This Relief Plan Policy forms part of your NotchUp Advance Agreement with NotchUp Financial Inc. (“NotchUp”).
Sometimes, life’s most difficult situations create burdens you couldn’t have predicted. If you’re experiencing financial hardship due to a qualifying event and need more time to pay, we may be able to support you with a Relief Plan.
If you have a NotchUp Advance, you may qualify for payment relief under the Relief Plan when you experience an event beyond your control that causes you financial hardship and impacts your ability to pay your NotchUp Advance on time (a “Qualifying Event”). NotchUp makes the final determination as to whether an event is considered a Qualifying Event. Examples of Qualifying Events, include, but are not limited to:
1. A death in your immediate family.
2. Serious illness, hospitalization or disability.
3. A natural disaster in your community as declared by the provincial government authority, including tornado, earthquake, fire, or flood.
4. Incurred expenses in connection with critical medical care, including abortion care.
5. A mass casualty incident in your community.
6. Incurred expenses as a result of a home emergency— including domestic violence, fire, etc.
If you have experienced a Qualifying Event and are otherwise eligible to activate the Relief Plan, as determined at the sole discretion of NotchUp, the Relief Plan allows you to defer payments due under your Advance agreement for a one-time period of 30 days, during which time no interest or fees will accrue.
How does the Relief Plan work?
The Relief Plan offers eligible members a 30-day payment deferral period (“Relief Period”) for their NotchUp Advance. The forbearance applies to all outstanding payments the members owes under the agreement.
How do you qualify for the Relief Plan?
To qualify for the Relief Plan, you must:
a) experience a Qualifying Event; and
b) not be in default on your Agreement at the time you elect to use the Relief Plan.
What does forbearance mean?
Forbearance literally means “holding back”. Here, it’s a way to change or push back a payment schedule between a lender and a borrower. It’s not loan forgiveness—it’s a change to when the loan gets paid back. In this case, forbearance means that, during the Relief Period, we’ll hold off on taking any action like adding late payments to a customer’s file if they’re late paying us back due to one of the events above. No interest will accrue on your loan during the Relief Period.
How many times can I qualify?
Forbearance under the Relief Plan will be limited to one 30-day Relief Period per loan. This limit applies regardless of the number of Qualifying Events you may experience during the loan term.
Will I get reminders when my payments are due?
Yes! You’ll get notified when it’s time to pay after the Relief Period expires. We’ll email you 3 days before your next payment date.
How do I use the Relief Plan?
As part of the terms of your Advance Agreement, the Relief Plan is automatically available to you. However, you must notify NotchUp if you intend to use the Relief Plan to defer a payment.
NotchUp will assess your request to confirm your eligibility to use the Relief Plan and once you receive approval from NotchUp, the 30-day Relief Period will begin.
To elect to use the Relief Plan, you must contact NotchUp by email at hello@notchup.app.
Updates
NotchUp reserves the right to modify this Policy at any time and in our sole discretion, effective upon posting of an updated version of this Policy on the NotchUp website. When we do, we will revise the date at the bottom of this page. Participation in the Relief Plan after any such changes shall constitute your continued acceptance of the updated Policy.
ContactUs
If you would like to contact us to understand more about the Relief Plan, please contact us at hello@notchup.app.
This Policy was last updated on October 16,2023.
