Dear Claudienne,

I am writing to you on January 11, 2023 as I need your assistance with getting a signed Letter of Closure for my two loans at the Bank of Nova Scotia (New Kingston, Knutsford Boulevard Branch).

I took out an unsecured loan of $2,000,000.00 with the said bank on April 1, 2020. I was given the monthly rate of $46,262.29 to repay the loan over the next 5½ years (66 months) at an interest rate of 15.49 per cent. The maturity date for this loan is October 1, 2025. I was later eligible for a second unsecured loan at the said bank and took the loan on May 13, 2021 for $472,648.00. I was given a monthly rate of $11,118.13 to repay the loan over the next 5 years (60 months) at an interest rate of 14.49 per cent. The maturity date for this loan is May 13, 2026.

I was making payments for both loans every month up until June 2021. (That is, June 1, 2021 for the first loan and June 14, 2021 for the second loan.) I fell into some hard times during July 2021 and was unable to make my two monthly repayments.

I spoke with a friend this summer about my situation and she encouraged me to reach out to the bank and request a reduction of the monthly repayment. I spoke with a couple customer relations people (CSR) from Scotiabank; however, they said they were unable to assist or transfer my call to my branch because they were based in the Dominican Republic.

They gave me a toll-free number to call but I informed them that I was temporarily off the island and could therefore not make toll-free Jamaican calls. I received an email from a collections agency in Jamaica on December 9, 2022 and forwarded it to the Scotiabank New Kingston branch for them to validate that the collections agency is legitimate. They did confirm the same.

I was advised by the collections agency that if I paid a certain amount (agreed by the bank), my debt would be cleared and my loan accounts closed. I was given a deadline of January 31, 2023 to pay a total of $600,000.00 towards the first loan and a total of $60,000.00 towards the second loan, based on the Christmas campaign discount being offered. I have attached the letter of this agreement.

I was able to come up with the total funds and made the final payments on both loans via local bank transfer on January 6, 2021.

As I was still temporarily off the island and would not have returned home in time to go to the branch in person in January, I called the bank the same day I made the payments. The CSR in the Dominican Republic told me that the bank was already closed and that it was best that I send an email to my branch about the matter.

On January 8, 2023 I sent an email to the New Kingston Knutsford Boulevard Branch as well as to the collections agency advising of my final payments as per the new agreement. I also requested them to email me a signed copy of the Letter of Closure for both loans.

As they did not respond, I sent them a new email on January 10, 2023 and also copied the branch manager and the representative from the collections agency. I also called and tried to speak with a Scotiabank New Kingston branch CSR agent but the Dominican Republic contact centre told me that they were unable to transfer me to my branch in Jamaica.

I even provided my call back number for the bank to call me back, but they have not. At the time of writing to you neither the bank nor the collections agency has as yet informed me that my indebtedness to the bank has been cleared.

I would, therefore, appreciate your help in this matter.

CR

Dear CR,

Tell Claudienne informed Scotiabank of your concerns and in an email on February 8, 2023 the manager, public affairs and communications, advised the column that there had been a resolution of the matter.

The email stated:

“Thank you for bringing this matter to our attention. We are happy to report that the matter was successfully resolved on January 13 and CR has expressed her satisfaction.

We extend best wishes to her and thank her for her patience.”

We wish you all the best.

Have a problem with a store, utility, a company? Telephone 876-936-9436 or Cell # 876-484-1349 or write to: Tell Claudienne c/o Sunday Finance, Jamaica Observer, 40-42 1/2 Beechwood Avenue, Kingston 5; or e-mail:edwardsc@jamaicaobserver.com. Please include a contact phone number.