Skip-A-Pay for personal loans
As always, caring for you, along with our team members and communities is of the utmost importance to us. It's times like these when you may need extra support, and we want you to know we are here to help.
If you've been impacted financially by COVID-19, take advantage of our Skip-A-Pay option should you need it. We would like to offer you an opportunity to skip a payment on your personal loan to help ease the burden and stress of these unpredictable times. We are offering a fee-free 60-day deferral on qualified loan payments. To take advantage of this offer, simply complete the Skip-A-Pay form.
You can submit your Skip-A-Pay form one of 2 ways.
- Complete the online form above to electronically submit.
- Check your mailbox for a Skip-A-Pay paper form and either mail it to your local branch or drop it off in the drive-thru during business hours.
We do want to make you aware by participating in the Colony Bank Skip-A-Pay Offer the following information and disclosures may apply:
Skip-A-Pay offer applies to all Colony Bank loans except home equity loans, or accounts that are already 29+ days past due. Interest will continue to accrue at the interest rate provided in your original loan agreement, during and after this time. Deferring your payment will result in your having to pay more interest than if you made your payment as stated in your original loan agreement. The payment deferral will extend the terms of your loan(s), and you will have to make extra payment(s) through that new term date. You will be required to resume your payments the month following the month skipped. Your loan(s) must be current to be eligible for Skip-A-Pay. You can skip two consecutive payments on the same loan. You can skip no more than two payments on the same loan. Colony Bank reserves the right to decline any Skip-A-Pay request due to poor payment performance, forced placed insurance, or any other circumstance we deem derogatorily related to your account.
I wish to participate in the Colony Bank Skip-A-Pay Offer. Please defer payment for the loan(s) indicated above on this certificate. I understand that in order to be eligible to participate in the Colony Bank Skip-A-Pay Offer, my loan payment(s) must be on time. I understand that I continue to be responsible for the entire outstanding principal and interest of my loan(s) and that I will be responsible to make the monthly payments after the original maturity date until all principal and interest are paid in full and that my pledge of security shall remain in effect until the loan(s) is/are fully repaid. I also understand that any credit life and/or credit disability insurance, debt protection or GAP coverage on my loan(s) may not extend beyond the original maturity date. Skipping a payment may reduce the amount of GAP claim. Please refer to your GAP policy for complete information.
If you do not choose to continue the collection of escrows until repayment resumes, it is possible for the escrow account to experience a shortage/deficiency upon the next annual escrow review. Under standard escrow practices, the monthly escrow payment in the following year will be adjusted to make up the shortage, resulting in an increase in the total mortgage payment. To avoid or minimize the amount of any increase to the mortgage payment, you may voluntarily choose to pay your escrow payment during the forbearance period or pay the shortage in full after the annual escrow analysis.
This addendum amends your Loan Agreement(s) and Disclosures regarding your loan payments. By checking the box below, you are requesting that Colony Bank extend the due date of your next regular monthly payment(s) by one or two months. We reserve the option to call you to verify your request. You understand that interest will continue to accrue on the skipped payment(s) and your entire loan balance(s). All other payment terms of your Loan Agreement(s) will remain in full force and effect.
If you have any questions about the Skip-A-Payment offer you can contact your local branch. We are #RightHereWithYou during these times of uncertainty. We appreciate your business.