Resuming payments on loans, lines of credit and credit cards

COVID-19

Resuming payments on loans, lines of credit and credit cards

See your options for resuming payments on your financing products when your payment deferral ends.

Important details about resuming payments

p>We hope things are starting to look up for you and that deferring your payments gave you a bit of breathing room in these challenging times.

The following information will help you plan for the end of your deferral. It applies only to members that were in good standing before the deferral.

Personalized letter

You might get a letter in the mail if you received a payment deferral. If your deferral is over and you've already reached an agreement with your advisor, that agreement stands.

If you don't receive a letter, see the Options for each financing product section below to see the terms for resuming payments. If those terms don't work for you, you can contact us before the date you have to resume payments to determine another solution.

If we don't hear from you, your payments will resume automatically according to the repayment terms you had before the deferral.

Alternative solutions

When you resume payments, the repayment terms you had before the deferral will be reinstated. That means you'll pay the same amount at the same frequency as before.

However; if your financial situation is still uncertain at the end of your deferral period, you may be eligible for a more personalized solution. Call us at or contact your caisse directly.

Alternatively, if you're able to catch up on your payments faster, contact us.

Tips for resuming payments

  • Draw up a budget based on your new situation and consider scaling back on non-essential expenses.
  • Be careful with credit. Opt for a low-interest loan instead of a cash advance on your credit card.
  • Focus on paying back your deferred payments in full, if you can, to avoid any financial impacts. Otherwise, you'll have to add the interest accrued during the deferral to your principal. This is called capitalized interest, and it will end up costing you more in the long run.

Options for each financing product

Personal loan

We know this is a challenging time for many people, so we won't require you to pay back all your deferred amounts right away when your deferral ends.

Resuming payments

When the deferral period ends, your regular payments will resume automatically at the same amount and frequency as before the deferral. Make sure you always have enough money in the account linked to your loan to cover your payments.

Interest continued to accrue during the deferral period, so you'll have to pay additional interest on top of your Loan Insurance premium, if you were covered.

When you start making payments again, the money will first be used to cover the interest that accrued during the deferral1. Once that interest is paid in full, your payments will be applied to your principal and interest, as usual.

If you expect to still be in a difficult financial situation at the end of the deferral period, you may be eligible for other solutions adapted to your needs. Contact us before your payments are due to resume at or speak to an advisor at your caisse.

Your credit file could be affected if you don't make your payments on time.

Loan maturity date

The date your final payment is due will be pushed back, unless you contact us to accelerate your payments.

Total loan amount

The total amount you owe will be higher than before the deferral, because it will take longer to pay back and more interest will be added.

Minimize the impact of your payment deferral

While we recommend paying back deferred amounts in full or in part as soon as you can, here are your options when your deferral ends:

  • Pay the total amount of all deferred payments (principal plus interest)
  • Pay the interest that accrued during the deferral period
  • Increase your monthly payments to keep the same term

To find out which option is best for you, call us at .

Impact on guarantee/security interest

Fees for extending the registration of a security interest may apply.

If you have Loan Insurance

When you resume payments, the insurance conditions you signed most recently will apply.

  1. You may see an "Unpaid interest" code on your statement. This is the amount of accrued interest that hasn't been covered by your payments yet.

Automobile and durable goods financing (ADGF)

We know this is a challenging time for many people, so we won't require you to pay back all your deferred amounts right away when your deferral ends.

Resuming payments

When the deferral period ends, your regular payments will resume automatically at the same amount and frequency as before the deferral. Make sure you always have enough money in the account linked to your loan to cover your payments.

Interest continued to accrue during the deferral period, so you'll have to pay additional interest on top of your Loan Insurance premium, if you were covered.

When you start making payments again, the money will first be used to cover the interest that accrued during the deferral1. Once that interest is paid in full, your payments will be applied to your principal and interest, as usual.

If you expect to still be in a difficult financial situation at the end of the deferral period, you may be eligible for other solutions adapted to your needs. Contact us before your payments are due to resume at or speak to an advisor at your caisse.

