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Wen a credit company agrees to allow skipped payments, they are agreeing to delay reporting the information to the credit reporting agencies. The payments then must be resumed in accordance with the agreement.

While the payments are being skipped or defered by the customer, interest continues to accumulate at the same rate as before. If your payment of $200 pays $100 interest and $100 principal, then the skipped payment period pays nothing to the principal, but continues to accumulate $100 per payment skipped on the interest.

Until the additional interest is paid in full, none of the regular payment is posted against the principal. If you are allowed to skip payments, the interest would increase by $100 per month (using the figure above). 3 skipped payments would increase the amount $300 (probably more), and take 3 to 4 months of your regular payment to reduce the additional interest before any of your payment would again post against the principal.

Wen a credit company agrees to allow skipped payments, they are agreeing to delay reporting the information to the credit reporting agencies. The payments then must be resumed in accordance with the agreement.

While the payments are being skipped or defered by the customer, interest continues to accumulate at the same rate as before. If your payment of $200 pays $100 interest and $100 principal, then the skipped payment period pays nothing to the principal, but continues to accumulate $100 per payment skipped on the interest.

Until the additional interest is paid in full, none of the regular payment is posted against the principal. If you are allowed to skip payments, the interest would increase by $100 per month (using the figure above). 3 skipped payments would increase the amount $300 (probably more), and take 3 to 4 months of your regular payment to reduce the additional interest before any of your payment would again post against the principal.

Wen a credit company agrees to allow skipped payments, they are agreeing to delay reporting the information to the credit reporting agencies. The payments then must be resumed in accordance with the agreement.

While the payments are being skipped or defered by the customer, interest continues to accumulate at the same rate as before. If your payment of $200 pays $100 interest and $100 principal, then the skipped payment period pays nothing to the principal, but continues to accumulate $100 per payment skipped on the interest.

Until the additional interest is paid in full, none of the regular payment is posted against the principal. If you are allowed to skip payments, the interest would increase by $100 per month (using the figure above). 3 skipped payments would increase the amount $300 (probably more), and take 3 to 4 months of your regular payment to reduce the additional interest before any of your payment would again post against the principal.