Requesting financial relief for line of credit payments
Learn more and apply to defer line of credit monthly minimum payments
Eligibility for line of credit monthly minimum payment deferrals
You're eligible for a line of credit monthly minimum payment deferral if:
- You, or any member of your family, has become unemployed or experienced a material reduction in income due to COVID-19.
Also note that:
- If you have more than one line of credit with Scotiabank, you will have to submit a separate request for each account.
For the full details, here are the Line of Credit Payment Deferral Request Terms and Conditions.
How line of credit monthly minimum payment deferrals work
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 up to 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.
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.
How does the line of credit monthly minimum payment deferral process work?
First, complete your application.
For the application, you’ll need to be registered for Scotia Online to request a line of credit minimum payment deferral online.
Second, we’ll process your application.
Once we receive your application, we’ll notify you by email. If you're eligible, we’ll email you again within 3 to 5 business days.
Lastly, at the end of the deferral period:
You will be required to start making your minimum payments by your payment due date.