A payment deferral pushes back your payment due date. This effectively extends your original loan term. For example, if your payment is due at the end of April and you are granted a 2 month payment deferral beginning said month, your next payment will be due at the end of June. If you had 5 months left before your loan is repaid, your loan term will be extended from 5 to 7 months. Interest continues to accrue on the outstanding principal balance over the course of the deferral period.
Frequently Asked Questions - Loan Deferrals
Is RHAND offering payment deferrals?
Yes. RHAND is offering payment deferrals between 1 and 3 months to assist members adversely affected by COVID-19. Approval of the deferral is dependent on each member’s individual financial situation.
How do I access a payment deferral?
A request must be made in writing to the Manager, Credit Administration. The request would be considered provided that the member is in good standing with the Credit Union and is able to provide evidence that their income has been significantly impacted as a result of the pandemic.
To make submission easier, requests should be emailed to loans@rhand.org.tt
.
When does the payment deferral offer expire?
RHAND will consider all requests received on or before June 30, 2020.
How do you know if my deferral has been approved?
You will be contacted by a member of the Credit Administration Department to advise of the status of your request.
What other options are available if I'm having difficulty meeting my loan obligations?
Contact the Delinquency Management Unit at your convenience to discuss a payment arrangement and/or explore other alternatives.
Can I apply for a new loan and a payment deferral at the same time?
No. RHAND has developed a loan product to assist members experiencing cash flow shortages as a result of the pandemic. If you apply for this or any other loan during the period, you cannot apply for a deferral.
Experience the RHAND Credit Union difference with excellent options tailored for every stage of your life, the conveniences you expect, and local, personalized service.