The Cayman Islands Civil Service Association Co-operative Credit Union board has approved the extension of loan-payment deferrals from May to July, for members in good standing.
The Credit Union announced initial COVID-19 financial-assistance measures in March. This included lowering interest rates, as well as loan-payment deferrals for April, and up to three months’ deferrals on a case-by-case basis.
The Credit Union will now extend automatic payment deferrals for April by an additional three months from May to July, according to a press release.
During the four loan-deferral months, loan interest will continue to accrue, the board stated. This means that any payment deferrals will cause loans to extend past the original maturity dates.
The Credit Union is encouraging members whose financial situation has not changed due to the COVID-19 crisis, to continue paying at least the interest on the loan, so that the overall length of the loan term is not extended beyond the original maturity date.
Otherwise, the next payment due in August 2020 will be applied first to accrued interest before principal.
To avoid an automatic loan deferral, Credit Union members who wish to continue loan payments between May and July, either for the full amount or just interest, need to complete the online form available on the company website.
The Credit Union has also expanded branch opening hours in response to government’s recent announcement on downgrading the shelter-in-place order from level 5 to level 4.
The Credit Union branch on Grand Cayman will now be open from 9am to 3pm and the Cayman Brac branch from 9am to 11am and 12:30pm to 3pm. At the Grand Cayman branch, the 9am to 10am slot is reserved for elderly and immuno-compromised members. This schedule will continue daily, Monday to Friday, for as long as deemed necessary.