Calls for feds to issue payment pause period due to virus-related layoffs
Posted March 24, 2020 8:56 am.
Last Updated March 24, 2020 8:57 am.
VANCOUVER (NEWS 1130) – There are calls for the federal government to issue a national payment pause period due to the massive loss of employment during the COVID-19 pandemic.
The Canadian Debtors Association says the bold measure to pause payments is required immediately for all debts, rents, mortgages, household utilities, and the payments for consumer proposals.
“With the sweeping number of Canadians abruptly finding themselves with vastly diminished or no income, coupled with the emotional toll of anxiety, fear and uncertainty for what lies ahead, there is very little chance they will be able to cope beyond putting food on the table” CDA President and CEO Henrietta Ross said.
“Forcing Canadians to individually reach out to their creditors to request payment relief is burdensome and already overwhelming the capacity of creditors to keep up with the demand for relief,” she added. “This is an untenable process for all concerned and contributes to why a payments moratorium is so important and necessary.”
The CDA noted other countries have taken similar action, and that it wants to see Canada step up.
The group is also calling for a moratorium on payments to stay in place until three months after the pandemic passes, allowing Canadians to get back on their feet.
