Configure Consumer Loan Skip Payment Program

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Configure Consumer Loan Skip Payment Program



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Access this screen by selecting Tool #820: Skip-a-Payment Program Configuration (maintenance) and Tool #819: Skip-Pay Program Config Inquiry (inquiry).

SEE ALSO:  Learn more in the Skip Pay for Consumer Loans booklet.

In a nutshell, the member-elected Skip-Pay program works as follows: The credit union configures a program and advertises that it is available for a certain period (i.e. Dec. for Christmas).  Then the member opts in and agrees to pay a fee for the privilege of skipping a payment.  Members can be enrolled via CU*BASE or opt in themselves using It’s Me 247 (if selected by the credit union).

Easy to Configure Your Skip-a-Payment Programs and Set Member Eligibility

Credit unions configure “programs” on this screen For example, your credit union might configure one program for a Christmas Skip-Pay and another for a skip-pay program for loans of a specific loan category.  In this configuration, you can configure eligibility rules, program dates, loan category restrictions, number of payments a member can skip on an annual basis, etc.  NOTE:  Loans that use the 360-day mortgage interest calculation are not supported by this feature.

Using this Screen

This screen lists your existing skip-pay programs and allows you to create new ones.  At the top of the screen, enter the Maximum skips per year per loan (the total number of payments the member can skip per loan, per year), the Maximum skips life of loan (the total number of times a member can skip per life of loan), and select whether to Allow opt-in through Phone Op.  These rules apply to all programs offered.  For example, if the “maximum skips per year per loan” is two, then the member can only skip two payments during the course of the year regardless of how many programs they qualify for.  A change to these numbers applies to all programs.

From this screen you can select to add a skip-pay configuration, view an existing skip-pay configuration, copy a skip-pay configuration and you will then advance to the second configuration screen.   
You can also delete a skip pay from this screen.  There is a confirmation window if you choose to delete a skip-pay configuration.



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