Your credit file could be affected if you don't make your payments on time.

Loan maturity date

The date your final payment is due will be pushed back, unless you contact us to accelerate your payments.

Total loan amount

The total amount you owe will be higher than before the deferral, because it will take longer to pay back and more interest will be added.

Minimize the impact of your payment deferral

While we recommend paying back deferred amounts in full or in part as soon as you can, here are your options when your deferral ends:

  • Pay the total amount of all deferred payments (principal plus interest)
  • Pay the interest that accrued during the deferral period
  • Increase your monthly payments to keep the same term

To find out which option is best for you, call us at .

Impact on guarantee/security interest

Fees for extending the registration of a security interest may apply.

  1. You may see an "Unpaid interest" code on your statement. This is the amount of accrued interest that hasn't been covered by your payments yet.

Personal line of credit and student line of credit

We know this is a challenging time for many people, so at the end of your deferral period, you'll only have to pay the interest that accrued during the deferral.

Resuming payments

Your regular payments will resume automatically with the same frequency and terms as before the deferral. Interest continued to accrue during the deferral period, so you'll have to pay additional interest on top of your Loan Insurance premium, if you were covered.

Once you begin paying again, your existing payment conditions (interest only or principal and interest) will apply automatically.

If you had principal-only payments, contact your advisor to resume your payments. You can also make a lump-sum principal payment on AccèsD.

Repaying accrued interest

Try to make sure you have enough money in the account linked to your line of credit to cover all the interest that accrued during the deferral period, because it will be due when your payments resume. This will prevent your line of credit from exceeding your credit limit and going into default.

To find out how much deferred interest you owe, log in to AccèsD and check the Interest to date section for your line of credit. You can also call us at . Do this a few days before the end of your deferral.

Pre-authorized payments

Your pre-authorized payments will resume according to the terms in your contract.

Whether your payment is a fixed amount or a percentage of the balance, it will first go toward paying off the interest that accrued during the deferral. If your payment doesn't cover all the interest that accrued during the deferral, the remaining accrued interest will be added to your line of credit balance up to your authorized credit limit.

If you're unable to resume payments

If you don't have enough in your account to make any payments, the interest that accrued during the deferral will be added to your line of credit balance. This option may have significant financial impacts.

If you hit your credit limit or want to change your repayment terms, contact your advisor or .

It's important to contact an advisor before your payments resume, since your credit file could be affected if you don't make your payments on time.

Impact on guarantee/security interest

Make sure the charge is registered for the full loan amount if it changed; otherwise, fees may apply. If this is the case, an advisor will contact you.

Versatile Line of Credit (home equity line of credit)

We know this is a challenging time for many people, so at the end of your deferral period, you'll only have to pay the interest that accrued during the deferral.

Resuming payments

Your regular payments will resume automatically with the same frequency and terms as before the deferral. Interest continued to accrue during the deferral period, so you'll have to pay additional interest on top of your Loan Insurance premium, if you were covered.

Once you begin paying again, your existing payment conditions (interest only or principal and interest) will apply automatically.

If you had principal-only payments, contact your advisor to resume your payments. You can also make a lump-sum principal payment on AccèsD.

Repaying accrued interest

Try to make sure you have enough money in the account linked to your line of credit to cover all the interest that accrued during the deferral period, because it will be due when your payments resume.

To find out how much deferred interest you owe, log in to AccèsD and check the Interest to date section for your line of credit. You can also call us at . Do this a few days before the end of your deferral to prevent your line of credit from going into default.

If you don't have pre-authorized payments

It's recommended to pay at least the interest that accrued during the deferral by the date specified in your contract; otherwise, that amount will be added to your principal. This option may have significant financial impacts.

If you have pre-authorized payments

Your pre-authorized payments will resume according to the terms in your contract.

Whether your payment consists of a fixed amount or a percentage of the balance, it will first go toward paying off the interest that accrued during the deferral.

