Reminder on your deferred interest

In June 2024, Scotiabank launched our Customer Assistance Programme (CAP) to provide financial relief for customers affected by Hurricane Beryl. We hope you are on your way to recovery from the impact of the hurricane. We were pleased to support you through our loan deferral program under CAP. As part of this relief initiative, your monthly loan payments were deferred for three (3) months upon your acceptance into the programme.

• The next payment date for your loan was moved to a period three (3) months in the future.
• The maturity date of the loan was extended for the same period.
• Any Scotiabank automatic debits or standing orders for your loan were suspended during the deferral period.
• After the deferral period, regular payments became due and your Scotiabank automatic payments were reinstated

Interest accumulated during the deferral period and any loan insurance premium (if applicable) – together, is referred to as “the Deferred Amount”. The Deferred Amount is due for payment on or before the maturity date of your loan. As a reminder, while the deferral meant that you did not need to make monthly payments during the deferral period, interest was calculated as normal.

Please note, the Deferred Amount is not added to your loan balance - there is no interest on interest.

Our records indicate that your loan facility is maturing after December 31^st 2026. As such an adjustment to your monthly payment amount will be implemented, effective from January 2025 through December 2026. Please note that your regular monthly payment due date will remain unchanged.

This means that your regular monthly payment amount will be increased to include the Deferred Amount, which will be divided evenly over these 24 months. This will help you pay off the Deferred Amount in smaller sums, versus paying the lump sum amount. There will be no increase to your total loan amount; only your monthly payment will change.

Once this amount has been repaid, your monthly payments will return to the original sum until your loan is settled.

NOTE: Following the loan's maturity, there may still be residual interest. The way daily interest is calculated has a role in this. If there is any outstanding interest at the time your loan matures, you must make sure it is paid before the debt is settled.

·       If you already have an Auto Debit in place for your existing loan, there is no need to contact us.

·       Should you have an Assignment of Wages with your employer, please update your salary deduction(s) to include the new monthly payment.

Starting January 2025, you can view your new payment amount using Scotia OnLine Banking or the Scotia Caribbean App.

If your circumstances change along the way and you wish to repay the Deferred Amount before the 24 month period is over, please contact your branch.

Heads up:

You’ll receive a separate email for each loan you currently have with us that has an end date after December 31^st 2024.

We continue to be here for you.

If you have any questions about your loan, or continue to be impacted by Hurricane Beryl, please contact our Call Centre at (876) 960-2675 to discuss your options.

We’re in this together and we’ll get through this together.