You cannot put a gift on "hold" with an open ended time frame for the next payment, but there is a postponed status available for Sustaining gifts when the next payment is skipped. 

Next payment can be skipped as an administrator when managing the gift under Fundraising> Donation Management, and then clicking on the Sustaining Gifts tab.

Users can manage their gifts under the Gift Service Center:

https://www.blackbaud.com/files/support/guides/luminateonline/Content/Tasks/Gifts_Recurring_DonorServiceCenter/Admin_Online_Giving_Management_RecurringGifts_DesigningPages_ServiceCenter_OG.html