Scotia Plan Loan Restructure
Terms and Conditions
By submitting a request to restructure your Scotia Plan Loan, you agree to the following terms and conditions:
1. In these terms and conditions, “Scotiabank” means The Bank of Nova Scotia, and “you” and “your” refer to the borrower under a Scotia Plan Loan with Scotiabank (the “Loan”).
2. You have requested to extend the term of your Loan for the number of months you communicated to Scotiabank through an online process (a “Restructure”). Once the Restructure has been applied to your Loan, your next regular payment will be adjusted based on the extension term you selected; unless you have prepaid your Loan balance in full before then.
3. If your Loan payments are not up to date at the time of the Restructure request, the arrears will be added to the outstanding balance of the Loan before extending the term. This may result in higher Loan payments than the amount you select through this request. You must resume making your new regular Loan payments as they become due.
4. As a result of the Restructure, the cost of borrowing for your Loan will increase. You will receive a letter from Scotiabank within 30 days of your Restructure setting out the updated loan terms for your Loan.
5. Scotia Loan Protection insurance: where there is a change to your loan payment amount, the insurance premiums for Critical Illness, Disability, and Job Loss (if applicable) will be recalculated for each insured based on current age and current loan payment. Life and Terminal Illness insurance premiums will remain the same.
6. By submitting your Restructure request, you certify that if your Loan is secured, that the property subject to the Loan has no claims against it except by Scotiabank.
7. Except as set out in these terms and conditions, all provisions of your Loan agreement continue to apply.
8. Applicable in the province of Quebec only. The parties have requested that this Agreement, as well as all related documents, be drawn up in English. Les parties ont exigé que le present contrat ainsi que tous les documents qui s'y rattachent soient redigés en anglais.