Details of DFC Discount Plan

On Wednesday we told you that Cabinet had given the ok for a discount plan to distressed DFC mortgage holders. Today, the DFC announced the details of that plan.

• As of July first, if you made a housing loan of $50,000 or less from the DFC and have and outstanding balance at the end of this month, then you qualify.
• Those who are prepared to pay off the loans in full will get a 30% discount.
• Those with no arrears on their loans will get a 25%.
• Discount and those loans that are in arrears will get a 20% discount.

The loans will be credited with the value of the discounts as calculated or the total outstanding balance, whichever is less.

• Those with eligible loans, have from July first to December 15th to make good on the offer.
• Those whose accounts are still in arrears on December 15th will only get a maximum 20% discount.

Those who are presently in arrears are encouraged to update their accounts before July first so that they can get that additional 5% discount, moving from 20 to 25%.