Loan Skip-a-Payment Form

This application is for members who wish to defer their Metco auto or personal loan payments. Payment deferrals are NOT available on Home Equity Loans, Credit Lines or Home Loans.

A minimum of six payments must be made on all new loans to be eligible for a deferment. Please be sure your most recent payment (prior to the month you are requesting to defer) has been made before applying. A processing fee of $30 will be added to the loan for each requested payment deferral. If you have not heard from a Metco staff member within three business days, please call us at (319) 398-5007 to ensure your application was received.

NOTE: If you make loan payments on a bi-weekly basis and you are scheduled to make *three* payments during the month you’ve selected to skip, only TWO of your payments will be skipped. The third payment will still be made.

 











    I want to skip payments on ALL of my eligible loans (Home Equity, Mortgage and Credit Lines are not eligible).I want to skip payments on SOME of my eligible loans (please complete loan details below).

    Only complete this question if you do NOT want to skip ALL of your Metco loan payments for one month. List the Loan Type (vehicle, personal, signature, etc.) and Loan Number for each loan you DO want to skip.

    NOTE: If you make loan payments on a bi-weekly basis and you are scheduled to make *three* payments during the month you've selected to skip, only TWO of your payments will be skipped. The third payment will still be made.

    NOVEMBER 2020 (This form must be submitted at least 5 business days prior to your payment due date. You can only skip payments that have not yet been made.)DECEMBER 2020 (This form must be submitted at least 5 business days prior to your payment due date. You can only skip payments that have not yet been made.)


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    Please type your name below as your authorized signature:

    Please type your name below as your authorized signature:

    By typing your name(s) above you authorize Metco Credit Union to extend your final loan payment by one month. The $30.00 deferment charge per loan will be automatically added to your loan balance. Interest will continue to accumulate on your loan during the month you skip your payment. Payments made through payroll deduction or direct deposit will be deposited into your Share Savings Account for the month you are skipping your payment. Each member is allowed to skip one monthly payment per loan. If you utilize a Holiday Skip-A-Payment and submit a GAP claim the amount paid on the claim will be reduced by the skipped payment amount. Loans extended and/or over 30 days past due in the previous 12 months are not eligible. You must be current on all loans with Metco at the time of the loan extension.

    Once you click "Send," you will receive a confirmation message on your screen. If you do not receive a confirmation message, please ensure that you have completed all required fields.

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