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.

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 3 months. 

Interest 

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.

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.

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.


Line of credit monthly minimum payment deferral FAQs

  1. Sign in to Scotia OnLine or the mobile app.

  2. From the Account Summary page, select the line of credit account for which you want to apply for a monthly minimum payment deferral.

  3. From the top of your Account Detail page select “Request assistance.” You will see all your Scotiabank products for which you can apply for a payment deferral.

  4. Follow the on-screen instructions. 

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

Customers with a line of credit who are affected by the impact of COVID-19 can seek relief from Scotiabank. 

No credit application is required. 

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.

If you are eligible, you will be able to defer your payment for that payment due date.  

If you 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 that most policies have a waiting period which must be satisfied before any disability or job loss claim will be considered (typically 30 to 60 days depending on the product).

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.