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.
“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.”
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 email@example.com for more information.
“We’re going to try to do as much as we can over the phone,” he said.