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Need financial advice? TD advisors can help.
Whether it's for your mortgage, credit card, car loan, or line of credit, TD advisors are ready to help you move forward. We offer short-term and long-term options such as deferrals or debt consolidation to help you manage your payments or budget cash flow to meet your financial commitments. If you need some financial advice book an appointment with an advisor.
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Mortgages
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Borrowing
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Credit Cards
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Auto Loan
Options for TD Mortgage or TD Home Equity FlexLine Term Portion
If you’re experiencing financial stress, here are some possible options to help you move forward:
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Decrease your payment amount: There are several options available to decrease your payment amount, including: choosing non-rapid payments, increasing frequency, and increasing your amortization period. Please book an appointment with a TD Mortgage Specialist to see what option is right for you.
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Consider changing your payment frequency: You can adjust your payments to weekly, bi-weekly, semi-monthly or monthly to better match your finances. You can make changes by booking an appointment.
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Request one of our flexible mortgage payment features: If you have a mortgage, you can explore some of our mortgage payment features, like a Payment Vacation or Payment Pause, which might help you manage some of your upcoming payments.
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Consolidate your debts: If you have other debts, refinancing might help. You may be able to consolidate your mortgage with those debts into a new mortgage or home equity line of credit, which often have lower interest rates. It may help you manage the number of payments you have, as well as the overall payment amount. This option is not for everyone - one important question is whether or not there's a prepayment charge. Before choosing to refinance make sure you look in to all the benefits and risks.
If you've previously taken a payment deferral, it's important to talk to us about how that deferral may impact your future payments.
Options for Personal Loans or Lines of Credit
If you’re experiencing financial stress, here are some possible options to help you move forward:
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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.
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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.
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:
- 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
If you’re finding it difficult to pay your credit card balance, here are some options to consider:
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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.
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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:
Call 1-800-983-8472
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.
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