If you're able to resume payments but your 1st payment doesn't cover all the interest that accrued during the deferral, the remaining accrued interest will be added to your line of credit balance up to your authorized credit limit. Subsequent payments will be applied to the remaining accrued interest until it's paid off.

If you're unable to resume payments

If you don't have enough in your account to make any payments, the interest that accrued during the deferral will be added to your line of credit balance. This option may have significant financial impacts.

If you hit your credit limit or want to change your repayment terms, contact your advisor or .

It's important to contact an advisor before your payments resume, since your credit file could be affected if you don't make your payments on time.

Impact on guarantee/security interest

Make sure the charge is registered for the full loan amount; otherwise, registration fees may apply. If this is the case, an advisor will contact you.

If you have Loan Insurance – Versatile Line of Credit

When you resume payments, the insurance conditions you signed most recently will apply.

Mortgage

We know this is a challenging time for many people, so we won't require you to pay back all your deferred amounts right away when your deferral ends.

Resuming payments

When the deferral period ends, your regular payments will resume automatically at the same amount and frequency as before. Make sure you always have enough money in the account linked to your mortgage to cover your payments.

Interest continued to accrue during the deferral period, so you'll have to pay additional interest on top of your Loan Insurance premium, if you were covered.

When you start making payments again, they will first be used to cover the interest that accrued during the deferral period1. Once that interest is paid in full, your payments will be applied to your principal and interest, as usual.

If you expect to still be in a difficult financial situation at the end of the deferral period, you may be eligible for other solutions adapted to your needs. Contact us before your payments are due to resume at or speak to an advisor at your caisse.

Your credit file could be affected if you don't make your payments on time.

When you renew your mortgage, you'll find that your balance is higher because of the deferred payments and added interest. We'll work with you to find the best solution to deal with this situation.

If you're in the final term of your mortgage

If you don't plan to renew your mortgage again before you pay it off in full, and you make your payments as scheduled, the deferral will result in additional payments. This will delay your mortgage's maturity date.

Since the term of your mortgage will be extended, make sure you always have enough in your account to make your payments until the mortgage is fully paid off.

Minimize the impact of your payment deferral

While we recommend paying back deferred amounts in full or in part as soon as possible, here are your options:

  • Pay the total amount of all deferred payments (principal plus interest)2
  • Pay the interest that accrued during the deferral period2
  • Increase your monthly payments to keep the same term

To find out which option is best for you, call us at .

Impact on guarantee/security interest

Make sure your mortgage security registration will be valid for the full repayment term if it was extended; otherwise, fees may apply.

If you have Loan Insurance

When you resume payments, the insurance conditions you signed most recently will apply.

  1. You may see an "Unpaid interest" code on your statement. This is the amount of accrued interest that hasn't been covered by your payments yet.
  2. You'll keep the prepayment privileges specified in your contract.

Mortgage insured by CMHC or Genworth

We know this is a challenging time for many people, so we won't require you to pay back all your deferred amounts right away when your deferral ends.

Resuming payments

When the deferral period ends, your regular payments will resume automatically in the same amount and at the same frequency as before. Make sure you always have enough money in the account linked to your mortgage to cover your payments.

Interest continued to accrue during the deferral period, so you'll have to pay additional interest on top of your Loan Insurance premium, if you were covered.

When you start making payments again, the money will first be used to cover the interest that accrued during the deferral period1. Once that interest is paid in full, your payments will be applied to your principal and interest, as usual.

If you think you’ll still be unable to make payments at the end of the deferral period, other solutions may be available to you. Call us long before your payments resume at 1-800-CAISSES (1-800-224-7737) or call your caisse directly. Your credit score may be affected if you don’t make your payments as scheduled.

When you renew your mortgage, you'll find that your balance is higher because of the deferred payments and added interest. We'll work with you to find the best solution to deal with this situation.

If you're in the final term of your mortgage

If you don't plan to renew your mortgage again before you pay it off in full, and you make your payments as scheduled, the deferral will result in additional payments. This will delay your mortgage's maturity date.

Since the term of your mortgage will be extended, make sure you have enough funds in your account to make your payments until the mortgage is fully paid off.

