Financially impacted by COVID-19? Let's find a solution together.
While customers, colleagues, and communities adapt to the new normal, we're ready to provide support and tools to help you move forward during these uncertain times.
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Home Financing
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Personal Loans and Lines of Credit
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Credit Cards
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Auto Loans
Options for your TD Mortgage or TD Home Equity FlexLine Term Portion
- Change your payment amount:
If you've been on rapid payments you may be able to adjust your payments to slow down your payment frequency or go to non-rapid payments.
If you've increased your payment amount or made a lump sum payment in the past, you can decrease to your contractual payment requirement.
Both of these options may increase your amortization period but may leave you with a lower mortgage payment. Please talk to your local branch if this option is right for you. - Adjust your payment frequency:
Consider adjusting your payments to a weekly, bi-weekly, or monthly cadence that best aligns with your incoming deposits and other outgoing expenses to better balance your finances throughout the month. You can make changes by visiting your local branch or by calling us. - Use a mortgage payment feature:
If you have an mortgage, you can explore some of our mortgage payment features, like a Payment Vacation or Payment Pause, which may be able to help you manage some of your upcoming payments. - Refinance:
If you have other debts, then refinancing may help you. You may be able to consolidate your mortgage with those debts into a new mortgage or home equity line of credit which typically have lower interest rates. This may help you manage the number of payments you have, as well as the overall payment amount. This option is not for everyone - an important question is whether or not there's a pre-payment charge. Before choosing to refinance make sure you look in to all the benefits and risks and identify if you qualify.
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What to do if your COVID-19 payment deferral is ending
- When your deferral period ends your mortgage payments will remain the same until your term is renewed or you make changes to your payments (e.g., amount, payment date, frequency). If one of those events happens your payment amount will be adjusted and may be higher to match your original amortization period. You can find the date your payments will resume along with additional cost of borrowing information in the Mortgage Loan Payment Waiver Confirmation that was mailed to you.
- Before your payments restart consider reviewing your day-to-day spending and make any adjustments you may need to your budget. If you're able to, consider looking in to making a lump sum payment to help reduce the overall interest you'll pay on your mortgage - refer to your Mortgage Loan Agreement for more information.
- When your deferral period ends your payments will begin again and be applied to the interest accrued during the deferral period first. Once all interest owed is repaid your payments will start going towards your principal (plus interest) again as normal. You can find the date your payments will resume along with additional cost of borrowing information in the Confirmation of the Changes to your TD Home Equity FlexLine/Home Equity Line of Credit that was mailed to you.
- Before your payments restart consider reviewing your day-to-day spending and make any adjustments you may need to your budget. If you're able to, consider making a lump sum payment to your Term Portion which can help reduce the overall interest you pay. Refer to your Term Portion Amendment for details.
- When your deferral period ends your payments will begin again. You can find the date your payments will resume along with additional cost of borrowing information in the Confirmation of the Changes to your TD Home Equity FlexLine/Home Equity Line of Credit that was mailed to you.
- Before your payments restart consider reviewing your day-to-day spending and make any adjustments you may need to your budget. If you're able to, consider making a lump sum payment to your Term Portion which can help reduce the overall interest you pay. Refer to your Term Portion Amendment for details.
Options for your Personal Loan or Line of Credit
- Extend the 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 through consolidating your debt within an existing TD Home Equity FlexLine or through a new TD Debt Consolidation Loan.
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What to do if your Personal Loan or Line of Credit Fixed Rate Advantage Option (FRAO) Payment Deferral is ending
As you approach the end of your Loan or Fixed Rate Advantage Option (FRAO) Payment Deferral, remember to consider important information like:
- When your deferral period ends on your Loan or FRAO expect to resume your regular payment. It's important to note that 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.
- Before your payments restart consider reviewing your day-to-day spending 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
If you’re experiencing financial challenges due to COVID-19 and are finding it difficult to pay your credit card balance there are some things you can do to try and make your monthly expenses more manageable.- 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.
- Claim your Balance Protection Insurance: If you're enrolled in Balance Protection Insurance, you may be covered in the event of involuntary unemployment or 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.
What to do if your Credit Card Minimum Payment Deferral is ending
As you approach the end of your Minimum Payment Deferral, remember to consider important information like:
- If you chose to defer your payments, interest will continue to accrue on your outstanding balance as set out in your Cardholder Agreement and Disclosure Statement and will be payable once the deferral period is over. On month 4, when the deferral period is over, your minimum payment will continue as outlined in your Cardholder Agreement and Disclosure Statement. The 3 months of deferred interest will be added to your outstanding balance. To learn more visit our FAQ page.
- Before your payments restart, consider reviewing your day-to-day spending 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 Credit Card .
To get advice about other options that may be available to you:
Call 1-800-983-84721-800-983-8472
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.
Tools and resources to help you manage your finances
Budgeting Tips
TD MySpend
Debt Consolidation Calculator
Cashflow calculator
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COVID-19 Updates
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Business Financial Relief
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COVID-19 FAQs
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