Amid Covid-19 Canadian Banks Talk 6 Month Payment Deferrals

[Economy 52,842]

https://www.bnnbloomberg.ca/big-six-coordinate-relief-including-six-month-payment-deferrals-1.1407842

 

The 6 largest banks are talking options to prevent defaults among clients including defering payments on things like mortgage payments for as much as 6 months

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Personal story I got a letter delivered today from my bank that I can transfer debt from other other sources to my bank credit card for 0% interest on balance for a period of 6 months

 

I intend to take advantage of it cuz ATM I have a bit of debt 

[Blastertoyo 22,734]

Could you please clarify this to someone who has no idea about finances 

[Economy 52,842]

16 minutes ago, Blastertoyo said:

Could you please clarify this to someone who has no idea about finances 

Basically for ppl and businesses that can't make payments right now delay the payments for later and I think also stretch out payment time horizons now too

 

So let's say u had 40 months left of mortgage payments... U could delay them by up to 6 months but then ur last payment would be in 46 months instead of 40

 

Ud still need to make all ur payments but it would be put off and pushed back

 

[Economy 52,842]

@OBEY @Teal Ambition @JustinTrudeau this could be useful

 

And I'm loving my TD 0% interest on credit card offer 

[Blastertoyo 22,734]

7 minutes ago, Economy said:

Basically for ppl and businesses that can't make payments right now delay the payments for later and I think also stretch out payment time horizons now too

 

So let's say u had 40 months left of mortgage payments... U could delay them by up to 6 months but then ur last payment would be in 46 months instead of 40

 

Ud still need to make ur payments but it would be put off and pushed back

 

Thanks Economy for explaining Finance 

I heard they're also working on suspending rent payments?

[Economy 52,842]

2 minutes ago, Blastertoyo said:

Thanks Economy for explaining Finance 

I heard they're also working on suspending rent payments?

Rent payments? I don't know anything about that... But I assume that's a landlord issue so it wouldn't have anything to do with banks

 

Also this is one of the options they are considering. The banks haven't announced official offers yet

 

Although some are obviously official already hence my credit card 0% interest im actually so happy and relieved for that cuz I became unemployed last month and it's so useful 

[Diamonster 1,786]

11 minutes ago, Economy said:

Basically for ppl and businesses that can't make payments right now delay the payments for later and I think also stretch out payment time horizons now too

 

So let's say u had 40 months left of mortgage payments... U could delay them by up to 6 months but then ur last payment would be in 46 months instead of 40

 

Ud still need to make ur payments but it would be put off and pushed back

 

Wait, you pay six months extra or it’s kind of like suspending the payment for six months and then you pick it up where you left? 

[Economy 52,842]

Just now, Diamonster said:

Wait, you pay six months extra or it’s kind of like suspending the payment for six months and then you pick it up where you left? 

U still have to make all ur payments they would just be put off till later.

 

If you had 2.5 years left on a mortgage... U wouldn't pay any for half a year but then it means ull finish paying it in 3 years instead of 2.5 years

 

But it's just an option being discussed plus I'm sure they wouldn't give it to everyone. How much of a breather each person and business would get would probably be done on a case by case basis just as some plans to avoid bankruptcy are individualized as well

 

It doesn't mean every Canadian citizen is gonna get a 6 month mortgage vacation. That would be too good to be true

[Modern Ecstasy2 2,202]

32 minutes ago, Blastertoyo said:

I heard they're also working on suspending rent payments?

I am hoping that either my provincial govt or the federal govt will roll out some sort of plan to support people who aren’t able to pay their rent now. It’s a really awful situation, rent in Vancouver and Toronto is so high it’s a crime, and so many people have already been impacted by either being laid off or maybe are still employed but not actually being able to work. It’s really awful. I think the federal govt is supposed to be saying something tomorrow about support with taxes I think.