Where you bank matters. As the impact of the COVID-19 continues to unfold we want to provide as much support for you as we can. First of all, we hope that you and your family are staying safe and healthy. Secondly, to ease some of your concerns, we want to announce an enhancement to our Skip-A-Pay Program.

 

We understand many of our members may face financial struggles during this uncertain time and to assist we are going to automatically skip TWO MONTHS* of loan payments! This skip payment program will go into effect starting with April 2020 payments. Here’s what you need to know:

  • This offer applies to members with consumer loans as of March 31, 2020.
  • There is NO need to reach out to us to take advantage of this program, this program will be AUTOMATIC.
  • There will not be a fee for this service.
  • We will skip TWO months of payments.
  • Your due date will automatically advance 60 days from your current due date (For example, if you have a loan with an upcoming due date of April 3, 2020 we will automatically push the due date to June 3, 2020)
  • This automatic 2 month skip-a-payment program will include all loans in good standing you have with Envision Credit Union excluding mortgage loans, home equity loans, HELOCs, loans with annual payments, and credit cards.
  • This program will not include loans that are more than 31 days’ delinquent or that are the subject of current litigation or bankruptcy.

If your loan(s) fall into one of these excluded categories, we want to help you, too!  Please call our Member Solutions Team at 850-942-9000 x 4000 or email us at membersolutions@envisioncu.com and one of our team members will assist you.

Please note that loan payments made before April 1, 2020, will not be reversed.

If your loan payment posts the first few days of April, and is not reversed by April 6, 2020 please call us at 850-942-9000.

If you want to continue making your scheduled loan payments, you are welcome to do so through online banking, MoneyLine, any drive through location, or calling the Contact Center at 850-942-9000.  If you have automatic loan payments established through eBranch, you will need to go into eBranch to suspend those payments.  Any loan payments (whether automatic or manual) received by Envision during this skip payment program will be applied to your loan balance as usual.  

We want to do our best to make you feel financially comfortable during this troubled time.  As a member-owned credit union, we are all in this together.

 

*Skip-A-Pay Program – TWO MONTHS!

Please be aware of the following important terms of this program:

  • This program does not include business loans, mortgage loans, home equity loans, HELOCs, loans with annual payments, and credit cards.
  • This program will not include loans that are more than 31 days’ delinquent or that are the subject of current litigation or bankruptcy.
  • Interest will accrue on your loan balance during the skip payment period at the normal interest rate for your loan.
  • Following the skip payment period, you must continue to make loan payments in the regularly scheduled amounts on each due date.
  • For closed-end loans:  All amounts then due and owing under the applicable loan agreement will be due and payable on the final maturity date set forth in the loan agreement.  A larger balloon amount will be due on the final maturity date or payoff as a result of the skipped payments.
  • For open-end loans:  The term of your loan will be extended such that you will be required to make additional periodic payments in accordance with the loan agreement until your loan balance is paid in full.
  • Negative amortization will occur during the skip payment period.  Negative amortization will increase the amount you owe under the loan agreement and reduce your equity in any property or collateral which secures the loan.
  • This skip payment program is not a novation of the debt represented by the loan agreement.
  • This skip payment program does not entitle you to any future waiver of loan payments.
  • If you have GAP Insurance associated with your loan, your GAP insurance coverage only includes up to 6 skips and/or delinquent payments.
  • Except as modified by this program, all loan terms and conditions remain in full force and effect.