Financial relief for line of credit payments
Update on COVID-19 support :
Payment deferral requests for lines of credit are no longer available.
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.
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
Get the support you need
Scotia MyAdvice takes you through 8 simple questions and provides you with helpful information, tips, and articles based on your responses.