As of August 31st, 778,000 Canadians with a mortgage at Canada’s big banks deferred or skipped a payment on their mortgage. The deferral periods for many mortgages and other credit loans and products have now come to an end. What does this mean for your debt? On today’s podcast, Ted Michalos and Doug Hoyes review different credit products (mortgages, credit cards, lines of credit, auto loans) and discuss what may happen to your balances and debt carrying costs now that the deferral periods are over. They also share practical advice for how to negotiate with your creditors and steps you can take if you don’t have the cash to start making your debt payments again. Tune in to this very timely and helpful episode!
Dealing with the Consequences of Loan Deferrals When the Deferral Period Ends: https://www.hoyes.com/blog/dealing-with-the-consequences-of-loan-deferrals-when-the-deferral-period-ends/
What To Do If You Can’t Pay Deferred Mortgage Payments: https://www.hoyes.com/blog/what-to-do-if-you-cant-pay-deferred-mortgage-payments/
CMHC Residential Mortgage Industry Report: https://assets.cmhc-schl.gc.ca/sites/cmhc/data-research/publications-reports/residential-mortgage-industry-report/2020/residential-mortgage-industry-report-2020-en.pdf
CBA Fast Facts on Bank Measures in Response to COVID-19: https://cba.ca/fast-facts-on-bank-measures-in-response-to-the-covid-19-pandemic
Scotiabank Auto Loan Payment Relief Terms: https://www.scotiabank.com/ca/en/personal/scotia-support/terms-and-conditions/auto-loan-spl-payment-relief.html