Think of the year-end holiday when consumer spending is at its peak. Available cash becomes an issue for consumers; many of whom already have outstanding loan payments. That’s where your financial institution can offer help to your loan customers.

Skip-a-Loan Payment

The friendly, personalized Skip-A-Payment letter allows loan customers to skip a predetermined upcoming loan payment. Using data from your loan files, WordCom can show the variable loan payment information in the letter—helping customers see the added cash they can free up when they need it most.

The best time to run the program is at year-end when the most significant bills come due. A second Skip-A-Payment offer can be made before summer when people are in the market for new vehicles and vacations or before back-to-school shopping begins.

For a Fee

For the opportunity to Skip-A-Payment, the customer returns the personalized reply form attached to the letter and a handling fee ranging from $25 to $50 (depending on state laws). The most common fees are $30 or $35.

Extend the Loans Life

The letter tells the customer who wishes to skip the payment that the loan will automatically be extended for one month. For the financial institution, this means a longer life for each loan and additional interest on the loan balance.

Customers Appreciate the Offer

Skip-A-Payment is a popular program across the nation. Response to each offer typically ranges from 10% to 20% and can generate considerable fee income with each mail drop.

WordCom’s Skip-A-Payment program benefits your financial institution in many ways, including a boost to customer loyalty. Consider scheduling one or two Skip-A-Payment mailings in your marketing calendar now.