Minimize the impact of your payment deferral

While we recommend paying back deferred amounts in full or in part as soon as possible, here are your options:

  • Pay the total amount of all deferred payments (principal plus interest)2
  • Pay the interest that accrued during the deferral period2
  • Increase your monthly payments to keep the same term

Additional requirements may apply under your mortgage insurance rules. Contact your advisor to find the best solution for you.

Impact on guarantee/security interest

Make sure your mortgage security registration will be valid for the full repayment term if it was extended; otherwise, fees may apply.

If you have Loan Insurance

When you resume payments, the insurance conditions you signed most recently will apply.

  1. You may see an "Unpaid interest" code on your statement. This is the amount of accrued interest that hasn't been covered by your payments yet.
  2. You'll keep the prepayment privileges specified in your contract.

Credit card

Interest rate

The annual interest rate you had before the deferral period will be reinstated.

Minimum payment

The minimum payment will be due again. It will be calculated according to the terms in your credit card agreement.

Look for a note on your statement that the deferral period has ended and the minimum payment is due again.

If, after the deferral period, you're still unable to make your payments despite reviewing your budget and reanalyzing your needs, contact Desjardins Card Services at 1-800-363-3380 right away to find out what solutions are available to you.

It's important to contact an advisor before your payments resume, since your credit file could be affected if you don't make your payments on time.

Authorized Payment Service

If you're registered for the Authorized Payment Service, during the deferral period your payment option was automatically set to minimum payment. When the deferral period ends, you can request a higher pre-authorized payment amount if you want to pay more than the minimum payment.

Accord D financing plans

Note that your card's minimum payment might be due on a different date than your Accord D instalment. Be sure to read your statement carefully.

Accord D financing with equal payments

When the deferral period ends, you won't have to do anything.

  • Payments will resume for all Accord D financing plans.
  • Your Accord D instalment can be found on your statement. It will be automatically included in your card's minimum payment.
  • Your financing due date will be extended for the same period as the deferral.
  • Your original interest rate will be reinstated.
  • Your payments will be slightly lower than before the deferral period due to adjustments made to enable the deferral.

If, after the deferral period, you're still unable to make your payments despite reviewing your budget and reanalyzing your needs, contact Desjardins Card Services at 1-800-363-3380 right away to find out what solutions are available to you.

It's important to contact an advisor before your payments resume, since your credit file could be affected if you don't make your payments on time.

Note that your card's minimum payment might be due on a different date than your Accord D instalment. Read your statement carefully.

Your statement includes your required monthly payment. This amount is also automatically included in the minimum payment due.

Accord D financing with deferred payments

When the deferral period ends, you won't have to do anything.

Here are the 2 possible situations:

  1. You already had a deferred payment plan and your grace period ends during your deferral period

    Your 1st or only payment will be due once the deferral period ends.

  2. You already had a deferred payment plan and your grace period ends after your deferral period

    The date your payments resume will not change.

If, after the deferral period, you're still unable to make your payments despite reviewing your budget and reanalyzing your needs, contact Desjardins Card Services at 1-800-363-3380 right away to find out what solutions are available to you.

It's important to contact an advisor before your payments resume, since your credit file could be affected if you don't make your payments on time.

If you added your Accord D financing plan after making your initial deferral request, it is not eligible for deferral. Your payments will be due according to the financing plan you selected.

Student loan

Government measures for government-guaranteed student loan payment deferrals ended on September 30, 2020. Payments should resume in October as per the loan agreement.

If you are experiencing financial hardship, the Deferred Payment Plan, overseen by the Ministère de l'Éducation et de l'Enseignement supérieur, will be available again in October 2020. For more information, or to apply, visit the Aide financière aux études website.

If you have any questions, you can contact Desjardins Group’s Student Advisory Centre toll-free at 1-866-388-3373 or email pret.etudiant@desjardins.com - This link will open in a new window..

If you have questions or want a personalized solution

Call us at . We're here to help.

Or have us call you at the time of your choice.