Christmas is over. The boxes were made, ripped open, and likely, all of the little smiles and laughter will ring in your home for a long while.
But then the new year comes rolling in…
And what lovely gift will 2019 have for you?
Simple!
A big bill, and possibly a bigger headache.
You can skip your way to a better start to 2019
Skipping was fun as a kid. But when you do it as an adult, you can get into trouble. Skipping days at work, skipping doctor’s appointments, skipping paying your bills…
At First Choice Federal Credit Union we can help you skip as an adult too. Skip A Pay is a service we offer. Here is how it works?
For most types of loans, we offer you the ability to skip either December or January regularly scheduled payment. We typically offer something identical to this program in June or July.
No, I’m not joking.
Meet Deb – she used Skip A Pay
Say ‘hi’ to Deb. She’s a First Choice member. And, she used Skip A Pay recently.
Last month, Deb’s budget was “on-point”. Deb had planned for Christmas, bills and even with the big holiday, she also planned to contribute into her savings account.
What didn’t she plan on?
She didn’t plan on the unexpected gifts. Gifts that she had to reciprocate. She was more than overjoyed to be thought of that way, and although the holidays aren’t just about giving, she didn’t want to be rude and not buy them something. PLUS. She thought that between her and her sister-in-law they were just buying for the kids, but when Joan saw those concert tickets she knew Deb would want to join… duh. So Deb drove and paid for a commemorative t-shirt to show her appreciation… #bestgirlsnightever
She could’ve dipped into her savings.
Instead, she used First Choice’s Skip A Pay service. She called into the main branch and asked about the letter she recently received from us.
Deb was happy to discover that she could skip December’s car loan payment (and only pay $35) to push that monthly payment back to the end of her loan’s life.
Deb’s $35 spent that day amounted to having an extra $450 in her hands to help with the unforeseen holiday plans. Not only was it simple (Deb only had to visit a branch of First Choice to sign some paperwork), but she didn’t have to dip into her savings and she didn’t have to alter her budget.
Deb’s January is not a bit calmer – no waves in her budget, and no worries.
Meet Jim – he needs a bit of help
Say ‘hi’ to Jim.
He, like Deb, has a car loan. However, money for him is a bit tighter. He doesn’t contribute a whole lot of his paycheck to his savings, and has some bad credit he is working on.
What he does have is two kids who “really, REALLY want a Nintendo Switch this Christmas”; Jim doesn’t want to disappoint them.
Jim called his local First Choice branch to ask about the Skip A Pay program, and if he qualified – he did.
Jim came in, signed his name and within a few minutes, and $35, he had more than enough for the gaming system for his kids and some games.
Now, his ‘after Christmas’ worries do not involve a large bill, or a huge deficit to cover.
Good stuff!
Meet Michael – he is having Christmas Spending Hangover
Meet Michael everyone – say ‘hi’.
Michael didn’t need extra money for Christmas presents. But, what he was dealing with was what many do…
Christmas Spending Hangover!
In the first week of January, usually, (sometimes in the last week of December for some), many who over-purchased, whether with credit cards or cash, start to experience increased anxiety, worry and fear about those purchases. Michael didn’t commit any crime – but he could feel his heart beating like he was the next star of C.O.P.S. (thanks FOX!).
Michael did what our friends above did. He mailed in his Skip A Pay letter and told them to take the money out of his checking… BOOM, it’s a Christmas Miracle.
Our Skip A Pay program allowed Michael’s loan payment for January to be skipped, giving him a lot of the cash he needed to pay his credit card bills off for the month.
Michael’s $35 for Skip A Pay meant that he would save nearly $100 in interest paid to his credit card company – simple!
How does Skip A Pay work?
First, did you get your letter from First Choice about Skip A Pay? That is a great first step in the process. The details of the program are outlined there. As well, getting the letter is a good indication that your loan qualifies for Skip A Pay.
Next, you need to visit a branch. The Skip A Pay program requires you come into a branch and physically sign for a ‘skip’ or sign and mail in your own copy of the letter. Don’t worry, our tellers don’t bite!
At the time you sign up to participate in Skip A Pay, you only have to pay $35. This fee covers a few things – namely participating and handling of your request.
Finally…well, that’s it! You’re done!
But, it can’t be that easy – can it? What else do I need to know?
You’re right, there are some rules to Skip A Pay.
First, your loan has to be current.
Next, the money that would’ve been used for the loan needs to be in your account, and ready to go. This needs to happen before you apply for Skip A Pay.
Next you should know that interest on your loan doesn’t just disappear. We simple move it into the next month. That accrued interest is covered in your next month’s payment.
Something else that you should know is that Skip A Pay works before your next payment. So, that means we need your application prior to your next month’s payments due date.
Also, you should know that this works for each qualifying loan. So, it’s the same $35, same rules, for each participating loan that you want to take advantage of with this program.
Finally, there is one special note – this program is not available to any car loans with a term of 84 months.
What next?
Simple – take your letter, signed and filled out, to your local branch of First Choice to get started.
Pay the simple fee, and BOOM – you’re good.
Skip A Pay is our way of helping you get more for your money when you need the help. It isn’t a bail-out, but it can help a lot!
Call us today at (724)652-8393, or visit us today at West State St., our location in Neshannock on Wilmington Rd. or on Old Butler Rd. next to Save-A-Lot.