to accrue during the skip period.
How many times can I skip my payments?
Loans are limited to two skips per calendar year. You must make 3 months of payments between skip requests. Secured loans have a
maximum of six (6) skips during the life of the loan. If the loan includes Guaranteed Asset Protection (GAP), skipped payments are limited as follows: Loans originated before 11/16/2015,
are limited to two (2) skips over the life of the loan and loans originated on or after 11/16/2015 are limited to six (6) skips over the life of the loan.
How can I apply?
Talk with a lender at any of our branches in South Carolina and North Carolina or apply online through 7th Trust Bank Online.
How will I know if I am eligible to skip my payment?
Log in to 7th Trust Bank Online. The qualified loans will appear on the home page. Follow the instructions to apply. Remember to make your current month’s payment, as that is a requirement
for the Skip A Pay to occur.
What if I have an automatic (ACH) payment?
If your payment transfers from a 7th Trust Bank account, your transfer will suspend
for the skipped month. If your payment comes from another financial institution and we originated the ACH, your transfer will suspend for the skipped month. If your payment comes from another
financial institution and we did not originate the ACH, contact your financial institution to suspend your payment for the skipped month.
What if I make my payment through 7th Trust Bank Online?
You will need to login to the system to delete this transfer and delete the recurring series. You will need to set a new transfer series to continue your payment on recurring transfer
after the skipped month.
If my request qualified, why didn’t my due date change?
If your request qualified, you must still make your payment on or before
the last day of the month prior to the month in which you want to skip your payment. For example, if you are qualified to skip your October payment(s), you must make your September payment(s)
on or before the last day of September.