Skip Pay Program Changes FAQs

Q: What is the change to the Skip Pay program?
A: Starting in 2015, you will be able to choose the two months in which you would like to skip your loan payment.
Q: How will I receive the Skip Pay offer?
A: You will receive the Skip Pay offer either by mail or email.
Q: How do I elect to participate in the Skip Pay program?
A: If you receive the Skip Pay offer by mail, you may complete the form and return it by mail or by visiting any Allegacy Finanical Center location. You may also visit our online Skip Pay election form and enter your member number to see which accounts are available for Skip Pay and make your Skip Pay selections. If you have further concenrs, please contact Member Service.
Q: Can I make changes to my Skip Pay?
A: We will need any changes to your Skip Pay election in writing two weeks before the month you want to skip. You may only make one change to your Skip Pay election.
Q: How often will I receive the offer?
A: You will receive the Skip Pay offer once per year.
Q: Can I skip two months in a row?
A: Yes.
Q: Are there any months that will not be offered?
A: Yes, January will be the only month not offered as a Skip Pay selection.
Q: When do I need to have the Skip Pay response back to Allegacy?
A: You will need to make your selection and submit the response two weeks prior to the first month in which you wish to skip payment.
Q: What happens if I am delinquent on a loan?
A: If you are delinquent at the time we are skipping your loan payment, you will receive a letter in the mail letting you know that we were unable to skip the loan payment because you were delinquent on a loan. You may still be eligible for the second month selected for Skip Pay.
Q: If I was delinquent on a loan, will I be able to choose another month to skip to make up for the one that I was not able to skip?
A: No, you will only receive one opportunity to select your Skip Pay months. If you were delinquent on any loan with Allegacy at the time of your selected Skip Pay month, we will not be able to offer a replacement for the month you selected.
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