Frequently Asked Questions: Waivers & Deferrals for Loan Instalments

4 May 2020

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Dear members,

Over the past few weeks, many of you have reached out to us to voice your concerns and to shed light on the personal challenges you now face due to the ongoing local situation surrounding Covid-19.

We know that many of you may be experiencing a temporary pause in employment as well as a reduction in your household income, as a result of the National stay at home measures implemented by the Government of Trinidad &Tobago. 

We would like to reassure you that Works Credit Union remains committed to providing you with whatever assistance and support we possibly can, as we continue to navigate our way through these difficult and challenging times.

In response to the overwhelming number of waiver requests received in recent weeks, the Board of Directors and Management - having reviewed and considered your feedback - has taken the decision to implement a temporary Emergency Waiver Policy in light of the extraordinary nature of our current circumstances.

To better serve you, this policy specifically applies to those members whose income has been directly impacted by the national response measure to Covid-19. It has been expanded to include all loan types and allows for the granting of additional waivers within this year (2020) in cases where an affected member had already received a waiver. However, it is still important to note that while all applications will be assessed and given consideration; any approvals will be granted on a case by case basis only.

With regard to those members who may have previously applied and had their application denied as a result of the limitations of the standard policy, please be advised that our Credit Department is currently working to review all such cases and will contact you accordingly.

We would also like to ask that those members who are currently not facing financial difficulty and are able to maintain their loan payments at this time, continue to do so.

We take this opportunity to remind our members that the continued strength and stability of our credit union, is dependent on the equitable contributions of all.

We thank you for your continued co-operation,


Frequently Asked Questions

Q: How do I apply for a waiver?

A: Applications can be submitted via the Appointment Request form on the WCU website  or by contacting our offices at 226-4WCU (4928)


Q: Who is eligible to apply for an Emergency Waiver?

A: Those members whose household income or employment has been directly affected as a result of the national measures undertaken to combat the spread of Covid-19. Specifically, those who have received reduced salaries, or those who have not received a salary all together as a result of a pause/break in their employment at this time.


Q: What supporting documents should be provided with my application?

A: In order to better support and explain the reason for the Emergency Waiver application, members should provide documented proof in the form of a letter or email from their employer detailing the status of the member’s employment or salary. Members may also provide a copy of their most recent payslip.


Q: How long will it take for my application to be processed?

A: Due to the overwhelming number of waiver applications received recently, our processing times have been delayed. However, our Credit Department is working diligently to assess all applications as quickly as possible.

We ask for your patience and understanding at this time. We understand the importance of your individual requests and are committed to ensuring that all cases are reviewed with equal attention and care.


Q: What if I already applied for a waiver and was denied?

A: Our Credit Department is currently working to review all previously denied applications, to assess if they now qualify under the Emergency Waiver policy and will contact these members accordingly.


Q: What other options are available if I do not qualify for a waiver?

A: If you do not qualify for a waiver, our Loan Officers will work with you as best possible to  arrive at a mutually beneficial solution; as we at Works Credit Union remain committed to assisting our members throughout this difficult time.