Recently, we have received a number of inquiries as to how we are handling mortgage and loan payment deferrals for our members and customers. To restate our position, which has not changed since this economic disruption began, please note the following:
For those borrowing members and customers that have been directly or indirectly affected by COVID -19 we are pleased to review your situation to see how we can help. The assistance we offer will be provided on a case-by-case basis as not everyone will have been affected to the same extent.
If you have a CMHC mortgage with NVCU we are following the guidelines as set out by CMHC in terms of deferring your mortgage payments. If you have conventional mortgages or regular loans with NVCU we are using all of the tools available to us to get you through this difficult time. This includes skip-a-payment, payment deferrals via extensions, interest only payments and debt consolidations. As each situation will be somewhat different we are dealing with each file on a case-by-case basis. However, you need to know that we are going to do everything we can, within reason, to assist you to get through this situation until things return to normal.
It is important to note that the arrangements we make on your behalf do not involve debt forgiveness. You will still be required to pay the interest that accrues on your debts as well as the full principle outstanding at some point in time. As well, all regular fees, charges and penalties (if any) will apply. That is why it is important that if you are able to continue making the payments on your debts as agreed it is in your best interest to do so.
Finally, if you feel your current financial institution has not treated you fairly we are prepared to look at your situation to see if there is anything we can do to help. However, during this time of limited resources, our priority will be to assist our existing members and customers first.
You can reach us at —- 306-745-6615 or toll free at 1-866-533-6828