About Loan Deferral Programme

DEAR VALUED CUSTOMERS
Your wellbeing continues to be at the heart of everything we do. As this COVID -19 virus continues to affect our communities and daily lives evident by the high number of positive cases and deaths, we want to assure you that we are monitoring developments daily and taking the necessary precautions to protect and support our Massy family of customers and employees alike.
With that in mind, we are pleased to reintroduce our Loan Deferral Programme initially for a maximum of three (3) months in the first instance, deferring payments that carry due dates of May 1st 2021, June 1st 2021 and July 1st 2021.

How to Apply

Customers interested in applying for a deferral are required to :

  1. Print and Complete the required Loan Deferral Agreement Form
  2. Submit completed Loan Deferral Agreement Form to collections.tt@massyfinance.com
  3. (Insert, Deferral Customer Name, Account # in the subject line of email)

This Deferral On Loan Payments

  • Applies to customers whose loans are current and no more than 89 days in arrears as at May 1 2021 to July 1 2021
  • For a maximum of three months from May 2021 to July 2021
  • Will result in an extension of your loan payment term

Loan Defferal FAQ’s

  • Loss of income
  • Cash Flow opportunities
  • Loss of job or furloughed

We are initially offering all borrowing customers deferrals of their loan payments up to a maximum of three payments commencing with the next payment that became due on May 1st 2021 provided their loan payments are not past due more than 89 days as at May 1, 2021.

Please allow me to explain a few characteristics of our loan deferral programme, which are also reflected in our consent form:

Our loan deferral programme will be initially offered for a maximum of three months commencing May 1st 2021.  For example, should you wish to defer your payment(s) that became due and payable on May 1, 2021, we can defer that payment to the following month, as such, all other payments coming due will be deferred by one month and your loan(s) will mature one month later that originally scheduled.  Should you seek to have your payments deferred by three months, the impact will be similar to the deferral of one month discussed earlier, as such, the deferral of three month would lead to your loan(s) finishing three months later than originally scheduled.

While we are prepared to provide you initially with deferrals up to three months, you can opt to take one month, or you may elect to two or three months as required on the consent form.

You may change or cancel the loan deferral by providing us with notice within 14 days of executing the instructions for the loan deferral.  You can call or email us at 625-3683 or loantrackmfgfc@massygroup.com

There are no penalties or additional administrative cost to our customers for a three-month period.

Please note that interest continues to accrue for the period during which the loan(s) is/are deferred based on the principal balance outstanding as at the date of last payment.  The amount of accrued interest will be reflected as part of the amount outstanding on the loan(s) and you will be required to settle the accrued interest when the loan(s) become due for settlement.

Yes, while all types of loans carry payments terms more than one year may be considered for loan deferral. We may ask to you to provide additional documentation to complete the loan deferral.