Financial relief for line of credit payments

Update on COVID-19 support :

Payment deferral requests for lines of credit are no longer available.

Payment Deferral Request Terms & Conditions

If you have submitted a deferral on or before September 30, here are the  Payment Deferral Request Terms and Conditions for your reference.

How line of credit monthly minimum payment deferrals work

Note: Requests for payment deferrals must be received by September 30, 2020.

Line of credit payment deferrals

A line of credit monthly minimum payment deferral means that you will not be required to make the minimum payment required on your line of credit account during your deferral period for 3 months.


During this deferral period, any applicable interest will continue to apply to your outstanding balance at the interest rates that apply to your account. That interest will be added to the balance each month. We do not charge interest on accrued interest.

Creditor insurance

Please note that if you have creditor insurance on your line of credit, premiums will continue to be charged to your line of credit to prevent interruption of your coverage.

Line of credit monthly minimum payment deferral FAQs

You are eligible if your request was made on or before September 30, 2020.

If you have any questions about your line of credit, please contact us at 1-888-282-2620.

No, Scotiabank does not charge interest on accrued interest for our personal lines of credit.

At the end of your deferral period, you will be required to start making your minimum payments.


No, there are no penalty fees for approved deferrals or for the reduced interest rate. 

If you are requesting your deferral and have a pre-authorized debit, please ensure that you are requesting the deferral 3 business days before your payment due date to give us enough time to cancel the pre-authorized debit.

Yes, if you have the automatic payment set up with Scotiabank, we can process a credit balance refund and return it to your Scotiabank account. Call 1-800-4-Scotia (1-800-472-6842) for assistance with this.

If you set up the automatic payment from another financial institution, please contact them to see if the payment can still be cancelled.

Yes, if your circumstances change, you can make a payment to your line of credit at any time even during your deferral period. Making payments will help lower your outstanding balance and the interest you owe on your account.

Your creditor insurance coverage will remain in-force for up to 120 days in arrears – Scotia Line of Credit Protection. 

Following the non-payment arrears period (outlined above) your insurance coverage will automatically be cancelled.

It is important to note that coverage remains in place for loss events that occur between the coverage effective date and the coverage cancellation date (i.e., you may be covered for a loss after the coverage is cancelled).

Yes, if you have creditor insurance on your line of credit, your premiums will continue to be charged to your line of credit during the deferral period to prevent interruption of your coverage.

In response to the questions raised around COVID-19 and inability to work and disability, we remind you once the Insurer has approved your claim, the Insurer will start paying benefits on the first day your Line of Credit payment is due after your qualifying period of 60 days. Qualifying period means the period of continuous Disability beginning on the date you become Disabled and ending on the date you qualify for benefits. No Disability benefits are payable for the Qualifying Period.

We encourage customers to file a claim with the insurer and they will review each claim individually. You can call 1-855-753-4272 to speak with one of the Insurance specialists for further details.

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