A sign posted on the Northern Savings Credit Union building in Prince Rupert in response to the COVID-19 pandemic advises members that effective Monday, March 23, 2020, member access is being restricted to appointments only. For members experiencing economic hardship as a result of the virus, the credit union will be offering a deferral program on a case-by-case basis for up to six months. (Karissa Gall/Haida Gwaii Observer)

Northern Savings offers deferrals for mortgages, other loans

Loan payment deferral program will run up to six months on case-by-case basis

The Northern Savings Credit Union is offering a deferral program for members facing economic hardship as a result of COVID-19.

Starting on March 19 and continuing for up to six months, the loan payment deferral program is being offered to members with mortgages or other loans on a case-by-case basis.

ALSO READ: Canadian banks move to help customers, allow deferral of mortgage payments

“I think we can all appreciate the economic situation that the COVID-19 virus has caused,” CEO Bob Marshall said. “We will review every situation with each member as needed and then determine a plan of action to assist them at this time.”

Marshall said reviews may take past payment records into consideration, as well as equity, assets and “opportunities for people who are unemployed to get back on their feet after the fact.”

ALSO READ: B.C.’s top doctor orders immediate closure of salons, spas and other personal services

As of Monday, to allow staff to practise social distancing and self-isolation, credit union branches were closed to the public and member access was restricted to appointments only.

However, Marshall said members interested in the deferral program are still able to call their branch or email info@northsave.com for more information.

“We’re going to try to do as much as we can over the phone,” he said.

ALSO READ: Trudeau promises $82B in economic supports in COVID-19 fight



karissa.gall@blackpress.ca

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