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Options for Personal Loans or Lines of Credit
Look at extending your amortization period: Extending your amortization period means you will pay off your balance over a longer repayment period. This will increase the overall amount you'll pay in interest but can lower your regular payments. This option may not be for everyone, as you may need to qualify by completing a full application.
Consolidate your debt: Merge higher interest debts (like credit cards, lines of credit, or loans) into one manageable payment. This can be done by consolidating your debt within an existing TD Home Equity FlexLine or through a new TD Debt Consolidation Loan.
- Expect to resume your regular payment when your deferral period ends. Your amortization period (the total lifespan of your loan/FRAO) will be extended by the number of payments you chose to defer. You can find the date your payments will resume, along with additional cost of borrowing information, in the Amendment Agreement that was mailed to you.
- Review your day-to-day spending before payments restart and make any adjustments you may need to your budget. If you're able to, consider making a lump sum payment of any amount to help reduce the overall interest you'll pay on your loan or FRAO.
Options for Credit Cards
Consolidate your debt: Merge higher interest debts (like credit cards, lines of credit, or loans) into one manageable payment with a lower interest rate. This can be done through consolidating your debt within an existing TD Home Equity FlexLine or through a new TD Debt Consolidation Loan.
Look into Balance Protection Insurance on your credit card. If you're enrolled in Balance Protection Insurance, you may be covered in the event of involuntary unemployment, job loss due to layoffs or dismissal without cause. You can refer to your Certificates of Insurance for terms and conditions. If you need to file a claim or you'd like to learn more about Balance Protection Insurance, visit the Assurant website.
To get advice on other options that may be available to you:
Consumer Loans with TD Auto Finance
Request a payment deferral of up to the equivalent of two monthly payments for loans financed by TD Auto Finance through a dealership.
Please note that by deferring loan payments your term and amortization will be extended and deferred payments will be payable at the end of the term with accrued interest. It is important that you understand this impact.
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