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Can I defer a loan?

  • 04-04-2006 6:30pm
    #1
    LundiMardi
    Closed Accounts Posts: 3,144 ✭✭✭


    Is it possible to defer a loan (either bank or credit union)- as in - have no payments for the first year? I want to take out a substantial amount next year (10,000) to go travelling, but obviously I can't pay back the loan if I'm travelling.

    Whether or not I go travelling depends on the answer to this question.

    Thank you please.


Comments

  • #2
    oq4v3ht0u76kf2
    Closed Accounts Posts: 2,028 ✭✭✭oq4v3ht0u76kf2


    I got a loan from Bank of Ireland with no specified repayment blocks - as long as it was all paid by a certain date they were happy. Granted, this loan was only for a year but perhaps something similiar for you over say 5 years? Ask your bank is the best bet really.


  • #3
    Gillo
    Registered Users, Registered Users 2 Posts: 5,566 ✭✭✭Gillo


    I used to work with a guy who got a loan to go travelling, what he did was borrow extra to cover the first years payments.
    IE; you what to borrow 10,000, but not pay anything back in the first year, say if the annual payments are 1,000 what you do is borrow 11,000 and leave it in the account the payments are going to come from. It works out more expensive but effectively allows you do to it.

    By the way I know the math's in my example are not completely accurate (you'd have interest and should be paying back more than 1,00 a year) but you get the idea.


  • #4
    LundiMardi
    Closed Accounts Posts: 3,144 ✭✭✭LundiMardi


    yeah i thought of that alright, tis the next best thing really.


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